Non-custodial crypto wallet SafePal has joined hands with decentralised lending network Morpho to improve access to risk-adjusted stablecoin yield and enhanced security for self-custody users.
The novel initiative comprises two parts. The first is the native integration of Morpho Vaults with the latest SafePal V4.10.6 app update.
This move, the press release says, will enable seamless access to yield on certain stablecoins through the SafePal Earn yield aggregator. Specifically, this is USDC and USDT stablecoins from Morpho on Ethereum, Base, and Arbitrum networks.
Moreover, decentralised finance (DeFi) firms Steakhouse and Gauntlet curate these integrated Morpho Vaults. Therefore, “depositors to earn risk-adjusted yield from borrowers with blue-chip and highly liquid assets as collateral,” the announcement claims.
According to Paul Frambot, CEO and co-founder of Morpho, “stablecoins don’t need to sit idle, even in self-custody. Integrating Morpho Vaults into SafePal brings open, on-chain lending infrastructure directly to SafePal users, enabling them to earn yield while remaining fully non-custodial, on-chain, and transparent.”
The Walletdrop Campaign
The second part of the initiative is the launch of a Walletdrop campaign. Users who make deposits in the Morpho USDT and USDC vaults offered within SafePal Earn will have a chance to get one of the 500 co-branded hardware wallets, the team says.
The goal of this offer is to strengthen user security and encourage long-term self-custody, the partners note.
The exclusive collection is based on the SafePal X1, the wallet suite’s latest open-source and Bluetooth model.
Planned “activation perks” include boosted yield opportunities on Morpho Vaults within SafePal, the announcement says.
Speaking of which, the SafePal wallet suite recently completed the full transition for its hardware wallet line from EAL5+ to EAL6+ security chipsets. The team also upgraded the SafePal Earn aggregator. The aim was to enhance both security and access to reliable yield options and providers.
‘Significant Risks from Opaque Structures’
Boosting security is a must, the press release indicates.
“Unfortunate incidents like the recent $36M Upbit hack highlight that cold storage usage remains far below where it should be,” said Veronica Wong, CEO and Co-founder of SafePal. “The Morpho Walletdrop aims to grow hardware wallet usage while maximising security, which should be extremely synergistic, especially for long-term and passive strategies like stablecoin staking.”
Moreover, the team highlighted significant market volatility and the rising user concerns stemming from the $93 million collapse of Stream Finance, as well as the depeg of its XUSD stablecoin.
“The XUSD depeg and aftermath highlighted how opaque, off-chain yield structures can introduce significant counterparty and systemic risk,” Wong argued.
Meanwhile, SafePal is a non-custodial crypto wallet suite with 25 million users across 200 blockchains and across its hardware, software, and browser extension wallet solutions, its team says. Founded in 2018, SafePal is backed by Animoca Brands, Binance, and Superscrypt.
Moreover, Morpho is a universal lending network with $10 billion in deposits, it says. It allows businesses to connect to its open infrastructure to power any lending or borrowing use case at scale.
The post ‘Stablecoins Don’t Need to Sit Idle’ – SafePal Integrates Morpho Vaults appeared first on Cryptonews.
