Ledger Adds Morpho Lending Against Wrapped Bitcoin

This marks a hardware wallet moving from custody into on-chain credit, a notable shift for a firm whose pitch has been self-custody. It affects Ledger users holding wrapped Bitcoin who want stablecoin liquidity without selling, though the liquidation exposure is explicit and the absence of fee terms leaves the economics unclear. The open question is whether a security-first brand can carry lending risk without blurring its core promise.