Morpho Watch

USDC on Morpho

USD Coin (USDC) on Morpho, on every network: $3.66B in 152 vaults, $4.02B lent in 178 markets, $395K posted as collateral in 3 markets. Rates differ between vaults and markets because each has its own borrowers, collateral and curator.

Data from Morpho's API · updated

Best vault net APY

10.48%

Api3 dCOMP USDC

Best market supply APY

18.56%

against PT-USD3-17DEC2026, Ethereum

Cheapest to borrow

0.73%

against yoUSD, Ethereum

Posted as collateral

$395K

3 markets

Earn on USDC: vaults

Deposit USDC and a curator lends it out for you. Net APY is after the curator's fee.

Vaults that take USDC
Vault Deposits Net APY 30‑day APY Fee Withdrawable
Grove x Steakhouse USDCV2Steakhouse Financial · Base · $523.7M $523.7M523.85M USDC 4.52% 5.22% 0% $282.4M
Steakhouse High Yield USDC EditionV2Steakhouse Financial · Base · $458.2M $458.2M458.31M USDC 3.30% 3.56% 25% $90.48M
Gauntlet USDC PrimeGauntlet · Base · $398.2M $398.2M398.28M USDC 4.52% 5.20% 0% $301.8M
Spark USDC VaultSparkDAO · Base · $371.1M $371.1M371.23M USDC 4.06% 4.67% 10% $282.4M
Gauntlet USDC PrimeV2Gauntlet · Base · $229.7M $229.7M229.80M USDC 4.52% 5.22% 0% $224.4M
Steakhouse Prime USDCV2Steakhouse Financial · Ethereum · $136.2M $136.2M136.19M USDC 4.44% 4.95% 0% $46.16M
Steakhouse Prime USDCV2Steakhouse Financial · Base · $134.1M $134.1M134.15M USDC 4.52% 5.22% 0% $121.0M
Gauntlet USDC PrimeV2Gauntlet · Ethereum · $110.4M $110.4M110.48M USDC 4.41% 4.86% 0% $49.68M
Steakhouse USDCSteakhouse Financial · Base · $104.5M $104.5M104.50M USDC 3.37% 3.87% 25% $104.4M
Ethena x Steakhouse USDCV2Steakhouse Financial · Base · $100.9M $100.9M100.92M USDC 3.89% 2.96% 5% $41.30M
Galaxy USDCV2Galaxy Curation · Arc · $92.64M $92.64M92.66M USDC 3.33% 3.18% 0% $19.75M
Keyrock Prime USDCV2Keyrock · Arc · $75.21M $75.21M75.23M USDC 2.09% 2.22% 0%+1.0% a year $23.96M
Steakhouse USDCSteakhouse Financial · Ethereum · $66.58M $66.58M66.60M USDC 4.22% 4.69% 5% $56.18M
Grove x Steakhouse USDCV2Steakhouse Financial · Ethereum · $51.74M $51.74M51.75M USDC 4.38% 4.86% 0% $1.95M
Wintermute USDC SelectV2Armitage by Wintermute · Ethereum · $45.20M $45.20M45.21M USDC 5.90% 6.02% 0% $17.97M
Steakhouse High Yield USDCV2Steakhouse Financial · Ethereum · $42.73M $42.73M42.74M USDC 6.11% 6.62% 5% $4.45M
Clearstar cbAssets VaultV2Clearstar · Base · $35.33M $35.33M35.34M USDC 6.07%incl. 1.40% rewards 4.95% 10% $4.07M
Hyperithm USDC ApexV2Hyperithm · Monad · $35.33M $35.33M35.33M USDC 8.11%incl. 0.78% rewards 7.71% 5% $10.00
RockawayX USDC YieldV2RockawayX · Ethereum · $34.60M $34.60M34.60M USDC 9.05%incl. 0.73% rewards 7.95% 5% $14.42M
