web3: Morph launches non-custodial stablecoin payment platform

Morph has launched a stablecoin payment service targeting merchants and freelancers, with initial support for USDC and USDT. Unlike common custodial payment solutions, this product allows users to connect their own wallets, so after a client pays, funds are settled directly on-chain to the wallet controlled by the recipient.

Direct Settlement to Merchant Wallets

Morph states that the new platform offers invoices, payment links, and a transaction dashboard, enabling merchants to generate payment pages and view all incoming and outgoing records in one place. The company mainly provides the payment interface in this process, does not custody merchant funds, and does not require merchants to pre-deposit stablecoins into platform accounts.

This means payment recipients can access the funds as soon as the transaction is confirmed on the blockchain, instead of waiting for a payment processor to transfer balances afterward. Morph believes this approach helps shorten the time merchants have to wait to receive payments.

However, the company did not disclose details such as platform fees, transaction limits, supported regions, identity verification requirements, wallet compatibility, or smart contract audits. Morph says businesses and entrepreneurs can register via the official website starting August 12.

Geared Toward Cross-Border Payment Scenarios

According to the company, the first version mainly targets online merchants, freelancers, and cross-border payment scenarios. Users can send payment requests to clients via invoice or payment link; once the client completes the payment, the stablecoins are settled directly into the designated wallet.

Morph positions this service as one of the tools for cross-border payments, citing that traditional bank transfers often involve multiple institutions. The company says stablecoin settlement can be completed within minutes and allow businesses to access funds more quickly, but the announcement did not include independent test data or client case studies.

Morph ecosystem lead Renna Ba stated that in future, it may become as common for companies to manage multiple stablecoins as it is to handle various fiat currencies today. However, the product currently only supports USDC and USDT, and the company has not announced a timeline for adding more coins.

US Regulations Still Under Development

This launch is also seen as Morph extending into end-user payment products. In January this year, the network partnered with Cobo to launch the Morph Payment Accelerator, focusing on institutional stablecoin activities, including cross-border payments and high-frequency settlements.

Regarding industry data, Morph cited Visa’s on-chain analysis, noting that adjusted stablecoin transaction volume reached $10.2 trillion in the past 12 months, up 65% year-on-year. Research published by the company in April estimated that total on-chain stablecoin transaction volume will reach $33 trillion by 2025, with about 60% coming from business-to-business payments.

As stablecoin payment tools expand, a comprehensive federal regulatory framework in the US has not yet been fully established. The report mentions that Trump signed the GENIUS Act in July 2025, which sets reserve, redemption, disclosure, and regulatory requirements for issuers of payment stablecoins.

This law mainly constrains issuers rather than all merchants receiving stablecoins, but the distribution process will also be affected. Under the regulations, starting from July 2028, US digital asset service providers will face restrictions when offering payment stablecoins issued by unlicensed issuers.

The USDC and USDT supported in this launch are issued by Circle and Tether, respectively. The company did not specify whether this service covers all US states, nor did it disclose licensing and compliance procedures for US customers.