Unified Labs is an Asia-based Risk Curator specializing in RWA lending on Morpho. We curate Vaults where tokenized real-world assets serve as collateral for onchain lending markets.
Why Morpho for RWA
RWA collateral is fundamentally different from crypto-native assets — it requires NAV-based oracles, redemption-aware LLTV parameters, and permissioned liquidation paths. Most lending protocols weren’t built for this.
Morpho is. Each market has its own collateral, oracle, and risk parameters — fully isolated. One asset’s risk event cannot cascade into others. Vault V2 adds exactly what institutional RWA needs: Gate contracts for KYC-gating, an Adapter system for modular collateral integration, multi-dimensional caps for concentration limits, and four-role governance with timelocks that map onto institutional compliance structures.
And rather than building from scratch, we leverage Morpho’s battle-tested infrastructure, deep liquidity, and existing ecosystem integrations to go straight to what matters — curating high-quality RWA markets.
First Case: FUSD Lending Market
Our first market features FUSD, a yield-bearing stablecoin issued by FinChain under Fosun Wealth Holdings — one of Asia’s largest diversified financial groups. FUSD is backed by money market funds and government bonds from institutions including BNY Mellon, ChinaAMC, and Taikang.
We are building a USDC lending market with FUSD as collateral on Morpho, with off-chain whitelisted liquidation: liquidators must be approved by the issuer, redeeming FUSD directly at NAV — zero slippage, no MEV, deterministic exit pricing.
This is what institutional RWA lending on Morpho looks like.
What’s Next
More RWA markets from established traditional finance institutions are in our pipeline.
Details to come as markets go live.