Powered by Morpho and Aave, Fireblocks’ new Earn product gives enterprise customers the opportunity to generate yield on stablecoin balances.
The stablecoin yield opportunity
The shift toward stablecoins is undeniable. In 2025, stablecoins surpassed the combined transfer volumes of Visa and Mastercard for the second year in a row, moving over $33 trillion in onchain volume. Fireblocks is a major player in this growth, processing over $200B in stablecoin transactions every month. This represents a 300% year-over-year increase for its 2,400+ institutional clients, which include corporate treasuries, exchanges, fintechs, and payments platforms.
But what happens to all those stablecoins when they are not in transit?
For most institutions, the answer is: nothing. Capital sits idle between deployment cycles, settlement windows, and operational holds. This is not by choice. Until now, the infrastructure needed to put stablecoins to work responsibly, within the governance frameworks institutions require, has not existed. Today, Fireblocks is changing that.
Introducing Earn: Stablecoin yield access, built for institutions
Fireblocks is launching Earn, a new feature that provides native access to onchain lending directly within the platform. This allows customers to potentially earn yield by supplying their stablecoin balances to lend-borrow markets and curated strategies. Institutions benefit from the Fireblocks platform’s robust security, governance, and policy controls while accessing these opportunities within the Fireblocks environment.
This new capability is seamlessly integrated into the Fireblocks platform, offering customers the same reliable experience they expect, including familiar approval workflows, transaction signing, and position tracking. This new capability will be accessible across all Fireblocks solutions, including Dynamic embedded wallets, to enable a variety of uses; from managing corporate treasury stablecoin strategies to offering novel yield products directly within an application. Initially, it will integrate with Aave markets and curated Morpho Vaults.
Any yield generated is produced by the underlying DeFi protocols, not by Fireblocks, and is variable and not guaranteed.
Institutional yield, powered by Aave
Aave is the largest and most widely deployed lending protocol in DeFi, with billions in total value locked across multiple chains including Ethereum, Base, Arbitrum, and Optimism. The protocol operates permissionless lending markets where suppliers provide liquidity and earn yield from borrowers who post overcollateralized positions. Interest rates adjust dynamically based on supply and demand within each market, with borrowing costs rising as utilization increases and falling as liquidity returns.
Through the integration, Fireblocks customers can supply stablecoins into Aave’s markets, enabling secure and simple access to the protocol within the platform.
Institutional-grade lending strategies, powered by Morpho
Morpho is a rapidly growing lending network that provides both the underlying market infrastructure and vault framework where institutions can deploy curated lending strategies, made directly accessible to depositors. These institutional curators offer vaults on Morpho’s infrastructure, defining which collateral assets are accepted, setting allocation parameters, and conducting ongoing risk management. This gives depositors access to defined, actively monitored lending strategies.
Through the integration, Fireblocks customers can access Morpho Vaults managed by select institutions, each applying their own risk frameworks and collateral due diligence to the allocation process. Earn launches with a curated vault from Sentora.
Strategies made for institutions, by institutions
In traditional finance, sophisticated institutions do not access capital markets by navigating them independently. They work with credentialed asset managers who bring research, frameworks, and accountability to every allocation decision. The expectation of professional management does not disappear simply because the underlying market is onchain.
With Earn, Fireblocks is bridging the infrastructure gap between professional management and DeFi. By providing integrations with Morpho Vaults from institutions like Sentora, Fireblocks is enabling customers to access lending strategies maintained by established names.
Sentora offers curated vault
Sentora is a specialist institutional DeFi platform combining advanced strategies and onchain risk management with structured finance expertise, backed by over $3 billion in institutional deployments across major crypto institutions and financial platforms. Through the integration, Fireblocks customers can access Sentora’s vault on Morpho, which deploys PayPal’s official USD-backed stablecoin, PYUSD, into Morpho lending markets against a curated set of risk-approved collateral assets spanning Bitcoin-linked positions, liquid staking tokens, and yield-bearing stablecoin derivatives.
Institutional DeFi lending demands rigorous collateral assessment, automated risk controls, and deep market expertise to manage risk effectively. Our integration with Fireblocks means institutions can now access these sophisticated strategies through an infrastructure they already trust, removing a major barrier to institutional DeFi participation.
Anthony DeMartino
CEO at Sentora
Where stablecoin strategy goes from here
For corporate treasuries managing stablecoin holdings, Fireblocks now provides access to professionally curated yield strategies, with the policy controls and approval workflows that treasury operations require. For companies using Fireblocks and Dynamic infrastructure to power their own products, these integrations make it possible to offer yield opportunities to end users directly within an application without building or maintaining separate DeFi infrastructure.
The scale of the opportunity is significant. Citi projects the stablecoin market cap could reach $1.9 trillion in its base case and $4 trillion in a bull scenario by 2030, potentially supporting $100–200 trillion in annual transactions. In the coming year, we expect to see stablecoin strategy becoming even more central to how institutions manage capital and build products.
Fireblocks is committed to being the foundational digital asset infrastructure for what comes next, giving institutions and the businesses they power a governed path into the next era of stablecoin finance.
Get started with Earn
Earn is now generally available (GA) for Fireblocks customers. Fireblocks customers can request access to Earn via their Fireblocks representative.
Explore the product to learn more.
DeFi protocols and curated vaults are independent third-party applications. Participation involves risks including smart contract vulnerabilities, liquidity risks, and market volatility. Any rewards or yields are generated by the underlying protocols, not by Fireblocks, and are variable, not guaranteed, and may be zero. Past performance of any vault strategy or curator is not indicative of future results. Fireblocks does not custody assets involved in DeFi lending interactions and does not control the operation of DeFi protocols or curated vaults. This is not investment advice, and this material should not be construed as a solicitation, recommendation, or offer to buy or sell any financial instrument or to participate in any particular investment strategy. The regulatory status of DeFi products may vary by jurisdiction and is subject to change.