KPK USDC PrimeV2KPK · Ethereum · $30.75M $30.75M30.75M USDC 4.58% 4.97% 0% $13.84M
Steakhouse High Yield USDCV2Steakhouse Financial · Base · $25.51M $25.51M25.51M USDC 5.12% 6.05% 5% $9.42M
Gauntlet USDC FrontierV2Gauntlet · Ethereum · $23.35M $23.35M23.36M USDC 5.90% 6.12% 0% $6.24M
Steakhouse Confidential Prime USDCV2Steakhouse Financial · Ethereum · $22.75M $22.75M22.76M USDC 6.02% 6.23% 0% $16.64M
Gauntlet USDC PrimeGauntlet · Ethereum · $21.37M $21.37M21.38M USDC 4.19% 4.61% 5% $21.37M
Pendle Ecosystem USDCV2Armitage by Wintermute · Ethereum · $19.12M $19.12M19.12M USDC 6.31%incl. 0.80% rewards 5.42% 5% $5.67M
RockawayX Confidential RWA USDCV2RockawayX · Ethereum · $18.18M $18.18M18.19M USDC 10.28% 7.88% 10% $13.33M
KPK USDC YieldV2KPK · Ethereum · $17.32M $17.32M17.33M USDC 6.60% 6.55% 0% $893K
Pendle Ecosystem High Yield USDCV2Armitage by Wintermute · Ethereum · $17.00M $17.00M17.01M USDC 9.67%incl. 0.45% rewards 7.28% 10% $9.28M
Saturn USDCV2Hyperithm · Monad · $15.86M $15.86M15.87M USDC 7.42%incl. 0.91% rewards 7.60% 8% $109
3F x Steakhouse USDCV2Steakhouse Financial · Ethereum · $15.61M $15.61M15.61M USDC 4.80% 5.02% 0% $4.45M
Felix USDC V2V2Felix · HyperEVM · $15.15M $15.15M15.16M USDC 7.62%incl. 3.19% rewards 5.39% 10% $1.65M
August USDC V2V2August Digital · Monad · $14.90M $14.90M14.90M USDC 8.28%incl. 0.82% rewards 7.58% 0%+0.2% a year $1.47M
3Jane Ecosystem VaultV2Clearstar · Ethereum · $14.17M $14.17M14.17M USDC 6.51% 6.84% 15% $2.41M
RockawayX Tori EcosystemV2RockawayX · Ethereum · $14.11M $14.11M14.11M USDC 10.05% 8.06% 10% $998K
Huma USDC MainV2RockawayX · Ethereum · $13.77M $13.77M13.77M USDC 6.50% 7.04% 0% $2.11M
Waterline Reservoir USDCV2Waterline · Ethereum · $11.89M $11.89M11.89M USDC 7.08%incl. 0.89% rewards 6.27% 5% $817K
Steakhouse Prime USDCSteakhouse Financial · Base · $11.53M $11.53M11.54M USDC 4.29% 4.95% 5% $11.53M
RockawayX f(x) Protocol Ecosystem USDCV2RockawayX · Ethereum · $11.24M $11.24M11.24M USDC 9.18%incl. 4.55% rewards 3.09% 10% $2.16M
Hakutora USDCHakutora · Ethereum · $11.05M $11.05M11.05M USDC 3.75% 4.11% 15% $11.05M
RockawayX USPC ecosystem vaultV2RockawayX · Ethereum · $10.96M $10.96M10.97M USDC 5.60%incl. 1.52% rewards 4.21% 10% $1.92M
Uniswap USDCV2Gauntlet · Ethereum · $10.84M $10.84M10.84M USDC 4.42% 4.86% 0% $6.08M
Smokehouse USDCSteakhouse Financial · Ethereum · $10.74M $10.74M10.74M USDC 5.56% 6.20% 10% $10.74M
Galaxy USDC QualityV2Galaxy Curation · Ethereum · $10.20M $10.20M10.20M USDC 4.45% 4.87% 0% $2.66M
Yearn OG USDCYearn · Ethereum · $10.03M $10.03M10.03M USDC 10.36% 6.92% 5% $4.82M
