Morpho Blue is already at about $6.55B TVL with $3.44B borrowed across 38 chains, so the next bottleneck is who wears the credit officer hat. V2/Midnight’s fixed-rate intents can make Coinbase-style frontends and RWA desks look clean without splitting liquidity across kycUSDC-type wrappers, but that pushes power to curators. If those curators become the default risk desks, MORPHO governance inherits bank-like underwriting politics even if the base protocol stays beautifully thin.

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