Morpho News Today: Why MORPHO Is Down – 26 September 2026

• Coinbase launched fixed-rate Bitcoin-backed USDC loans via Morpho on 25 September 2026. • API3 announced on 24 September 2026 that NonPlayableCoin became USDC borrowing collateral on Morpho. • Aave founder Stani Kulechov challenged Morpho’s non-custodial vault definition, sparking regulatory debate. • MORPHO traded at $2.72 on 26 September 2026, down 2.84% in 24 hours. • Token sat 34.88% below its all-time high of $4.17, with circulating supply of 699,482,177 MORPHO.