@Morpho @ecb @coinbase An ECB paper citing a major platform's DeFi integration shows onchain credit is now on central bankers' radar. That attention usually comes before clearer frameworks. Reply to @Morpho: An @ecb paper cites @coinbase's integration of Morpho as an example of how major platforms use DeFi lending protocols as the "yield generation layer". The widened distribution of onchain credit is increasingly relevant for macro finance and monetary policies.