Osero x Gauntlet USDC PrimeV2Gauntlet · Ethereum · $10.02M $10.02M10.02M USDC 4.39% 4.87% 0% $8.51M
Galaxy USDC EnhancedV2Galaxy Curation · Ethereum · $9.44M $9.44M9.44M USDC 5.17% 5.76% 0%+0.4% a year $3.36M
Vault Bridge USDCSteakhouse Financial · Ethereum · $9.43M $9.43M9.43M USDC 4.20% 4.61% 5% $9.43M
Api3 dCOMP USDCV2Api3 · Ethereum · $8.69M $8.69M8.69M USDC 10.48% 16.21% 5% $368
M1 USDCV2Waterline · Ethereum · $8.62M $8.62M8.62M USDC 7.73% 7.47% 5% $860K
Re Ecosystem VaultV2Clearstar · Ethereum · $8.44M $8.44M8.44M USDC 8.68% 7.20% 10% $5.85M
Keyrock USDCV2Keyrock · Ethereum · $8.30M $8.30M8.30M USDC 6.52%incl. 0.19% rewards 6.66% 5% $2.11M
SwissBorg Morpho USDC⚠ Name flagged by MorphoGauntlet · Ethereum · $8.08M $8.08M8.08M USDC 3.99% 4.37% 5% $8.08M
Hyperithm USDC ApexV2Hyperithm · Ethereum · $7.50M $7.50M7.50M USDC 6.51% 6.56% 10% $5.0K
Pangolins USDCPangolins · Base · $6.90M $6.90M6.90M USDC 4.06% 4.67% 10% $6.90M
Gauntlet USDC RWAGauntlet · Ethereum · $6.71M $6.71M6.72M USDC 5.43% 5.19% 0% $1.76M
Yearn USDCYearn · Ethereum · $6.22M $6.22M6.22M USDC 4.41% 4.85% 0% $6.22M
August USPCV2August Digital · Monad · $5.76M $5.76M5.76M USDC 6.47%incl. 1.27% rewards 4.20% 0% $534K
sky.money USDC Risk CapitalV2Sky Money · Ethereum · $5.47M $5.47M5.47M USDC 8.26% 4.42% 0% $452K
Steakhouse Prime USDCV2Steakhouse Financial · Arc · $5.29M $5.29M5.29M USDC 3.44% 3.23% 0% $5.29M
KPK USDC YieldV2KPK · Base · $5.20M $5.20M5.20M USDC 6.61%incl. 0.65% rewards 6.47% 0% $910K
Gauntlet USDC FrontierV2Gauntlet · Base · $4.87M $4.87M4.87M USDC 5.53% 6.06% 0% $2.92M
Gauntlet USDC RWAV2Gauntlet · Ethereum · $4.60M $4.60M4.60M USDC 6.76% 6.95% 0% $1.89M
Wintermute USDC PrimeV2Armitage by Wintermute · Ethereum · $4.11M $4.11M4.11M USDC 4.40% 4.85% 0% $3.03M
Presto USDC ForteV2Presto · Ethereum · $4.05M $4.05M4.05M USDC 4.38% 5.07% 15% $4.05M
Noon Ecosystem VaultV2Clearstar · Base · $3.94M $3.94M3.95M USDC 8.76%incl. 4.33% rewards 4.91% 15% $408K
Clearstar USDC CoreV2Clearstar · Ethereum · $3.83M $3.83M3.83M USDC 7.41%incl. 1.01% rewards 6.93% 10% $1.24M
К3 cbMaxxxing USDCV2K3 Capital · Base · $3.71M $3.71M3.71M USDC 4.74% 5.87% 5% $2.75M
Gauntlet USDC CoreGauntlet · Ethereum · $3.55M $3.55M3.55M USDC 5.51% 5.11% 5% $2.56M
SoSoValue x Unified Labs USDCV2Unified Labs · Base · $3.47M $3.47M3.47M USDC 4.52% 5.21% 0% $3.47M
YO Ecosystem VaultV2KPK · Ethereum · $3.31M $3.31M3.31M USDC 9.00%incl. 8.46% rewards 0.46% 5% $813K
Apyx USDCV2Hyperithm · Ethereum · $3.25M $3.25M3.25M USDC 9.83% 4.92% 8% $100
