TL;DR
- Confidential expansion: Zama opened 16 confidential Morpho vaults covering USDC, USDT, AUSD, and TGBP, building on its earlier vault that reached $40 million in TVL.
- Curator network: Steakhouse, Armitage by Wintermute, Flowdesk, RockawayX, and Bitwise will curate the vaults, with 12 mirroring existing Morpho strategies and four built specifically for confidential deposits.
- Swap protocol: The protocol launched the Zama Swap Protocol, enabling swaps between confidential assets and vault shares without revealing transaction size or intent.
Zama is expanding its confidentiality ecosystem with a major deployment on Morpho, opening deposits into 16 confidential vaults on Sept. 15. The new lineup spans USDC, USDT, AUSD, and TGBP, marking a significant step in Zama’s push to bring privacy‑preserving yield strategies to institutional users. The move builds on momentum from the protocol’s first confidential vault, launched in June with Morpho and Steakhouse Financial, which grew from zero to $40 million in TVL in just seven weeks.
Confidential vault expansion and curator lineup
The protocol said the new vaults will be curated by several partners. Steakhouse will oversee part of the set, while Armitage by Wintermute, Flowdesk, RockawayX, and Bitwise will also take on curator roles. Twelve of the vaults mirror existing non‑confidential Morpho strategies on Ethereum, giving users a familiar structure with added privacy. The remaining four vaults were built specifically for confidential deposits, broadening the range of options available to allocators seeking discreet onchain exposure.
The protocol emphasized that public blockchains expose positions, balances, and strategies to competitors, creating friction for institutional deployment. By expanding curated confidential vaults and adding four new asset classes, Zama aims to give institutional allocators, corporate treasuries, and active market participants access to diversified yield without revealing their holdings or strategic intent.
Zama Swap Protocol and upcoming integrations
Alongside the vault rollout, Zama is introducing the Zama Swap Protocol. The tool lets users swap between confidential assets on Ethereum, covering cUSDC, cUSDT, cAUSD, and cTGBP, as well as shares in the confidential vaults. According to Zama, depositors can move between these positions without disclosing transaction size or purpose, reinforcing the confidentiality layer across the ecosystem.
Morpho co‑founder Merlin Egalite said institutions have been exploring ways to make onchain capital allocation more discreet. He noted that adding confidential vaults on Morpho will help scale confidential DeFi without altering strategy, liquidity, or risk profiles. The vaults will first be available through Zama’s own app. Utila, Zerion Wallet, and Yield.xyz are expected to integrate them in the coming weeks, expanding access across the broader DeFi landscape.
