Foreign media report that Standard Chartered Bank has begun covering the DeFi lending protocol Morpho, setting a target price of $60 by the end of 2030. The article suggests that the expansion of tokenized assets and institutional capital on-chain could simultaneously drive growth in both its lending and infrastructure businesses.
Advance both business lines simultaneously
Standard Chartered stated in its report that Morpho is not just a single lending protocol, but rather operates in two areas: Morpho Markets, which is an on-chain lending marketplace, and Morpho Vaults, which provides infrastructure for on-chain banks and asset management institutions.
The report notes that, by deposit size, Morpho's lending business has grown to about one-quarter the scale of Aave. The article suggests that this combination of "lending market + infrastructure" gives Morpho greater visibility as DeFi expands toward institutionalization and tokenization.
Standard Chartered bets on DeFi asset expansion
The article states that Standard Chartered expects DeFi's total assets under management to grow 37 times from current levels by 2030. The bank assesses that the amount of assets deployed on Morpho will likely follow a similar growth trajectory.
- Target price of $60 by the end of 2030
- Implies approximately 33 times the space compared to the reported price.
- The project recently completed a $175 million funding round.
Geoff Kendrick, Head of Digital Assets Research at Standard Chartered, stated that Morpho is already one of the larger DeFi lending protocols and has a relatively strong financial position. The report views this funding round as a significant enabler for its continued expansion.
Vaults business decides subsequent space
The article argues that Morpho’s long-term growth depends more on whether its Vaults business can attract institutional capital and bring traditional financial assets on-chain. Its growth potential would further expand if it establishes deeper partnerships with traditional financial institutions.
Affected by the report, MORPHO rose over 13% within 24 hours of the report's release, trading at approximately $2.13. Standard Chartered also believes that if tokenization continues to progress, the protocol is likely to benefit consistently from the recovery of DeFi lending.