Credit markets are $200 trillion. Crypto-backed loans are $60 billion. Paul Frambot, co-founder and CEO of Morpho, argues DeFi has barely scratched the surface, and the missing piece isn't more crypto collateral, it's fixed-rate, fixed-term obligations.

Recorded live at the RWA Summit in Cannes for Season 2 of DeFi Drip, Graham Nelson, DeFi Product Lead at Centrifuge, sits down with Paul to break down how Morpho is becoming the lending infrastructure layer underneath fintech, exchanges, and now RWA collateral.

IN THIS EPISODE 👇
- How Morpho became the backend for the major exchanges' earn products
- Why RWAs are the fastest growing segment on Morpho
- S&P 500 as collateral: the DeFi Mullet in practice
- Why variable rate lending is the biggest blocker for institutional adoption
- Morpho V2: fixed-rate, fixed-term markets and what that unlocks for RWAs
- Underwriting seven billion people — Paul's long-term vision for Morpho

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