Morpho

“Morpho raised a $175 million round at a valuation of up to $2 billion. Investors included Paradigm, Ribbit Capital, Andreessen Horowitz, Apollo, Circle, and VanEck.”

“The inclusion of Apollo — a $650B+ AUM traditional asset manager — alongside VanEck signals that institutional finance is beginning to treat on-chain credit infrastructure as a legitimate asset class, not a speculative bet.”