RockawayX Liminal USDCV2RockawayX · HyperEVM · $3.00M $3.00M3.00M USDC 5.17% – 10% $534K
Felix USDCFelix · HyperEVM · $2.72M $2.72M2.72M USDC 4.52% 5.33% 10% $2.58M
Yearn OG USDCV2Yearn · Ethereum · $2.67M $2.67M2.67M USDC 6.78% 6.80% 10% $1.55M
Moonwell Flagship USDCAnthias Labs · Base · $2.40M $2.40M2.40M USDC 3.95%incl. 0.13% rewards 4.41% 15% $2.40M
Bitso USDC PrimeV2Gauntlet · Base · $2.35M $2.35M2.36M USDC 4.29% 4.97% 5% $1.52M
Yearn OG USDCYearn · Base · $2.06M $2.06M2.06M USDC 5.08% 5.44% 10% $2.06M
Galaxy USDC QualityV2Galaxy Curation · Base · $2.04M $2.04M2.04M USDC 4.52% 5.22% 0% $2.04M
Gauntlet USDC CoreGauntlet · Base · $1.88M $1.88M1.88M USDC 4.16% 4.71% 10% $1.74M
SharpByte USDC High YieldV2SharpByte · Monad · $1.85M $1.85M1.85M USDC 8.35%incl. 1.89% rewards 7.36% 10% $1.80M
Usual Boosted USDCMEV Capital · Ethereum · $1.80M $1.80M1.80M USDC 5.83% 6.40% 10% $1.78M
Kabu USDCV2Api3 · Ethereum · $1.57M $1.57M1.57M USDC 7.98%incl. 2.41% rewards 6.65% 5% $542K
KPK USDC Prime CoreV2KPK · Ethereum · $1.41M $1.41M1.41M USDC 4.40% 4.86% 0% $1.07M
Gauntlet USDCGauntlet · HyperEVM · $1.38M $1.38M1.38M USDC 4.26% 5.33% 10% $1.27M
Steakhouse High Yield USDCSteakhouse Financial · Arbitrum · $1.32M $1.32M1.32M USDC 5.97% 3.07% 10% $242K
Cronos USDCSteakhouse Financial · Ethereum · $1.27M $1.27M1.27M USDC 4.44% 4.85% 0% $1.27M
ARCHITECT Global ValueV2Architect · Base · $1.26M $1.26M1.26M USDC 4.29% 4.97% 0% $1.26M
Re7 USDCV2RE7 Labs · Base · $1.25M $1.25M1.25M USDC 4.29% 3.83% 5% $1.25M
Hyperithm USDC ApexHyperithm · Ethereum · $1.21M $1.21M1.21M USDC 6.76% 6.97% 10% $408K
K3 USDCV2K3 Capital · HyperEVM · $1.18M $1.18M1.18M USDC 4.66% 5.56% 5% $1.04M
Waterline InfiniFi USDCV2Waterline · Ethereum · $1.04M $1.04M1.04M USDC 6.56% 7.32% 5% $927K
Clearstar USDC ReactorClearstar · Ethereum · $1.02M $1.02M1.02M USDC 7.06% 7.79% 18% $165K
Steakhouse High Yield USDC v1.1Steakhouse Financial · Base · $942K $942K942.18K USDC 4.24% 5.82% 0% $942K
9Summits Piku Ecosystem USDCV29Summits · Ethereum · $908K $908K907.91K USDC 12.32% 12.20% 10% $307K
KPK USDC Yield RWAV2KPK · Ethereum · $847K $847K847.29K USDC 6.12% 6.23% 0% $281K
Bitget x Steakhouse USDCV2Steakhouse Financial · Arbitrum · $763K $763K762.86K USDC 5.97% 2.90% 10% $71.6K
Yield Clearstar USDCClearstar · Base · $676K $676K676.02K USDC 4.22% 4.83% 25% $662K
RockawayX Midas USDC PrimeV2RockawayX · Base · $603K $603K602.74K USDC 4.52% 5.22% 0% $217K
Waterline Reservoir USDC⚠ Deposits switched offWaterline · Ethereum · $498K $498K498.60K USDC 4.78% 7.54% 5% $498K
Gauntlet USDC PrimeGauntlet · Arbitrum · $487K $487K486.92K USDC 5.97% 2.93% 10% $234K

