Morpho on robinhood chain is approaching a billion in deposits, with active loans at ~$370M+ and utilization that is already elevated The credit engine is still overwhelmingly stablecoin-driven. a small set of institutional wallets holds the bulk of the outstanding debt at high median leverage That proves the lending stack works. but I think the bigger unlock would be if the tokenized equities themselves become acceptable collateral at scale. until then the stock tokens are mostly traded inventory, not productive balance-sheet assets Utilization already sitting at ~90% already proves the capital is working. but right now most of the work is still being done by the cash sleeves (USDe, spUSDG and syrupUSDG) I think that only changes when you can actually borrow against the stock tokens. until then the 90% is the dollar markets working, not the equities