Enterprise crypto infrastructure firm Fireblocks has launched an on-chain lending product, Earn, giving its institutional clients direct access to two of DeFi's largest lending protocols, per a press release shared with The Defiant.
Via Earn, the firm’s more than 2,400 institutional clients will be able earn yield on their stablecoin holdings via Morpho and Aave, directly from the Fireblocks platform. The feature is available across all of Fireblocks’ infra solutions, including its digital asset treasury solution, in the case the corporate treasury holds stablecoins.
Existing Fireblocks customers need to apply to get early access to the feature, per the release.
Aave is the dominant lending protocol in DeFi, with roughly $26.3 billion in total value locked (TVL) and around $18 billion in active loans. Aave commands about 50% of the DeFi lending market TVL, per DefiLlama data. Morpho is DeFi's second-largest lending protocol by TVL, with approximately $7.6 billion in TVL, according to DefiLlama.
Fireblocks Earn will launch with a curated vault managed by Sentora, provided by Morpho. Both integrations operate within Fireblocks' existing approval workflows, policy controls, and transaction signing infrastructure, the press release notes.
The product targets idle stablecoin balances sitting “between deployment cycles, settlement windows, and operational holds” across Fireblocks' clients. The company says stablecoin transfer volume on its network totaled $6 trillion in 2025, a 300% increase year-over-year.
"For the first time, institutions can put those balances to work through onchain lending strategies curated by established institutional names, inside the same platform, under the same controls they already run," said Fireblocks co-founder and CEO Michael Shaulov.
The integration deepens a long-running relationship between Fireblocks and Aave, dating back to Aave Arc, a permissioned version of the DeFi protocol targetting institutions, launched in 2022. As The Defiant reported at the time, at launch, Fireblocks served as sole approved whitelister for Arc, in part tasked with compliantly onboarding institutional players to the platform.
Morpho, meanwhile, has been expanding institutional partnerships, with Apollo Global Management committing to acquiring up to 9% of its token supply in a February agreement. Also recently, the Ethereum Foundation deployed more deposits to Morpho vaults, totaling nearly $19 million as of last month.
This article was written with the assistance of AI workflows. All our stories are curated, edited and fact-checked by a human.