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…and if you’re looking for more institutional insights: ETF Central’s Trackinsight Global ETF Survey 2026, produced with Calamos Investments and S&P Dow Jones Indices, finds nearly 7 in 10 professional investors are reassessing their ETF holdings.

Fixed-rate lending is the clearest growth lever for real-world assets (RWAs) in decentralized finance (DeFi). It unlocks a strategy that credit desks have run for decades but DeFi has never meaningfully implemented: buy a quality income asset, borrow against it at a locked rate below the asset’s yield and buy more of the asset. Stablecoins are steadily sitting around $300 billion in supply and aggregate vault assets are nearing the $20 billion milestone. Morpho alone carries more than $16 billion in deposits, most of it in variable-rate markets priced on pool utilization, which serve crypto-native traders who manage liquid positions in real time but leave longer-dated borrowers with uncertainty. Fixed-rate, fixed-term lending closes that gap by matching the term of the loan to the duration of the collateral, especially for RWAs whose redemptions can settle anywhere from T+7 to T+90. With the borrow cost and maturity known at entry, institutional counterparties can underwrite an RWA looping vault the same way they approve conventional term financing. 6 trillion in floating-rate leveraged loans . The move to fixed rates is already underway: Morpho recently opened fixed-rate, fixed-term markets through Morpho Midnight, which Coinbase used to launch fixed-rate crypto-backed loans to its customers in September 2026 .

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