Borrow USDC: markets

Markets that lend out USDC, each against one kind of collateral.

Markets that lend USDC
Market Supplied Supply APY Borrowed Borrow APY Utilization
cbBTC / USDCBase · LLTV 86% $1.90B1.90B USDC 4.52% $1.61B$2.92B collateral 5.33% 85.1%
USDe / USDCBase · LLTV 91.5% $358.7M358.77M USDC 4.10% $317.4M$354.9M collateral 4.65% 88.5%
cbBTC / USDCEthereum · LLTV 86% $353.4M353.45M USDC 4.37% $303.7M$614.6M collateral 5.10% 85.9%
cirBTC / USDCArc · LLTV 86% $188.5M188.57M USDC 3.44% $171.5M$274.9M collateral 3.78%−0.14% rewards 91.0%
PT-reUSD-10DEC2026 / USDCEthereum · LLTV 91.5% $149.7M149.72M USDC 11.58% $136.4M$167.7M collateral 12.78% 91.1%
WBTC / USDCEthereum · LLTV 86% $141.6M141.59M USDC 4.48% $123.0M$227.1M collateral 5.17% 86.9%
WETH / USDCBase · LLTV 86% $106.7M106.72M USDC 4.52% $90.66M$167.1M collateral 5.34% 85.0%
mGLO / USDCBase · LLTV 91.5% $90.59M90.61M USDC 4.99% $81.59M$95.36M collateral 5.56% 90.1%
cbXRP / USDCBase · LLTV 62.5% $63.41M63.43M USDC 5.67% $54.00M$123.9M collateral 6.69% 85.2%
weETH / USDCEthereum · LLTV 86% $40.85M40.87M USDC 4.47% $34.55M$53.27M collateral 5.31% 84.6%
wstETH / USDCEthereum · LLTV 86% $32.78M32.79M USDC 4.48% $28.52M$59.04M collateral 5.16% 87.0%
aHYPER / USDCMonad · LLTV 77% $31.03M31.03M USDC 7.84%+0.81% rewards $27.54M$41.35M collateral 8.88% 88.8%
PT-USDat-14JAN2027 / USDCMonad · LLTV 91.5% $30.88M30.88M USDC 7.10%+0.91% rewards $26.70M$30.81M collateral 8.25% 86.5%
wFalconX / USDCEthereum · LLTV 91.5% $30.67M30.68M USDC 5.17% $26.22M$32.87M collateral 6.07% 85.5%
fxSAVE / USDCEthereum · LLTV 91.5% $25.72M25.73M USDC 5.09%+4.57% rewards $23.56M$29.33M collateral 5.57% 91.6%
mF-ONE / USDCEthereum · LLTV 91.5% $22.40M22.40M USDC 5.75% $18.49M$26.35M collateral 7.00% 82.6%
PT-USD3-17DEC2026 / USDCEthereum · LLTV 86% $22.21M22.22M USDC 18.56% $20.80M$27.16M collateral 19.94% 93.6%
USPC / USDCEthereum · LLTV 91.5% $19.90M19.91M USDC 4.54%+1.52% rewards $17.99M$21.48M collateral 5.04% 90.4%
dCOMP / USDCEthereum · LLTV 62.5% $18.83M18.84M USDC 10.02% $14.13M$36.44M collateral 13.58% 75.0%
cbETH / USDCBase · LLTV 77% $18.40M18.41M USDC 4.53% $15.60M$33.25M collateral 5.36% 84.8%
PST / USDCEthereum · LLTV 86% $18.38M18.38M USDC 6.50% $16.27M$20.58M collateral 7.38% 88.5%
apyUSD / USDCEthereum · LLTV 86% $17.22M17.22M USDC 10.80% $16.06M$20.81M collateral 11.62% 93.3%
PT-USD3-17DEC2026 / USDCEthereum · LLTV 86% $16.64M16.65M USDC 9.04% $15.19M$20.04M collateral 9.95% 91.2%
earnAUSD / USDCMonad · LLTV 91.5% $14.90M14.90M USDC 7.73% $13.43M$15.87M collateral 8.61% 90.1%
steakEURCV / USDCEthereum · LLTV 91.5% $13.03M13.03M USDC 4.53% $11.31M$0 collateral 5.24% 86.8%
USD3 / USDCEthereum · LLTV 91.5% $12.83M12.83M USDC 6.25% $11.56M$13.17M collateral 6.95% 90.2%
strUSD / USDCEthereum · LLTV 86% $11.14M11.14M USDC 9.70% $10.07M$13.35M collateral 10.77% 90.4%
wstETH / USDCEthereum · LLTV 86% $10.75M10.75M USDC 4.48% $9.35M$16.74M collateral 5.17% 86.9%
kHYPE / USDCHyperEVM · LLTV 77% $10.68M10.68M USDC 5.05% $9.03M$16.34M collateral 6.00%−0.60% rewards 84.6%
WHYPE / USDCHyperEVM · LLTV 77% $9.89M9.89M USDC 5.06% $8.37M$19.14M collateral 6.00% 84.7%
PT-sUSDS-26NOV2026 / USDCEthereum · LLTV 91.5% $9.71M9.71M USDC 4.51% $8.74M$10.66M collateral 5.02% 90.0%
