Morpho V2 and Collapsing The Cost of Trust With DeFi

Aug 14, 2025

Paul Frambot, Co-founder and CEO of Morpho, delves into the revolutionary world of decentralized finance. He discusses how Morpho’s modular infrastructure allows anyone to create customized lending markets while efficiently pricing risk. Paul highlights their successful integration with Coinbase for $600M in Bitcoin-backed loans and elaborates on the growing importance of real-world assets. He also shares insights on Morpho V2's innovations like fixed-rate lending and their ambitious goal to reduce the cost of trust in finance.

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INSIGHT

Morpho As Open Lending Infrastructure

Morpho is positioned as permissionless, immutable infrastructure rather than a lending product operator.
It enables third parties to build tailored lending/borrowing experiences using Morpho's liquidity and tooling.

INSIGHT

Risk Curators Power Market Differentiation

Risk curators run differentiated businesses on top of Morpho and capture value by originating and pricing risk.
Morpho plans to give curators even more freedom in V2 to set prices and risk profiles.

ANECDOTE

Coinbase Integration Proved Web2 UX With Web3 Power

Coinbase's Bitcoin-backed loans powered by Morpho delivered Web2 parity in UX with Web3 advantages like global liquidity.
That combination produced better borrower rates than some institutional OTC markets.

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Paul Frambot is the CoFounder and CEO of Morpho.

In this episode, we explore how Morpho's modular, permissionless infrastructure prices risk, allowing anyone to create lending and borrowing markets with any asset. Paul shares his insights on Morpho’s popular Coinbase integration for $600M in Bitcoin-backed loans, the growing role of RWAs, and why Morpho recently transitioned to a token-only model. We also dive into how Morpho V2 will introduce fixed-rate lending and multichain expansion, plus their grand ambition to collapse the cost of trust in finance.

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Timestamps

0:00 - Intro
6:01 - The vision for Morpho
9:02 - Modular approach to lending and borrowing
10:35 - The role of risk curators in Morpho
13:11 - Integration with Coinbase and its impact
20:56 - The education aspect of DeFi and crypto loans
23:24 - Sponsor break
24:34 - Exploring Real World Assets (RWAs) on Morpho
28:01 - Decentralized BD for scaling Morpho
30:01 - How Morpho makes money + dissolving legacy equity
32:49 - Transitioning to a token-only model
36:14 - Sponsor break
37:40 - V2 introducing fixed rates and institutional focus
42:35 - V2 will be multichain
44:50 - The future of Morpho pricing trust
47:24 - Closing

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🔗 Guest Links 🔗

► Morpho website: https://morpho.org/
► Morpho on X: https://x.com/morpholabs
► Paul Frambot on X: https://x.com/paulframbot

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All opinions expressed by hosts and podcast guests are solely their own opinions. Podcast guests and hosts may have positions in the assets or other matters discussed in this podcast. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Do your own research. This is not a recommendation or endorsement to buy any token(s) related to any platform(s) discussed.