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Morpho Watch

USDT on Morpho

Tether USD (USDT) on Morpho, on every network: $374.6M in 36 vaults, $382.2M lent in 48 markets, $12.8K posted as collateral in 1 market. 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

13.69%

Felix USDT0

Best market supply APY

15.51%

against WHYPE, HyperEVM

Cheapest to borrow

2.97%

against WBTC, Arbitrum

Posted as collateral

$12.8K

1 market

Earn on USDT: vaults

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

Vaults that take USDT
Vault Deposits Net APY 30-day APY Fee Withdrawable
Steakhouse USDTSteakhouse Financial · Ethereum · $86.78M $86.78M86.79M USDT 4.08% 3.22% 5% $23.12M
Steakhouse Prime USDTV2Steakhouse Financial · Ethereum · $74.96M $74.96M74.97M USDT 4.30% 3.37% 0% $11.48M
sky.money USDT SavingsV2Sky Money · Ethereum · $63.20M $63.20M63.21M USDT 4.67%incl. 0.82% rewards 2.98% 0% $5.58M
StableEarnV2Gauntlet · Stable · $22.09M $22.09M22.10M USDT0 7.37%incl. 1.21% rewards 5.41% 0% $5.56M
Smokehouse USDTSteakhouse Financial · Ethereum · $22.03M $22.03M22.03M USDT 4.47% 4.44% 10% $8.18M
Galaxy USDT QualityV2Galaxy Curation · Ethereum · $21.27M $21.27M21.27M USDT 4.22% 3.34% 0% $11.48M
Uniswap USDTV2Gauntlet · Ethereum · $10.66M $10.66M10.66M USDT 4.21% 3.37% 0% $6.03M
Flowdesk Confidential High Yield USDTV2Flowdesk · Ethereum · $10.62M $10.62M10.62M USDT 12.20%incl. 7.18% rewards 3.42% 10% $1.73M
Gauntlet USDT FrontierGauntlet · Ethereum · $9.64M $9.64M9.64M USDT 4.15% 3.26% 5% $8.87M
Wintermute USDT SelectV2Armitage by Wintermute · Ethereum · $8.73M $8.73M8.73M USDT 5.40% 5.09% 0% $2.27M
Gauntlet USDT PrimeV2Gauntlet · Ethereum · $8.02M $8.02M8.02M USDT 4.44% 3.37% 0% $4.85M
Hakutora USDTHakutora · Ethereum · $5.90M $5.90M5.90M USDT 3.78% 2.86% 15% $5.90M
SharpByte USDT PrimeV2SharpByte · Ethereum · $5.34M $5.34M5.34M USDT 4.37% 3.36% 0% $5.34M
Felix USDT0 V2V2Felix · HyperEVM · $4.07M $4.07M4.07M USD₮0 13.63% 6.04% 10% $367K
Felix USDT0Felix · HyperEVM · $3.23M $3.23M3.23M USD₮0 13.69% 6.73% 10% $727K
Gauntlet USDT PrimeGauntlet · Ethereum · $3.17M $3.17M3.17M USDT 4.20% 3.31% 5% $3.17M
Bitget x Steakhouse USDTV2Steakhouse Financial · Arbitrum · $3.12M $3.12M3.12M USDT0 0.94% 3.65% 10% $1.86M
Vault Bridge USDTGauntlet · Ethereum · $3.11M $3.11M3.11M USDT 4.03% 3.14% 5% $3.11M
Steakhouse High Yield USDTV2Steakhouse Financial · Ethereum · $2.28M $2.28M2.28M USDT 4.37% 3.52% 5% $1.29M
Wintermute USDT PrimeV2Armitage by Wintermute · Ethereum · $2.01M $2.01M2.01M USDT 4.35% 3.38% 0% $1.34M
Gauntlet USDT FrontierV2Gauntlet · Ethereum · $1.48M $1.48M1.48M USDT 4.32% 3.80% 0% $974K
KPK USDT PrimeV2KPK · Ethereum · $1.15M $1.15M1.15M USDT 4.30% 3.48% 0% $490K
Gauntlet USDT0 VaultGauntlet · HyperEVM · $317K $317K316.93K USD₮0 13.59% 6.89% 10% $317K
sky.money USDT Risk CapitalV2Sky Money · Ethereum · $312K $312K311.77K USDT 2.03% 4.04% 0% $79.2K
Felix USDT0 (Frontier)Felix · HyperEVM · $278K $278K278.30K USD₮0 13.76% 7.69% 10% $52.8K
Spark Blue Chip USDT VaultV2SparkDAO · Ethereum · $277K $277K277.28K USDT 3.68% 3.03% 10% $277K
Keyrock Prime USDTV2Keyrock · Ethereum · $202K $202K201.74K USDT 3.85% 3.07% 10% $53.00
Compound USDT⚠ Deposit disabledGauntlet · Polygon · $162K $162K162.39K USDT0 1.15% 1.35% 10% $121K
Hyperithm USDT CoreHyperithm · Ethereum · $113K $113K113.09K USDT 3.95% 3.04% 10% $105K
UltraYield USDT CoreV2UltraYield · Ethereum · $101K $101K101.32K USDT 3.06% 2.95% 0% $96.00
Flagship USDT⚠ Deposit disabledNo curator named · Ethereum · $12.9K $12.9K12.91K USDT 0.00% 0.00% 0% $12.9K
Steakhouse High Yield USDT0⚠ Deposit disabledSteakhouse Financial · Polygon · $2.1K $2.1K2.05K USDT0 0.00% 0.00% 0% $2.1K
HyperEVM USDT0 Idle Vault⚠ Short timelockNo curator named · HyperEVM · $2.00 $2.002.00 USD₮0 0.00% 0.00% 0% $2.00
Touchstone USDTV2Touchstone · Ethereum · $2.00 $2.001.58 USDT 4.57% 4.50% 0% $0
Hyperithm USDT CoreV2Hyperithm · Stable · $1.00 $1.001.02 USDT0 0.00% <0.01% 0% $1.00
Dialectic USDT0V2Dialectic Meccanico · OP Mainnet · $1.00 $1.001.00 USD₮0 0.00% 0.00% 0% $1.00

