Morpho Watch

USDS on Morpho

USDS Stablecoin (USDS) on Morpho, on every network: $28.63M in 2 vaults, $7.85M lent in 5 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

5.57%

sky.money USDS Flagship

Best market supply APY

6.29%

against PT-sUSDS-26NOV2026, Ethereum

Cheapest to borrow

6.86%

against PT-sUSDS-26NOV2026, Ethereum

In vaults

$28.63M

2 vaults

Earn on USDS: vaults

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

Vaults that take USDS
Vault Deposits Net APY 30‑day APY Fee Withdrawable
sky.money USDS FlagshipV2Sky Money · Ethereum · $27.63M $27.63M27.64M USDS 5.57%incl. 4.26% rewards 0.81% 0% $20.78M
sky.money USDS Risk CapitalV2Sky Money · Ethereum · $1.00M $1.00M1.00M USDS 3.81% 3.78% 0% $99.8K

Borrow USDS: markets

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

Markets that lend USDS
Market Supplied Supply APY Borrowed Borrow APY Utilization
PT-sUSDS-26NOV2026 / USDSEthereum · LLTV 91.5% $4.30M4.31M USDS 6.29% $3.96M$4.73M collateral 6.86% 92.0%
cbBTC / USDSEthereum · LLTV 86% $1.94M1.94M USDS 3.96% $1.75M$2.84M collateral 4.40% 90.1%
stUSDS / USDSEthereum · LLTV 86% $1.00M1.00M USDS 3.81% $901K$1.12M collateral 4.24% 90.0%
wstETH / USDSEthereum · LLTV 86% $608K608.34K USDS 3.89% $544K$871K collateral 4.35% 89.5%
WETH / USDSEthereum · LLTV 86% $2.1K2.15K USDS 19.99% $2.0K$4.3K collateral 21.68% 92.9%

About USDS on Morpho

USDS Stablecoin (USDS) is on Morpho on Ethereum. Morpho prices it at $0.9997.

2 vaults take USDS deposits, holding $28.63M in all. The largest is sky.money USDS Flagship on Ethereum, curated by Sky Money, with $27.63M deposited and paying 5.57% net APY after fees.

USDS is lent out in 5 markets, with $7.85M supplied and $7.15M borrowed. The largest is PT-sUSDS-26NOV2026 / USDS on Ethereum, where borrowers pay 6.86% and lenders earn 6.29%.

USDS on Morpho: quick answers

Where can I earn the most on USDS on Morpho?

sky.money USDS Flagship on Ethereum pays 5.57% net APY (4.26% of it in token rewards, which can stop at any time), the most among USDS vaults open to deposits with at least $1M in them. The largest USDS vault, sky.money USDS Flagship, pays 5.57% net APY (4.26% of it in token rewards, which can stop at any time).

Where is it cheapest to borrow USDS on Morpho?

Borrowing USDS against PT-sUSDS-26NOV2026 on Ethereum costs 6.86% a year, the lowest among markets in use with at least $250K left to borrow.

Which networks is USDS on Morpho available on?

Ethereum.

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