Standard Chartered Bank has initiated coverage of the Morpho (MORPHO) protocol, with analysts projecting a long-term price target of $60 by the end of 2030. Geoff Kendrick, the bank’s Global Head of Digital Assets Research, outlined the bullish thesis in a note to clients on Wednesday, July 1, 2026.
The bank suggests the native token is positioned to outperform both Bitcoin and Ether over the multi-year period as decentralized finance (DeFi) adoption scales.
Standard Chartered projects annual price roadmap through the 2030 target
The forecast suggests that Morpho, currently the second-largest DeFi lending protocol behind Aave, will benefit from a projected 37-fold increase in assets deployed across the decentralized finance sector by 2030. According to the research, Morpho Markets currently holds approximately $5.5 billion in deposits, while its companion infrastructure, Morpho Vaults, accounts for $4.3 billion.
Standard Chartered’s $60 target represents nearly 2,800% upside from Wednesday’s trading levels, where the token was valued above $2.
Standard Chartered provided a specific year-by-year trajectory leading to its final 2030 target. The bank expects MORPHO to reach $3.50 by the end of 2026, followed by $11 in 2027, $22 in 2028, and $40 in 2029.
Key details
This roadmap is part of a broader digital assets framework at the bank that also includes coverage of Bitcoin, Ethereum, and Aave. Notably, the bank previously projected a 38x upside for AAVE through 2030, highlighting a focus on established lending infrastructure.
The bank’s analysis arrives as the total Bitcoin exchange supply remains at historically low levels, though the report focused strictly on the relative outperformance of Morpho. On Wednesday, Bitcoin (BTC) was trading at $59,739.40, while Ethereum (ETH) was priced at $1,605.12.
The bank’s research implies that while these major assets remain core to their thesis, the growth rate of specific lending protocols like Morpho could lead the market in percentage gains.
Institutional adoption via Morpho Vaults infrastructure
A central component of Standard Chartered’s bullish outlook is the Morpho Vaults business, which acts as infrastructure for professional on-chain asset managers and curators. These vaults allow for customizable lending and borrowing, a structure that resembles traditional asset management more closely than standard DeFi pools.
The bank noted that curators like Steakhouse Financial, which manages nearly $2 billion in assets, have already become significant channels for on-chain capital allocation through this system.
The report emphasizes that Morpho’s ability to attract traditional finance (TradFi) capital is bolstered by its integrations with institutional custody and distribution firms, including Fireblocks, Anchorage, and Taurus. This institutional focus is gaining relevance as more traditional entities seek Bitcoin exposure through ETFs and increasingly look toward decentralized protocols for yield.
Morpho’s vault-based structure is viewed by the bank as a key differentiator that can move large-scale TradFi funds onto the blockchain.
Key details
Standard Chartered also addressed the competitive landscape, comparing Morpho to other protocols like Uniswap and Aave. While many major protocols have introduced or discussed fee mechanisms for token holders, Morpho continues to operate at a 0% take rate. This means all lending income currently flows directly to depositors via the vault structures.
The bank expects this model to help Morpho capture market share as it scales alongside broader industry growth.
The protocol’s role as a “foundational building block” in the lending market is supported by its dual-arm approach of Morpho Markets and Morpho Vaults. While Ethereum network outlook trends often dictate general market sentiment, Standard Chartered views Morpho as an independent engine for value capture within the DeFi ecosystem.
The bank believes that by serving as the underlying infrastructure for professional curators, the protocol is uniquely situated to handle the next era of institutional lending volume.