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Wu says that Morpho, the on-chain lending infrastructure, announced its June 2026 progress, stating that it has completed a $175 million funding round, led by Paradigm, a16z Crypto, and Ribbit Capital, with participation from VanEck and Circle. Morpho aims to build an open credit network connecting traditional finance with on-chain systems. According to official disclosures, its ecosystem has made significant progress: deposits on Coinbase's lending product have surpassed $100 million; it is about to receive support from US-compliant custodian BitGo; and it has partnered with gig economy giant Deel to provide embedded stablecoin yield services for its global employees.