Decentralized privacy network Zama (ZAMA) is commencing contributions for 16 private vaults on Morpho on September 15, covering tokens like USDC, USDT, AUSD, and TGBP.
Its initial vault debuted in June in collaboration with Morpho and Steakhouse Financial. Zama reported that this offering, which utilizes the USDC Prime approach designed by Steakhouse, scaled from zero to $40 million in total value locked (TVL) over a span of seven weeks.
Based on an announcement provided exclusively to The Block, Steakhouse will oversee a portion of the 16 vaults, with Armitage by Wintermute, Flowdesk, RockawayX, and Bitwise additionally acting as managers.
Participants obtain private entry to 12 current Morpho vaults on Ethereum that feature existing transparent counterparts, whereas the remaining four have been uniquely created for private contributions.
“On transparent blockchains, balances, holdings, and tactics remain exposed to rivals and front-runners, presenting a fundamental impediment to enterprise adoption on a broad scale,” Zama stated. “By broadening the selection of managed private vaults and introducing four fresh asset groups as collateral choices, Zama permits enterprise depositors, corporate treasuries, and engaged traders to tap into varied decentralized yield without revealing their positions or methods.”
Private swaps on Ethereum
In addition to the vaults, the initiative is introducing the Zama Swap Protocol, permitting contributors to exchange private assets on Ethereum. It supports cUSDC, cUSDT, cAUSD, and cTGBP, in addition to shares within the private vaults. Zama noted that participants can exchange these tokens and holdings without exposing the trade volume or their direction.
“Enterprises are showing growing interest in how decentralized capital deployment can achieve greater privacy to match their standards,” remarked Morpho co-founder Merlin Egalite. “Integrating these private vaults on Morpho represented a crucial milestone for our team. It will expand private decentralized finance effectively and unlock novel avenues for onchain allocators, while keeping the strategy, liquidity, and risk parameters intact.”
The vaults launch initially via Zama’s proprietary interface. Utila, Zerion Wallet, and Yield.xyz plan to integrate them in the near future.
Originally published at https://www.theblock.co/news/defi/2026-09-15-zama-expands-confidential-morpho-lineup-after-first-vault-hits-40-million-launches-private-swaps-on-ethereum-414613.
