Morpho eUSD wallet

What is Morpho eUSD (MEUSD)?

eUSD is the asset being lent here, and it is itself unusual: a Reserve Protocol RToken, meaning a dollar unit backed by a basket of collateral defined in contracts rather than by one company's reserve account. The Morpho eUSD vault on Base takes eUSD deposits and supplies them into collateral markets weighted toward the Reserve ecosystem, with Re7 Labs selecting which markets are used. MEUSD is the share handed back for a deposit.

That makes it a two-layer position. The share's redemption value follows what the underlying lending markets pay and what happens to the collateral behind them; below that sits eUSD's own basket. Neither layer is a claim you can present to an issuer for dollars, and exiting is done in two steps: redeem the share for eUSD, then handle eUSD on its own terms.

This is the kind of position people open and then leave alone, which shifts the weight onto the key rather than onto daily use. Tangem creates that key inside the card's secure element and keeps it there, a second identical card restores the same address if the first one goes missing, and a seed phrase is available as a choice rather than imposed. When a holding is meant to sit untouched for a long time, a backup that is a physical object suits it better than a written line.

Supported networks in Tangem (1): Base.