Morph has launched a non-custodial payments platform that supports USDC and USDT, lets businesses connect their own wallets, and settles customer payments directly on-chain.
Summary
- USDC and USDT payments settle directly into wallets controlled by users.
- Morph Payments includes invoices, payment links, and a transaction dashboard.
- The platform does not require businesses to deposit stablecoins with Morph.
- Visa data cited by Morph put adjusted stablecoin volume at $10.2 trillion over 12 months.
Morph Payments leaves funds in users’ wallets
According to an Aug. 12 press release from Morph shared with crypto.news, the service is available to online businesses, freelancers, and distributed organizations that want to accept, send, and monitor stablecoin payments.
Morph Payments works by connecting a self-custodial wallet to the platform rather than requiring a business to transfer its funds into an account controlled by Morph. When a customer completes a payment, the stablecoins move directly to the wallet selected by the recipient.
Morph said the initial release supports USDC and USDT, the two stablecoins named in the announcement. Businesses can create an invoice or payment link that directs customers to a checkout page, while completed transactions appear in a single dashboard.
Under the setup described in the release, Morph provides the payment interface but does not hold the funds sent through it. Businesses retain control of the private wallet receiving the payment, and the stablecoins become available once the blockchain confirms the transaction.
Such a model differs from a custodial processor, which receives money on behalf of a merchant and later releases the balance. Morph said direct settlement can reduce the time businesses wait to access incoming funds, although the announcement did not provide transaction-speed tests or comparisons with specific payment companies.
The release also did not disclose the platform’s fees, transaction limits, supported jurisdictions, identity-verification requirements, wallet compatibility, or smart-contract audit details. Morph said businesses and entrepreneurs could begin registering through its website on Aug. 12.
Invoices and payment links target online businesses
Alongside wallet settlement, the first version lets users send stablecoins and monitor incoming and outgoing payments. The dashboard is designed to put payment records, invoices, and checkout links in one place, according to the company.
For freelancers, a payment request can be created as an invoice or a link and sent directly to a client. Online businesses can use the same process to collect USDC or USDT without giving Morph control over the receiving wallet.
Morph presented the service as an option for cross-border payments and remote work, where bank transfers may pass through several institutions before reaching the recipient. Claims about payments arriving within minutes and providing faster access to working capital came from the company; the press release did not include independent performance data or customer results.
Renna Ba, Morph’s head of ecosystem, said businesses could eventually work with several stablecoins in much the same way that companies now handle different national currencies.
“The challenge isn’t creating more payment options—it’s making that complexity invisible so businesses can focus on growing, not managing payments.”
Although the comment points to support for multiple assets, the initial product is limited to USDC and USDT. Morph did not identify other stablecoins it may add or provide a schedule for expanding the list.
Morph Payments follows earlier network programs
The launch adds a user-facing product to Morph’s existing work on stablecoin infrastructure. In January, the network selected Cobo as its first partner for the Morph Payment Accelerator, a performance-based program tied to verified stablecoin volume on Morph’s mainnet.
Cobo provides custodial wallets, multi-party computation wallets, and wallet infrastructure across more than 80 blockchains. The January announcement said the partnership would focus on institutional stablecoin activity, including cross-border payouts and high-frequency settlement.
Morph Payments takes a different approach at the user-account level because the new service does not take custody of a business’s assets. Customers can still move stablecoins received through the platform to trading services or yield products built on Morph’s network, the company said. Participation in such services would involve separate platforms and risks not detailed in the payments announcement.
The company has not disclosed transaction targets, expected user numbers, or revenue projections for the product. Additional functions are planned over the coming months, but Morph did not specify which tools will be added or when they will become available.
Stablecoin payment tools are reaching more businesses
Morph cited Visa’s on-chain analytics showing $10.2 trillion in adjusted stablecoin transaction volume during the previous 12 months, a 65% increase from the comparable period. Visa’s adjusted measure is designed to filter activity that its methodology identifies as inorganic.
Separate research published by Morph in April estimated that stablecoins handled $33 trillion in total on-chain volume during 2025. As previously covered by crypto.news, the report attributed about 60% of the measured flows to business-to-business activity and projected more than $50 trillion in settlement volume during 2026. The figures are company estimates rather than audited financial results.
Other payment providers have also introduced stablecoin tools for corporate users. In July, Ramp launched stablecoin business accounts on Solana, allowing customers to hold USDC and USDT and send payments to vendors in more than 140 countries. Ramp also said its system could convert payments into more than 40 local currencies.
Ramp’s product combines stablecoin balances with its existing approval and accounting tools, while Morph’s release focuses on direct settlement to a wallet controlled by the business. Morph did not announce local-currency conversion, bank-account funding, or accounting software integrations.
U.S. stablecoin rules remain unfinished
American businesses considering stablecoin payment products operate under a federal framework that is still being implemented. President Donald Trump signed the GENIUS Act into law on July 18, 2025, establishing federal requirements for payment stablecoin issuers, including reserve, redemption, disclosure, and supervision standards.
The law primarily regulates issuers rather than every business that receives stablecoins. Its treatment of distribution remains relevant, however, because U.S. digital asset service providers will face restrictions on offering payment stablecoins from non-permitted issuers beginning in July 2028.
USDC and USDT are issued by Circle and Tether, respectively, rather than by Morph. The launch announcement did not state whether Morph Payments would be available in every U.S. state or identify the licenses and compliance procedures that could apply to American customers.
Federal regulators missed a July deadline for completing several rules required under the GENIUS Act. As of July 19, proposals covering reserves, redemptions, custody, customer identification, anti-money laundering controls, and state supervision had not all been finalized. The statute is scheduled to take effect by Jan. 18, 2027, unless final regulations start an earlier 120-day implementation period.