OETH / USDCEthereum · LLTV 86% $9.63M9.63M USDC 6.68% $8.62M$16.92M collateral 7.49%−4.97% rewards 89.6%
WETH / USDCEthereum · LLTV 86% $9.33M9.34M USDC 4.48% $8.09M$15.26M collateral 5.18% 86.7%
PT-USDat-14JAN2027 / USDCEthereum · LLTV 91.5% $9.22M9.23M USDC 6.16% $8.12M$9.19M collateral 7.02% 88.0%
savUSD / USDCEthereum · LLTV 91.5% $9.01M9.01M USDC 6.58% $8.12M$9.89M collateral 7.33% 90.1%
mM1-USD / USDCEthereum · LLTV 86% $8.68M8.69M USDC 8.15% $7.82M$14.95M collateral 9.09% 90.1%
kHYPE / USDCHyperEVM · LLTV 62.5% $8.25M8.25M USDC 4.76% $6.84M$27.75M collateral 5.77% 82.9%
reUSD / USDCEthereum · LLTV 91.5% $8.06M8.06M USDC 5.56% $7.06M$7.91M collateral 6.37% 87.6%
siUSD / USDCEthereum · LLTV 91.5% $7.86M7.86M USDC 6.93% $6.93M$9.47M collateral 7.89% 88.2%
SOL / USDCBase · LLTV 62.5% $7.77M7.77M USDC 4.90% $6.70M$16.02M collateral 5.71% 86.2%
wsrUSD / USDCEthereum · LLTV 94.5% $6.94M6.94M USDC 5.06% $6.12M$7.26M collateral 5.76% 88.2%
AA_FalconXUSDC / USDCEthereum · LLTV 77% $6.93M6.94M USDC 5.83% $6.27M$9.30M collateral 6.47% 90.4%
stUSDS / USDCEthereum · LLTV 86% $6.45M6.45M USDC 8.26% $6.00M$8.14M collateral 8.91% 93.0%
mGLO / USDCBase · LLTV 91.5% $6.26M6.26M USDC 4.62% $5.20M$6.41M collateral 5.59% 83.1%
PT-siUSD-7JAN2027 / USDCEthereum · LLTV 86% $6.18M6.18M USDC 6.96% $5.59M$7.56M collateral 7.72% 90.4%
aguaUSDCgc / USDCEthereum · LLTV 91.5% $6.15M6.15M USDC 8.18% $5.55M$6.27M collateral 9.10% 90.3%
USPC / USDCMonad · LLTV 91.5% $5.76M5.76M USDC 5.21% $5.22M$6.01M collateral 5.75% 90.7%
wUSCC / USDCEthereum · LLTV 98% $5.20M5.21M USDC 4.61% $4.67M$5.07M collateral 5.16% 89.7%
cbBTC / USDCEthereum · LLTV 86% $5.15M5.15M USDC 4.48% $4.64M$7.27M collateral 4.99% 90.1%
PT-sUSDE-26NOV2026 / USDCEthereum · LLTV 91.5% $5.11M5.11M USDC 3.87% $4.61M$5.31M collateral 4.29% 90.3%
JitoSOL / USDCBase · LLTV 62.5% $4.85M4.85M USDC 5.60% $4.37M$10.97M collateral 6.24% 90.0%
v-wmtUSDC / USDCEthereum · LLTV 86% $4.46M4.46M USDC 6.05% $4.01M$5.40M collateral 6.75% 89.9%
sUSN / USDCBase · LLTV 91.5% $3.95M3.95M USDC 5.23% $3.55M$5.44M collateral 5.85% 89.7%
cbZEC / USDCBase · LLTV 62.5% $3.78M3.78M USDC 5.67% $3.30M$8.25M collateral 6.51% 87.4%
savUSD / USDCBase · LLTV 91.5% $3.65M3.65M USDC 6.47%+0.93% rewards $3.29M$4.54M collateral 7.21% 90.0%
rETH / USDCEthereum · LLTV 86% $3.20M3.21M USDC 4.48% $2.87M$5.76M collateral 5.02% 89.5%
CarryTradeUSDTRYLeverage / USDCEthereum · LLTV 62.5% $3.18M3.19M USDC 13.78% $2.88M$6.16M collateral 15.35% 90.4%
yoUSD / USDCEthereum · LLTV 86% $3.10M3.10M USDC 0.54% $2.29M$2.85M collateral 0.73% 73.8%
limUSD / USDCHyperEVM · LLTV 86% $3.00M3.00M USDC 5.75% $2.47M$3.69M collateral 7.04% 82.2%
mHyperBTC / USDCEthereum · LLTV 77% $2.88M2.88M USDC 7.83% $2.51M$5.20M collateral 9.04% 87.1%
PRIME / USDCEthereum · LLTV 86% $2.79M2.79M USDC 4.81% $2.52M$3.32M collateral 5.35% 90.2%
cbDOGE / USDCBase · LLTV 62.5% $2.70M2.70M USDC 5.55% $2.26M$5.57M collateral 6.67% 83.7%
cbADA / USDCBase · LLTV 62.5% $2.67M2.67M USDC 5.68% $2.27M$5.83M collateral 6.71% 85.0%
wstETH / USDCBase · LLTV 86% $2.56M2.56M USDC 4.52% $2.18M$4.51M collateral 5.33% 85.1%
LBTC / USDCEthereum · LLTV 86% $2.32M2.32M USDC 4.49% $1.94M$3.74M collateral 5.38% 83.7%
wJAAA / USDCEthereum · LLTV 98% $2.23M2.23M USDC 3.90% $2.00M$2.28M collateral 4.34% 90.1%
