Morpho’s total value locked (TVL), the value of assets deposited in a protocol, surpassed $14 billion in August, setting a record for the decentralized lending platform. Morpho said on X that the milestone gives it about 25% of the crypto-collateralized lending market. A chart shared by the protocol showed BTC as the largest deposited asset at about $4.7 billion, followed by USDC at $3.5 billion and other stablecoins at $2.1 billion.