Birch Hill's First Onchain Product Powered by Morpho
Today, Birch Hill launches its first onchain product, a permissioned credit market backed by tokenized real estate equity, open to accredited investors.
We have spent our careers on both sides of this market, first in institutional credit at Goldman Sachs and BlackRock, then five years deep in onchain markets. Through this launch, we are bringing both sides together, powering hard-asset financing with onchain rails.
Last month we published why we believe asset-backed credit is the market onchain finance is built for. This post covers what we shipped and exactly how to access the Birch Hill platform.
What Is Live
The Birch Hill platform is live at birchhill.io with our first curated market, the Birch Hill RWA USDC Vault on Base, built on Morpho’s lending infrastructure and the Yearn v3 vault standard.
The vault lends USDC into a permissioned market collateralized by GRO, which represents tokenized ownership in the GromaREIT, a private multifamily REIT targeting premier urban core residential markets across the Northeast.
Built on Morpho
Our stack is powered by Morpho’s institutional-grade lending infrastructure which underpins onchain credit programs for some of the largest fintech companies in the world.
Morpho markets are isolated, each one pairs a single collateral asset with a single loan asset, and its core market parameters are ossified at deployment.
Nothing about the GRO/USDC market can be quietly changed later. The market is immutable. Exogenous events occurring in other markets cannot spill into ours.
On top of our Morpho stack sits our Birch Hill RWA USDC Vault, which leverages Yearn’s v3 vault infrastructure. Birch Hill curates the USDC into RWA opportunities on Base that meet our underwriting criteria, starting with GRO.
Behind that curation sits the credit underwriting, the risk engine, and the compliance stack that gates access to every strategy. To complete the infrastructure stack, Groma brings the asset, the quarterly redemption process, and the NAV oracle, built by Chronicle with independent review of the underlying NAV by Cushman & Wakefield.
Full strategy and risk documentation is public in our Vault Book.
Why Access Is Permissioned
The largest credit markets in the world barely exist onchain. Real estate is the clearest example.
The reason is not the technology. The reason is that the two sides could not meet. Institutional lenders will not supply into anonymous pools. Real-world borrowers cannot post their assets into markets that ignore securities law.
GRO is equity in a REIT. Lending against an asset like that carries real obligations, so we built the checks into the platform rather than around it. We verify identity through Persona. We verify accredited investor status through VerifyInvestor, an independent third party, with attorney review. We screen every connected wallet through TRM before deposits are enabled, and we keep monitoring after. Both sides of the market pass these checks, the investors supplying USDC and the GRO holders borrowing against it.
Permissioning is not a limitation on the product. It is the reason the product can exist.
How Onboarding Works
The full walkthrough, with screenshots of every step, is in our onboarding guide.
Connect and verify - Start at birchhill.io/strategies and select Get Access on the Birch Hill RWA USDC strategy. Sign in with Google to create your platform profile, then clear the Persona identity check.
Verify accreditation - Birch Hill routes you to VerifyInvestor. Users confirm the exact legal name that will hold the position. Then certify by whichever method fits: income, net worth, or professional credential for individuals; the $5M asset test for most entities; a recent certification letter for trusts. Submission takes a few minutes. Attorney review typically clears within 24 hours, and you can browse public strategies while accreditation is pending.
Explore strategies - Once verified, users can view strategies, the Vault Explorer where supply actions live, and a Market Explorer listing individual markets, including the GRO/USDC market used by borrowers.
Connect your wallet, then supply or borrow - The wallet you connect becomes your primary wallet. It is screened by TRM before deposits are enabled and cannot be changed later, so hardware wallet and multisig setups should connect the signer they will use going forward. Lenders deposit USDC into the vault and receive shares representing their pro-rata claim. Borrowers post GRO in the GRO/USDC market and draw USDC, seeing current and liquidation loan-to-value, health factor, and estimated borrow cost before signing. Dividends on collateralized GRO continue to accrue to the borrower.
Manage your position - Repay in part or in full at any time. Add collateral. Withdraw as your health factor allows. Monitor the position throughout. Institutional participants will soon access the same data via API, with an analytics dashboard offering accounting-grade exports and financial reporting.
What We Are Building with Groma
Our first market is a partnership with GromaCorp. Groma has spent years tokenizing multifamily real estate and building the operations behind GRO: technology-first property management, audited NAV attestation, a reliable redemption process, and the property-level reporting investors need to trust the asset.
What Groma needed was a modern-day credit rail: frictionless, transparent liquidity at programmatic rates. That is what the Birch Hill vault provides.
The use case we are most excited about is rentvesting, the renter’s version of a mortgage. Rent payments become equity in a diversified real estate portfolio. Groma finances the rent. The renter keeps the appreciation, and Groma absorbs the downside.
Rentvesting is in internal alpha at Groma today, with a public launch planned for next year. Later this week we will publish a full piece on how it works and the role our vault plays as its financing pipeline.
Where This Goes
Our vault and market stack are live and in controlled rollout. As the partnership scales and supply deepens, Groma’s capacity to grow the REIT expands, giving depositors yield backed by real assets, real underwriting, and real controls.
This is the model we intend to repeat, one asset partner at a time, one isolated market at a time, each with the same compliance, underwriting, and monitoring that institutional credit requires.
If you are an accredited investor or allocator looking for real-asset-backed yield, start onboarding here. For questions on access or verification, please reach out to the team at info@birchhill.io.
Disclaimer: This post reflects Birch Hill’s internal view as of July 22, 2026. It is for informational purposes only, is not investment, legal, tax, or accounting advice, and does not constitute an offer to sell or a solicitation of an offer to buy any security, token, or investment product. Any such offer will be made only to verified accredited investors through official Birch Hill channels and definitive documentation. Access to the Birch Hill platform and its strategies is permissioned and subject to identity verification, accredited investor verification, wallet screening, and ongoing monitoring; nothing here should be read as a guarantee of eligibility, access, or terms.
Onchain products carry material risks, including smart contract, liquidation, collateral, liquidity, redemption, oracle, and counterparty risk, as well as the risk of total loss. Digital assets and tokenized securities are volatile and may be illiquid. Yields and borrow rates are variable and not guaranteed. Past performance is not indicative of future results, and projected or targeted returns may not be achieved.
Statements regarding future plans, features, or products, including rentvesting, API access, analytics tooling, and additional markets, are forward-looking and subject to change; there is no assurance they will launch as described or at all. References to third parties, including Morpho, Groma, Persona, VerifyInvestor, TRM, Hypernative, Chronicle, and Cushman & Wakefield, are for identification only and do not imply endorsement; Birch Hill is not responsible for their services, and their inclusion does not constitute a guarantee of performance, security, or compliance. All third-party data is sourced from external providers and is current as of the publication date. Regulatory references describe public legislation and rulemaking and are not legal advice. Birch Hill is pre-registration as of this date.