WBTC / USDCArbitrum · LLTV 86% $2.21M2.21M USDC 6.66% $2.05M$4.01M collateral 7.17% 93.1%
aHyperBTC / USDCMonad · LLTV 77% $1.93M1.93M USDC 8.34% $1.74M$2.97M collateral 9.31% 90.1%
PT-trUSD-26NOV2026 / USDCEthereum · LLTV 94.5% $1.93M1.93M USDC 13.85% $1.77M$2.05M collateral 15.19% 91.8%
syrupUSDC / USDCArc · LLTV 91.5% $1.83M1.83M USDC 13.69% $1.72M$2.02M collateral 14.60%−9.27% rewards 94.2%
etrUSD / USDCEthereum · LLTV 86% $1.82M1.83M USDC 9.68% $1.65M$4.17M collateral 10.74% 90.6%
cbXRP / USDCBase · LLTV 77% $1.77M1.78M USDC 5.45% $1.61M$3.40M collateral 6.01%−1.00% rewards 90.9%
WBTC / USDCEthereum · LLTV 86% $1.68M1.68M USDC 4.48% $1.46M$2.71M collateral 5.17% 86.9%
sUSN / USDCEthereum · LLTV 86% $1.22M1.22M USDC 8.61% $1.11M$1.69M collateral 9.57% 90.4%
cbETH / USDCBase · LLTV 86% $1.06M1.06M USDC 4.52% $905K$1.67M collateral 5.29% 85.7%
wstETH / USDCArbitrum · LLTV 86% $1.04M1.04M USDC 6.65% $971K$1.93M collateral 7.16% 93.1%
PT-reUSD-10DEC2026 / USDCMonad · LLTV 91.5% $996K996.71K USDC 11.08% $907K$1.27M collateral 12.25% 91.0%
cbADA / USDCBase · LLTV 77% $925K925.00K USDC 2.28% $832K$2.28M collateral 2.54% 90.0%
cbLTC / USDCBase · LLTV 62.5% $922K921.88K USDC 5.62% $777K$2.04M collateral 6.70% 84.4%
PT-apyUSD-11FEB2027 / USDCEthereum · LLTV 86% $891K891.21K USDC 14.29% $843K$1.22M collateral 15.17% 94.6%
cbHYPE / USDCBase · LLTV 62.5% $819K819.09K USDC 5.31% $738K$1.80M collateral 5.91% 90.2%
WBTC / USDCPolygon · LLTV 86% $810K810.34K USDC 7.33% $672K$1.50M collateral 8.89% 83.0%
tBTC / USDCEthereum · LLTV 77% $793K793.52K USDC 12.27% $729K$1.77M collateral 13.42% 91.9%
superOETHb / USDCBase · LLTV 77% $784K784.08K USDC 5.51% $706K$1.34M collateral 6.14%−4.53% rewards 90.0%
cbETH / USDCBase · LLTV 86% $736K736.31K USDC 3.17% $648K$1.22M collateral 3.61% 88.0%
weETH / USDCEthereum · LLTV 86% $713K712.78K USDC 4.39% $609K$968K collateral 5.15% 85.5%
PT-strUSD-26NOV2026 / USDCEthereum · LLTV 86% $705K705.66K USDC 9.69% $638K$867K collateral 10.77% 90.5%
UBTC / USDCHyperEVM · LLTV 77% $681K681.03K USDC 4.64% $554K$1.27M collateral 5.73% 81.4%
cbXRP / USDCBase · LLTV 86% $669K668.67K USDC 2.11% $622K$946K collateral 2.27% 93.0%
cbBTC / USDCEthereum · LLTV 86% $588K587.66K USDC 6.44% $523K$1.05M collateral 7.26% 89.1%
WHYPE / USDCHyperEVM · LLTV 62.5% $559K559.01K USDC 4.76% $466K$2.02M collateral 5.74% 83.4%
MORPHO / USDCEthereum · LLTV 62.5% $533K533.55K USDC 6.59% $460K$1.63M collateral 7.68% 86.3%
ssftUSD / USDCEthereum · LLTV 86% $501K500.86K USDC 7.06% $452K$599K collateral 7.85% 90.2%
PT-fxSAVE-29APR2027 / USDCEthereum · LLTV 91.5% $500K500.22K USDC 6.60%+4.00% rewards $471K$560K collateral 7.02% 94.2%
AUTO / USDCEthereum · LLTV 86% $488K487.90K USDC 8.04% $441K$663K collateral 8.93% 90.4%
ONDO / USDCEthereum · LLTV 62.5% $471K471.40K USDC 6.61% $408K$1.17M collateral 7.68% 86.5%
ROY-ST-apyUSD / USDCEthereum · LLTV 91.5% $458K458.50K USDC 2.23% $413K$0 collateral 2.48% 90.0%
WBTC / USDCOP Mainnet · LLTV 86% $415K415.25K USDC 9.00% $380K$652K collateral 9.87% 91.6%
wstETH / USDCEthereum · LLTV 86% $411K410.84K USDC 5.44% $332K$749K collateral 6.78% 80.7%
syzUSD / USDCMonad · LLTV 91.5% $399K399.40K USDC 9.42% $361K$429K collateral 10.46% 90.5%

