SafePal and Morpho Partner to Enhance Stablecoin Yields and Security
Non-custodial crypto wallet SafePal has announced a partnership with decentralized lending network Morpho to provide users with seamless access to risk-adjusted stablecoin yields and increased security for self-custody users. This innovative collaboration aims to revolutionize the way stablecoins are utilized, enabling users to earn yields while maintaining complete control over their assets.
The partnership consists of two primary components. Firstly, the native integration of Morpho Vaults with the latest SafePal V4.10.6 app update allows users to access yields for USDC and USDT stablecoins on the Ethereum, Base, and Arbitrum networks through the SafePal Earn feature. This integration is made possible by decentralized finance (DeFi) companies Steakhouse and Cuff, which curate the Morpho vaults to ensure depositors earn a risk-adjusted return from borrowers using high-quality and highly liquid assets as collateral.
The Walletdrop Campaign
To promote the partnership and enhance user security, SafePal and Morpho have launched a wallet drop campaign. Users who deposit into the Morpho USDT and USDC vaults offered in SafePal Earn will have the opportunity to receive one of 500 co-branded hardware wallets. This exclusive collection is based on the SafePal X1, the latest open-source and Bluetooth model of the wallet suite. The campaign aims to strengthen user security and promote long-term self-custody.
Enhancing Security and Yields
The partnership between SafePal and Morpho comes at a time when security is a top concern in the crypto industry. Recent incidents, such as the $36 million Upbit hack and the $93 million drop in Stream Finance, have highlighted the importance of robust security measures. The integration of Morpho Vaults with SafePal aims to provide users with a secure and transparent way to earn yields on their stablecoins, while the wallet drop campaign promotes the use of hardware wallets for enhanced security.
According to Veronica Wong, CEO and co-founder of SafePal, “Stablecoins don’t have to sit idle, even in self-custody. By integrating Morpho Vaults with SafePal, SafePal users receive an open on-chain lending infrastructure directly, allowing them to earn yield while remaining completely non-custodial, on-chain, and transparent.” Paul Frambot, CEO and co-founder of Morpho, added that the partnership aims to increase hardware wallet usage while maximizing security, which is essential for long-term and passive strategies like stablecoin staking.
About SafePal and Morpho
SafePal is a non-custodial crypto wallet suite with 25 million users across 200 blockchains, offering hardware, software, and browser extension wallet solutions. Founded in 2018, SafePal is supported by prominent industry players, including Animoca Brands, Binance, and Superscrypt. Morpho, on the other hand, is a universal lending network with $10 billion in deposits, enabling businesses to connect to its open infrastructure to facilitate lending or borrowing at scale.
For more information about the partnership and the wallet drop campaign, visit https://cryptonews.com/news/stablecoins-dont-need-to-sit-idle-safepal-integrates-morpho-vaults/
