morpho holds 65% of cbbtc supply. that's $1.3b locked. 91.5% ltv available. september 7 they're upgrading architecture with peak tvl exposure, and coinbase users keep depositing through the app integration. ...

Market Dynamics - Morpho running 915% LTV on stablecoin loops for institutions [1] - Institutions are chasing 45% APY through Pendle PTS [1] Investment Opportunity & Risk - Extreme risk associated with stablecoin loops at such high LTV [1]