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About Tenor Finance
Tenor Finance provides fixed-rate, fixed-term stablecoin lending: borrowers and lenders match directly on an agreed term and rate, the rate locks at execution instead of floating, auto-renewal can be set at maturity, and Morpho's lending markets carry the underlying funds.
It targets the uncertainty of floating-rate borrowing, where companies cannot predict funding costs while nearly all onchain lending reprices with utilization. Fixing term and rate is the precondition for balance-sheet management. The cost is matching efficiency: fixed rates require both sides to agree on price at the same moment, so early volume is thin and matching slow, and without proprietary market making depth depends on outside capital. Lenders receive a fixed coupon without the reinvestment risk of falling rates.
Tenor Finance, a fixed-rate lending protocol built on Morpho, has achieved several milestones with long-term significance. In February 2025, it announced a $2.5 million pre-seed round led by Variant, with participation from Nascent and renewed support from Coinbase Ventures, Prelude, Lattice, and others. This funding underpins its mission to bring efficient fixed-rate markets onchain, addressing the volatility of variable-rate money markets. Earlier, Tenor was selected into the Uniswap Hook incubation program, receiving audit subsidies that supported its security development. The protocol also launched on Base, enabling users to access predictable, fixed-rate borrowing and lending, expanding Morpho's credit-matching model. Tenor plans to undergo a Spearbit audit in 2025, reinforcing its commitment to security. These events mark Tenor's strategic progress in building infrastructure for institutional-grade, non-custodial fixed-rate lending, with features like auto-renewal and OTC matching.
Tenor Finance closed a $2.5M pre-seed round in February 2026 with Prelude, Lattice and Coinbase Ventures, then launched its fixed-rate lending platform on Base on July 21, built on Morpho Midnight with isolated, immutable, fixed-maturity markets and initial WETH/cbETH and USDC/WETH pairs on four-week renewal cycles. Aimed at institutional borrowers, it supports auto-renewal, collateral-on-fill, limit orders that accrue rates until filled, and OTC-style bespoke agreements, with MORPHO token rewards live at launch.
Future strategy and roadmap: Going forward, Tenor Finance focuses on bringing traditional fixed-income predictability on-chain, using Morpho Midnight's zero-coupon credit and debt units as the base layer to avoid new smart-contract risk; the team plans to add more assets and maturities, attract more institutions and large borrowers, and reduce refinancing friction via auto-renewal and early-exit options. Its goal is to build an institutional on-chain debt market in the multi-trillion-dollar fixed-rate segment where large positions roll at locked, predictable cost.
Pierre-Yves Gendron — Co-Founder & CEO; previously at fixed-rate protocol Notional.
David Dallaire — Co-Founder; formerly at Morpho.
Hugo Boisselle-Morin — Co-Founder; formerly at Morpho.
The three founded Tenor in 2025; raised a $2.5M seed from Prelude, Variant, Coinbase Ventures and others.