On July 28, 2026, HashKey (stock code: 3887.HK) under the institutional-level public chain HSK Chain announced a strategic partnership with Morpho, a global leading decentralized non-custodial lending protocol and open credit network. Both parties will leverage their respective core advantages in on-chain lending infrastructure and on-chain financial innovation to jointly develop on-chain lending products aimed at institutional and retail users and explore the scalable implementation of global on-chain financial services.

According to the cooperation agreement, Morpho will complete the full chain deployment on HSK Chain and become the official partner for on-chain lending business on HSK Chain. The cooperation covers multiple business segments of HashKey Group and extends to the upcoming launch of HashKey's crypto wallet and super application integration scenarios.

As an institutional-level asset management platform under HashKey Group, HashKey Capital has also made a strategic investment in Morpho. The Capital team believes that we are at a critical juncture for DeFi lending transitioning to institutional-level infrastructure. Morpho achieves maximum capital efficiency while ensuring high security through an innovative architecture that separates the underlying lending protocol from risk management. With deep integration from top institutions like Coinbase and Apollo, as well as the launch of the fixed-rate product Morpho Midnight, Morpho has evolved from an on-chain lending protocol into a core settlement layer merging traditional finance and on-chain credit, possessing key capabilities to support the migration of the traditional private credit market to on-chain.

Institutional-Level Lending: On-Chain Lending Services Implementation

HSK Chain will collaborate with Morpho in the CeDeFi sector, using on-chain lending as an entry point to jointly explore and work towards breaking the liquidity barriers between CeFi and DeFi, promoting the evolution of the crypto financial ecosystem towards a more open and efficient direction.

On-Chain Staking Services: Creating Institutional-Level Yield Products

HSK Chain will work with Morpho to develop on-chain yield products, focusing on a robust risk management model, and will engage in lending activities based on BTC and RWA (real-world assets) as underlying collateral. In the future, both parties will explore the integration of Morpho v2 fixed-rate lending products to allow HashKey staking service users to conveniently access on-chain credit funds.

Note: Staking refers to node validation/infrastructure services and does not constitute investment or financial products.

Tokenization Services: Promoting RWA Assets On-Chain

HSK Chain will collaborate with Morpho to bring more institutional-level assets into the Morpho protocol, making them eligible collateral, further enriching the asset categories available for on-chain lending ecosystem usage. Both parties will combine market demand signals from HashKey’s institutional client group to selectively prioritize the introduction of the first batch of RWA assets.

Compliance First: Co-creating New Standards for On-Chain Finance

HashKey subsidiaries hold multiple digital asset service licenses in Asia and are among the few institutions capable of providing institutional-level digital asset services within a complete compliance framework in the Asia-Pacific region. Morpho is a global leader in decentralized lending protocols, having processed billions of dollars' worth of on-chain lending transactions, known for its highly modular risk management framework and transparent smart contract logic. The cooperation between the two will integrate compliant financial infrastructure with top DeFi protocol capabilities, providing both institutional and retail users with a secure, transparent, and auditable on-chain lending experience.

"On-chain lending is a key infrastructure connecting traditional finance and the Web3 ecosystem. Our collaboration with Morpho enables us to offer truly meaningful on-chain lending services to institutional and retail users. HashKey is committed to promoting the prevalence of on-chain finance under compliance, and this cooperation is an important step we take in this direction."

—— Serena Wang, Head of HSK Eco Labs

"HashKey possesses scarce compliance qualifications and rich institutional client resources in Asia, making it an excellent partner for Morpho to establish a global open lending network in the region. We will deploy a globally validated, high-security decentralized lending protocol on HSK Chain, leveraging a layered architecture to balance the openness of the protocol, jointly explore local compliance requirements, and work together to create safe and efficient on-chain lending services in Hong Kong and throughout Asia, while deeply engaging in RWA, compliant CeDeFi, and other business areas to explore more development opportunities in on-chain finance."

—— Shanshan Shui, Morpho Head of Asia

About HSK Chain

HSK Chain is an institutional-level blockchain under HashKey (stock code: 3887.HK), dedicated to reshaping the global financial market on-chain. Characterized by security and innovation, HSK Chain provides infrastructure for the next generation of on-chain finance, enabling stablecoins, RWA (real-world assets), and institutional-level DeFi to efficiently collaborate and operate seamlessly within the same system.

About Morpho

Morpho is an open lending network with a deposit scale exceeding $11 billion, connecting the best lending opportunities between global lenders and borrowers. Its modular, open infrastructure allows fintech companies, wallets, exchanges, and institutions to directly embed configurable credit products into their platforms while fully controlling the user experience. Leading institutions such as Coinbase, Robinhood, Bitwise Asset Management, and Société Générale have deployed secure, scalable on-chain credit products based on Morpho. For more information, please visit Morpho.org.

Disclaimer

HSK Chain is a blockchain infrastructure network. This announcement is intended solely to introduce the cooperation between HSK Chain and Morpho and related ecological development directions, and does not constitute any investment advice, investment offer, solicitation, recommendation, or guarantee. HSK Chain makes no explicit or implicit guarantees regarding the performance, security, availability, or compliance of any third-party protocols, products, or services. Users should fully understand the relevant risks and independently make judgments and decisions before participating in any on-chain activities, DeFi, CeDeFi, RWA, or other digital asset businesses.