Decentralized finance (DeFi) lending platform Morpho, which has a total value locked (TVL) of nearly $8 billion, has received a $775 million pre-deposit from Stable, the Bitfinex-backed stablechain.
The funds are set to be managed across vaults curated by risk manager Gauntlet and will be split between several Morpho vaults, the app revealed in a post on X on Wednesday morning. Morpho is currently the eighth-largest DeFi protocol by TVL.
The move reflects a larger trend of capital moving into protocols that offer managed yield strategies. Currently, DeFi’s total TVL stands at $161 billion, up from $93 billion in April.
Morpho also revealed today that its app will now support Optimism, an Ethereum Layer 2 scaling solution. Optimism currently has a DeFi TVL of around $350 million, per DeFiLlama.
To attract deposits, Morpho is giving out 300,000 OP tokens in incentives starting today. OP is trading at $0.439, down 3.4% on the day but up 4% over the week, according to CoinGecko.
Stable Controversy
The news comes just days after Stable’s controversial vault launch. When Stable opened its $825 million vault, more than half was already filled by wallets linked to the team before the public could deposit. The situation drew widespread criticism in the DeFi community.
Stable has since revealed that it will accept a second round of deposits sometime next week, with the launch time disclosed 24 hours in advance.
New Pendle Markets
Also today, DeFi protocol Pendle, which has a TVL of $7.4 billion, announced that Stable vaults are now live. Pendle introduced two new yield pools, ctStableUSDT and ctStablefrxUSD, set to mature on Nov. 20, 2025.
The pools let people earn fixed interest on their stablecoin deposits, Pendle’s team said in a post on X. “With Pendle's fixed yield infra, those savings can now be a lot more powerful,” the team added.
They have the same deposit limits as the underlying Concrete vaults, so once the limit is reached, only existing vault holders can add more.
“With Stable providing the rails for institutional and widespread adoption of stablecoins, and Pendle powering the yield economy, the foundation for scalable, real-world DeFi is taking shape,” Pendle said.
