Birch Hill launches RWA USDC vault on Morpho

What happened

Birch Hill announced that its RWA USDC Vault was live on Base in a controlled rollout, supplying USDC to isolated asset-backed credit markets on Morpho.

What changed

The launch added a curator-managed Morpho exposure whose first target was GRO/USDC, using tokenized equity in a private multifamily REIT as collateral, a Chronicle NAV oracle, and a 62.5% LLTV.

What did not change

The launch did not modify Morpho Blue's immutable core market contracts and did not make the Birch Hill vault part of Ketju's existing Morpho approval. No current client holding was identified.

Confirmed

• The operator described the vault as live on Base in a controlled rollout.
• The supply asset is USDC and the initial target market is isolated GRO/USDC.
• The announced collateral is GRO tokenized private-REIT equity, with a Chronicle NAV oracle and 62.5% LLTV.
• The announced fee is a 10% performance fee.

Still open

• The cached record does not expose a vault contract address for independent state verification.
• Controlled-rollout capacity, withdrawal liquidity, collateral enforceability, valuation controls, and oracle performance remain to be diligenced.

What it means for an advisor

• Add the vault to the Morpho research perimeter as a separate RWA and curator exposure.
• Require diligence on Birch Hill, GRO legal rights, Chronicle's NAV process, utilization, and exit liquidity before considering advisor use.
• Do not treat general Morpho protocol approval as approval of this vault.