HSK Chain and Morpho announce strategic cooperation to co-build Asia’s leading on-chain lending ecosystem

On July 28, 2026, HashKey (stock code: 3887.HK) announced a strategic partnership between its institutional-grade public chain HSK Chain and Morpho, a globally leading decentralized non-custodial lending protocol and open credit network. Leveraging each party’s core strengths in on-chain lending infrastructure and on-chain financial innovation, the two sides will jointly develop on-chain lending products for institutional and retail users, and jointly explore the large-scale rollout of global on-chain financial services.

Under the cooperation agreement, Morpho will complete a full on-chain deployment on HSK Chain and become the official partner for HSK Chain’s on-chain lending business. The collaboration covers multiple business segments of HashKey Group and extends to scenarios involving the integration of HashKey’s upcoming crypto wallet and super app.

As HashKey Group’s institutional asset management platform, HashKey Capital has also made a strategic investment in Morpho. The Capital team believes that the industry is at a critical juncture in the transition of DeFi lending toward institutional-grade infrastructure. Through an innovative architecture that separates the underlying lending protocol from risk management, Morpho maximizes capital efficiency while ensuring a high level of security. With deep integrations by top institutions such as Coinbase and Apollo, and the launch of the fixed-rate product Morpho Midnight, Morpho has evolved from an on-chain lending protocol into a core settlement layer that blends traditional finance with on-chain credit. It has the key capability to bring traditional private credit markets onto the chain.

Institutional-grade lending layer: enabling on-chain lending services

HSK Chain will partner with Morpho to develop the CeDeFi track, using on-chain lending as the entry point. Together, they will explore and work to bridge liquidity barriers between CeFi and DeFi, driving the evolution of the crypto financial ecosystem toward a more open and more efficient direction.

On-chain staking services: building institutional-grade yield products

HSK Chain will collaborate with Morpho to develop on-chain yield products. With steady risk-management as the core, it will conduct lending business using BTC and RWA (real-world assets) as underlying collateral. In the future, both sides will also explore integrating Morpho v2 fixed-rate lending products, enabling HashKey staking service users to conveniently access on-chain credit funds.

Note: Staking/pledging refers to node validation/infrastructure services and does not constitute an investment or financial product.

Tokenization services: pushing RWA assets on-chain

HSK Chain will partner with Morpho to bring more institutional-grade assets into the Morpho protocol, making them qualifying collateral and further enriching the set of asset categories available for use in the on-chain lending ecosystem. The two sides will combine market-demand signals from HashKey’s institutional customer base to jointly screen and prioritize the introduction of the first batch of RWA assets.

Compliance first: jointly shaping new standards for on-chain finance

HashKey-affiliated companies hold multiple digital-asset service licenses in Asia, and are among the few organizations in the Asia-Pacific region capable of providing institutional digital-asset services under a complete compliance framework. Morpho is a globally leading decentralized lending protocol. To date, the protocol has processed on-chain lending transactions at the scale of tens of billions of dollars, and is known for its highly modular risk-management architecture and transparent smart-contract logic. Through this cooperation, compliance-focused financial infrastructure and top-tier DeFi protocol capabilities will be integrated into one, providing institutional and retail users with a secure, transparent, and auditable on-chain lending experience.

“On-chain lending is a key piece of infrastructure connecting traditional finance and the Web3 ecosystem. By partnering with Morpho, we can provide truly meaningful on-chain lending services to both institutions and retail users. HashKey is committed to promoting the adoption of on-chain finance on a compliant basis, and this cooperation is an important step forward for us in this direction.”

— Serena Wang, Head of HSK Eco Labs

“HashKey has scarce compliance qualifications in Asia and abundant institutional customer resources, making it an excellent partner for Morpho’s expansion into Asia and for building a global open lending network. We will deploy a decentralized lending underlying protocol that has been globally validated and equipped with high-security risk controls onto HSK Chain. Leveraging a layered architecture that balances protocol openness, we will jointly explore local compliance requirements and work together to build secure and efficient on-chain lending services for Hong Kong and across Asia. We will also deepen our focus on business areas such as RWA and compliant CeDeFi, and explore more opportunities for the development of on-chain finance.”

— Shanshan Shui, Head of Morpho Asia

About HSK Chain

HSK Chain is an institutional-grade blockchain under HashKey (stock code: 3887.HK). It is committed to reshaping the global financial market on-chain. Characterized by security and innovation, HSK Chain provides infrastructure for the next generation of on-chain finance, enabling stablecoins, RWA (real-world assets), and institutional-grade DeFi to work together efficiently and seamlessly within the same ecosystem.

About Morpho

Morpho is an open lending network with a deposit volume exceeding $11 billion, connecting lenders and borrowers worldwide with the best lending opportunities. Its modular and open infrastructure enables fintech companies, wallets, exchanges, and institutions to embed configurable credit products directly into their own platforms, while fully controlling the user experience. Leading institutions such as Coinbase, Robinhood, Bitwise Asset Management, and Société Générale have deployed secure, scalable on-chain credit products based on Morpho. For more information, visit Morpho.org.

Disclaimer

HSK Chain is a blockchain infrastructure network. This announcement is for the purpose of introducing the cooperation between HSK Chain and Morpho and the related ecosystem development directions only, and does not constitute any investment advice, offer to invest, solicitation, recommendation, or guarantee. HSK Chain makes no express or implied guarantees regarding the performance, security, availability, or compliance of any third-party protocols, products, or services. Before participating in any on-chain activities, DeFi, CeDeFi, RWA, or other digital-asset businesses, users should fully understand the relevant risks and make independent judgments and decisions.