Tokenized Onchain Lending in 2025 Ft. Paul Frambot
Nov 18, 2025
Paul Frambot, Co-founder and CEO of Morpho, reveals fascinating insights about the future of on-chain lending. He explores how Morpho's technology transforms lending by utilizing vaults for stablecoins and enabling broad liquidity through smart contracts. Paul discusses the shift from crypto-collateralized loans to real-world asset tokenization and emphasizes the importance of compliance and transparency in this evolving landscape. He also highlights how banks can integrate with on-chain networks and the potential of stablecoins as global credit databases.
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Morpho As On-Chain Lending Infrastructure
- Morpho is an on-chain lending and borrowing platform that connects lenders and borrowers using smart contracts.
- It lets institutions like Coinbase power yields and lets others borrow using the same on-chain infrastructure.
Vaults Turn Stablecoins Into Yield
- Stablecoins act like on-chain checking accounts while vaults are non-custodial savings-like funds that generate yield.
- Vaults enable any stablecoin to earn yield powered by borrowers taking financing from those deposits.
Smart Contracts Replace Trust With Open Markets
- Smart contracts enable multiple players to agree on loan terms without a central authority, creating deeper liquidity and open marketplaces.
- Early DeFi used crypto collateral because addresses were anonymous, so collateral replaced identity as trust.