Galaxy Launches Onchain Yield Vaults for Institutions

Through Fireblocks Earn, 2,400 institutional clients can access Morpho vaults designed to generate yield on idle stablecoins. The launch gives Galaxy a foothold in the growing market for curated DeFi products.

Key Takeaways

• Galaxy Digital has launched Galaxy Curator, an institutional vault curation business on the decentralized lending protocol Morpho.
• Through Fireblocks Earn, more than 2,400 institutional clients get access to curated onchain lending strategies within their existing treasury and custody workflows.
• Galaxy is starting with two strategies on Morpho and says its institutional arm has an average loan book of $1.4 billion.

Galaxy Digital has rolled out Galaxy Curator, an institutional vault curation business built on the decentralized lending protocol Morpho. The goal is to help professional clients put idle stablecoin balances to work without forcing them to handle DeFi infrastructure on their own.

Access Through Fireblocks

The product is being offered through Fireblocks Earn, opening up curated onchain lending strategies to the custody platform's more than 2,400 institutional clients inside their existing treasury and custody workflows. For Galaxy, the pitch is straightforward: many large crypto firms and treasury teams end up sitting on stablecoins between settlements, deployments, and operational reserves, and those balances often do nothing in the meantime.

Morpho is a decentralized lending protocol on the Ethereum Virtual Machine where crypto assets are borrowed and lent with overcollateralization. For many institutions, using that setup directly is a tough sell, since the operational burden and risk profile are higher than what they are used to in traditional treasury tools.

A Growing Market for Vault Curation

The launch also reflects a bigger shift in DeFi, where professionally managed vaults are becoming a more important part of the market. Asset managers, trading firms, and fintech companies are increasingly building institutional onchain yield products, and on Morpho, firms such as Bitwise, Gauntlet, Steakhouse Financial, Wintermute, Dialectic, and RockawayX have already launched or expanded similar vaults. Standard Chartered recently drew attention to Morpho with a 2030 price target of $60 (€53), citing expected growth in tokenized assets and broader institutional adoption.

Galaxy is presenting the new service as a serious institutional offering. The company says it applies the same collateral rules, exposure caps, and market monitoring it uses in its own lending and trading businesses, while clients still retain control of their assets at the protocol level. Fireblocks handles the approval, signing, and policy controls that govern each transaction.

Why This Matters

For European crypto readers, the launch is another sign that DeFi is being repackaged into products that fit into existing custody and treasury setups. That could appeal to firms that want onchain yield without having to build the operational side of DeFi themselves. At the same time, the competition around curated vaults shows that crypto is no longer just about tokens or trading. The infrastructure layer around those products is becoming just as important.

Galaxy is starting with two strategies on Morpho. The Quality Vault is aimed at markets with blue-chip collateral and a focus on capital preservation, while the Enhanced Vault also targets higher-yield assets such as liquid restaking tokens, Pendle principal tokens, and Ethena products. The company says its broader institutional arm now runs an average loan book of $1.4 billion (€1.2 billion), more than $3 billion (€2.6 billion) in staked assets across five custodians, and a distribution network of more than 1,600 institutional counterparties.