Arbitrum Says Global Dollar Lending on Morpho Reached $143 Million

Arbitrum announced Nov. 2 that Global Dollar (USDG) lending on Morpho had reached $143 million in total value locked (TVL), providing an updated figure for the network’s lending market less than a month after launch.

TVL measures the value held in Morpho’s lending vaults. It does not represent USDG’s total circulation or the amount borrowed. Morpho vaults supply USDG to lending markets, where users can lend or borrow the stablecoin.

Paxos launched USDG on Arbitrum One on Oct. 6, with Morpho among the protocols available at launch. The launch also included more than $10 million in incentives through Arbitrum’s DeFi Renaissance Incentive Program (DRIP).

Morpho USDG lending on Arbitrum was above $140 million on Oct. 31. That reading did not specify an observation cutoff, so it cannot establish a like-for-like increase to $143 million.