HSK Chain, the institutional-grade public blockchain under HashKey Group (Stock Code: 3887.HK), has formed a strategic partnership with Morpho, a decentralized lending protocol. As part of the deal, Morpho will complete a full on-chain deployment on HSK Chain and become its official lending partner. HashKey Capital, the group's institutional-grade asset management platform, has also made a strategic investment in Morpho. The partnership is aimed at building CeDeFi lending products that bridge traditional finance and Web3.
Morpho to deploy on HSK Chain
The partnership spans multiple business lines across HashKey Group, including upcoming crypto wallet and super-app integrations. Morpho's deployment on HSK Chain means the protocol will serve as the primary lending infrastructure for the blockchain's ecosystem. Morpho already has deep integrations with top-tier institutions such as Coinbase and Apollo, and recently launched a fixed-rate product called Morpho Midnight. That product could be offered to HSK Chain users as part of the collaboration.
CeDeFi and RWA-backed lending
HSK Chain and Morpho will jointly develop on-chain lending products for both institutional and retail users, with a focus on the CeDeFi track — combining centralized finance's compliance with decentralized protocols. They will co-develop on-chain yield products centered on risk management, with lending based on Bitcoin and real-world assets (RWAs) as collateral. The parties will also explore integrating Morpho's v2 fixed-rate lending products into HashKey's staking services. Additionally, they plan to bring more institutional-grade RWAs onto the Morpho protocol as qualified collateral, expanding the range of assets that can be used in DeFi lending.
HashKey's regulatory edge
HashKey's group entities hold multiple digital asset service licenses across Asia, providing a compliant framework for the partnership. Serena Wang, Head of HSK Eco Labs, said on-chain lending is critical infrastructure connecting traditional finance with Web3. Shanshan Shui, Head of Asia at Morpho, noted that HashKey's regulatory licenses and institutional client base make it an ideal partner for expansion in Asia. The regulatory clarity gives both firms a foundation to offer lending products to institutions that require compliance.
Next steps: wallet and super-app integration
The partnership includes plans to integrate Morpho's lending products into HashKey's upcoming crypto wallet and super-app. That would give users direct access to on-chain lending within a regulated environment. The two teams are also working on bringing more institutional-grade RWAs onto Morpho as collateral, which could open up new lending markets in Asia. No timeline has been announced for the wallet launch or the full deployment of Morpho on HSK Chain.