Borrow against USDC

Markets that accept USDC as collateral. The LLTV is the loan-to-value at which a loan can be liquidated.

Markets that accept USDC as collateral
Market Supplied Supply APY Borrowed Borrow APY Utilization
USDC / MXNBBase · LLTV 91.5% $253K4.70M MXNB 5.43% $227K$316K collateral 6.07% 89.8%
USDC / wARSEthereum · LLTV 77% $45.8K76.09M wARS 12.56% $40.6K$62.0K collateral 14.25% 88.8%
USDC / WETHBase · LLTV 86% $32.8K16.31 WETH <0.01% $7.4K$16.9K collateral 0.04% 22.6%

About USDC on Morpho

USD Coin (USDC) is on Morpho on 9 networks: Base, Ethereum, Arc, Monad, HyperEVM, Arbitrum, Polygon, OP Mainnet and Unichain. Morpho prices it at $0.9997.

152 vaults take USDC deposits, holding $3.66B in all. The largest is Grove x Steakhouse USDC on Base, curated by Steakhouse Financial, with $523.7M deposited and paying 4.52% net APY after fees.

USDC is lent out in 178 markets, with $4.02B supplied and $3.48B borrowed. The largest is cbBTC / USDC on Base, where borrowers pay 5.33% and lenders earn 4.52%.

As collateral, $395K of USDC backs $275K of loans in 3 markets, which lend MXNB, wARS and WETH against it. They liquidate a loan at between 77% and 91.5% of the collateral's value. The largest is USDC / MXNB on Base, where borrowers pay 6.07%.

USDC on Morpho: quick answers

Where can I earn the most on USDC on Morpho?

Api3 dCOMP USDC on Ethereum pays 10.48% net APY, the most among USDC vaults open to deposits with at least $1M in them. The largest USDC vault, Grove x Steakhouse USDC, pays 4.52% net APY.

Where is it cheapest to borrow USDC on Morpho?

Borrowing USDC against yoUSD on Ethereum costs 0.73% a year, the lowest among markets in use with at least $250K left to borrow.

Can I borrow against USDC on Morpho?

Yes: 3 markets accept USDC as collateral, with liquidation LTVs up to 91.5%. The largest is USDC / MXNB on Base, where borrowers pay 6.07%.

Which networks is USDC on Morpho available on?

Base, Ethereum, Arc, Monad, HyperEVM, Arbitrum, Polygon, OP Mainnet and Unichain.

Borrowing against USDC? Check your numbers with the liquidation price calculator. More assets on the assets page.