Foreign media reports indicate that Standard Chartered Bank has begun covering the DeFi lending protocol Morpho, giving it a target price of $60 by the end of 2030. The article argues that the expansion of tokenized assets and the on-chaining of institutional funds may simultaneously drive growth in both its lending and infrastructure businesses.

Both business segments are being developed simultaneously.

In its report, Standard Chartered stated that Morpho is not just a single lending protocol, but rather covers two businesses simultaneously. One is Morpho Markets, an on-chain lending marketplace; the other is Morpho Vaults, which provides infrastructure for on-chain banks and asset management institutions.

The report notes that, based on deposit size, Morpho's lending business has grown to approximately a quarter the size of Aave's. The article argues that this combination of a "lending market + infrastructure" makes it more distinctive as DeFi expands towards institutionalization and tokenization.

Standard Chartered betting on DeFi asset expansion

The article states that Standard Chartered predicts the total assets under management in DeFi will increase 37 times by 2030. The bank believes that assets deployed on Morpho will largely follow this trend.

• The target price by the end of 2030 is $60.
• The price at the time of the report implies approximately 33 times the upside potential.
• The project recently completed a $175 million financing round.

Geoff Kendrick, Head of Digital Asset Research at Standard Chartered, stated that Morpho is already one of the larger DeFi lending protocols and has a relatively strong financial position. The report views this funding as a crucial support for its continued expansion.

Vaults' business will determine its future potential.

The article argues that Morpho's long-term growth depends largely on its ability to attract institutional capital and traditional financial assets to its Vaults business. Deeper collaborations with traditional financial institutions could further expand its growth potential.

Following the report, MORPHO rose over 13% in the 24 hours following its release, reaching approximately $2.13. Standard Chartered also believes that if the tokenization process continues, the protocol is expected to continue to benefit from the recovery of DeFi lending.