THE LENDERS BEHIND CURATOR VAULTS

Summary from the TLDR Crypto newsletter

RWA.xyz's analysis of $6.1B in Morpho variable-rate stablecoin lending identifies supply, not borrowing demand, as the binding growth constraint, with five curators (Steakhouse, Sentora, Gauntlet, SparkDAO, and RockawayX) overseeing 80%+ ($5.0B) of deployed capital. Of the $2.6B traced to specific funding sources, platform earn integrations and Sky-authorized protocol balance sheets each account for $1.1B, with issuer reserve lending via Ethena and similar protocols contributing the rest. Platform earn integrations offer the most expandable near-term growth vector, while credit limits cap protocol balance sheet allocations and redemption liquidity requirements constrain issuer reserve portfolios. For tokenized collateral, transfer restrictions, redemption terms, and secondary-market liquidity under stress set the ceiling on lender capacity.