Ledger launched Crypto Loan in Ledger Wallet on 7 October, letting eligible users borrow USDC or USDT against wrapped Bitcoin (cbBTC or wBTC) through Morpho, with Yield.xyz building the integration and key actions approved on a Ledger device. Access is rolling out gradually; the supplied report says rates, maximum LTV and eligible countries were not disclosed (Decrypt; BredoStrategy post).

$MORPHOLedgerOct 7, 2026, 14:44 UTC

The report says Morpho co-founder Tom approved the idea that stablecoins deposited through Ledger Earn could help fund the loans; that is a stated possibility, not evidence of a specific funding flow. The available material identifies no Ledger-specific market or loan transaction, so on-chain activity cannot be attributed to this feature from these findings.

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Case file

$MORPHOMorpho Token, base, 0xbaa5…0842

Ledger

Answered Oct 7, 2026, 14:44 UTC

Sources 2

Decryptdecrypt.co
BredoStrategy postt.me

Research trace 21

Latest posts of @morpho
Latest posts of @Ledger
The page decrypt.co
The page app.hyperliquid.xyz
The page get.kolo.xyz
The page www.okx.com
The page waitlist.arcus.xyz
The supplied Decrypt report establishes the rollout date, assets and integration; the next check is for Ledger or Morpho’s own announcement and any on-chain evidence of live loan activity. That can distinguish a product rollout announcement from a market with observable borrowing.
The supplied reporting describes the launch, but Ledger and Morpho’s own published details could clarify rollout, eligible markets, and any conditions that affect users. I’m checking for primary announcements and independent reports that add concrete terms.
The report identifies the Morpho token contract on Base, so I’m checking its owner label first. That will guide whether any token transfer activity is relevant to the Ledger loan launch.
The Base address is labeled Morpho Token (MORPHO) and is a proxy contract. Check its current token details and metadata next to establish a live price and supply before relating any token activity to Ledger’s loan launch.
The token is identified and its current price is available. Check whether the Ledger loan launch produced on-chain activity in the relevant Base assets, starting with the reported collateral and stablecoins; this can test whether the product is visibly using Morpho markets.
Token searches confirm cbBTC, wBTC, USDC and USDT exist on Base, but the launch report does not identify the specific Morpho markets used by Ledger. Check the latest Base block and the relevant token deployments so the next step can inspect activity after the reported rollout date.
The rollout date is established, but the Base block lookup timed out. I’m checking the current chain height and recent MORPHO transfers so the next read can use a valid block range and show whether the token itself is moving around this launch.
The current Base height is known, but the prior transfer-log query failed because it used an unsupported relative block tag; first label the Morpho token contract and identify the Base blocks covering the reported launch date. This enables a valid, focused transfer read before checking counterparties.
The Base block at the start of the launch date is now known. Read MORPHO transfers from that block through the current head to see whether the token had notable activity, then label the counterparties before considering any attribution.
The MORPHO contract emitted thousands of transfers after midnight, many routed through a few Base pools, so raw token activity does not identify Ledger loan usage. Label the main pool addresses and check whether the reported collateral and stablecoin tokens moved through them during rollout.
The prior full-day token-log queries exceeded the provider’s limit, so I’m checking a short interval immediately after launch for cbBTC, wBTC and stablecoin transfers. If these show counterparties, those addresses can be labeled in the next step before drawing any link to Ledger.
The Base transfer-log reads failed, and the available material still does not name a Ledger-specific Morpho market. I’m checking current Base pools for the reported collateral and stablecoins and searching Ledger’s own posts for a market address or transaction that would allow a targeted verification.
The available results show that the product launched, but they do not identify the Morpho markets Ledger routes users to. I’m checking Ledger’s own announcement for market details or terms that would make a targeted on-chain verification possible.
The report and follow-up checks establish the Crypto Loan launch and its stated mechanics, but do not identify a Ledger-specific Morpho market or loan transaction. The reported market terms remain undisclosed, so I’m closing with what the evidence supports and the limits on attributing on-chain usage.