Borrow USDT: markets

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

Markets that lend USDT
Market Supplied Supply APY Borrowed Borrow APY Utilization
wstETH / USDTEthereum · LLTV 86% $127.1M127.10M USDT 4.37% $115.6M$414.1M collateral 4.81% 91.0%
WBTC / USDTEthereum · LLTV 86% $84.98M85.00M USDT 4.09% $77.07M$156.3M collateral 4.52% 90.7%
sUSDS / USDTEthereum · LLTV 96.5% $63.60M63.61M USDT 3.86% $58.02M$63.12M collateral 4.23% 91.2%
cbBTC / USDTEthereum · LLTV 86% $17.19M17.19M USDT 4.45% $15.65M$37.31M collateral 4.90% 91.0%
sthUSD / USDT0Stable · LLTV 86% $16.16M16.17M USDT0 7.82% $14.65M$20.93M collateral 8.67% 90.7%
sUSDS / USDTEthereum · LLTV 96.5% $12.09M12.09M USDT 4.45% $11.01M$12.15M collateral 4.90% 91.1%
PT-reUSD-10DEC2026 / USDTEthereum · LLTV 91.5% $7.33M7.33M USDT 5.58% $5.75M$6.82M collateral 7.16% 78.5%
PT-USDat-14JAN2027 / USDTEthereum · LLTV 91.5% $5.88M5.88M USDT 9.25% $5.45M$6.23M collateral 10.02% 92.6%
PT-sUSDS-26NOV2026 / USDTEthereum · LLTV 91.5% $5.84M5.84M USDT 5.38% $5.30M$6.20M collateral 5.95% 90.7%
kHYPE / USD₮0HyperEVM · LLTV 62.5% $5.48M5.48M USD₮0 15.16% $5.11M$31.57M collateral 16.33% 93.3%
sUSDai / USDTEthereum · LLTV 91.5% $5.32M5.32M USDT 2.36% $3.59M$5.07M collateral 3.52% 67.5%
WHYPE / USD₮0HyperEVM · LLTV 62.5% $4.37M4.37M USD₮0 15.51% $4.09M$14.51M collateral 16.68% 93.5%
weETH / USDTEthereum · LLTV 86% $3.94M3.94M USDT 4.61% $3.59M$6.34M collateral 5.07% 91.1%
v-wmtUSDT / USDTEthereum · LLTV 86% $3.51M3.51M USDT 6.60% $3.16M$3.91M collateral 7.35% 90.2%
reUSD / USDTEthereum · LLTV 91.5% $3.19M3.19M USDT 5.54% $2.79M$3.22M collateral 6.37% 87.3%
WBTC / USDTEthereum · LLTV 86% $2.96M2.96M USDT 4.56% $2.70M$4.70M collateral 5.02% 91.1%
XAUt / USDTEthereum · LLTV 77% $2.85M2.85M USDT 5.65% $2.60M$6.82M collateral 6.22% 91.0%
wstETH / USDTEthereum · LLTV 86% $2.63M2.63M USDT 4.45% $2.39M$4.99M collateral 4.90% 91.0%
weETH / USDTEthereum · LLTV 86% $2.06M2.06M USDT 4.45% $1.87M$3.21M collateral 4.91% 90.9%
WBTC / USDT0Arbitrum · LLTV 86% $1.20M1.20M USDT0 2.05% $833K$1.78M collateral 2.97% 69.4%
UBTC / USD₮0HyperEVM · LLTV 77% $1.08M1.08M USD₮0 15.51% $1.01M$2.24M collateral 16.68% 93.5%
cbBTC / USDTEthereum · LLTV 86% $798K798.49K USDT 1.75% $601K$1.74M collateral 2.33% 75.3%
kHYPE / USD₮0HyperEVM · LLTV 77% $405K404.69K USD₮0 15.34% $378K$1.49M collateral 16.51% 93.4%
sthUSD / USDT0Stable · LLTV 77% $370K370.04K USDT0 5.87% $350K$543K collateral 6.22% 94.6%
stUSDS / USDTEthereum · LLTV 86% $312K311.77K USDT 2.03% $232K$282K collateral 2.73% 74.6%
WETH / USDTEthereum · LLTV 86% $286K286.12K USDT 4.33% $260K$602K collateral 4.78% 90.8%
sUSDe / USDTEthereum · LLTV 91.5% $240K239.98K USDT 4.56% $218K$246K collateral 5.02% 91.0%
sUSDS / USDT0Arbitrum · LLTV 94.5% $231K231.41K USDT0 1.87% $151K$182K collateral 2.87% 65.4%
WHYPE / USD₮0HyperEVM · LLTV 77% $175K174.95K USD₮0 15.53% $164K$819K collateral 16.68% 93.6%
UBTC / USD₮0HyperEVM · LLTV 86% $166K165.58K USD₮0 15.54% $155K$289K collateral 16.67% 93.7%
wstETH / USDT0Arbitrum · LLTV 86% $77.7K77.73K USDT0 2.21% $57.5K$140K collateral 3.00% 73.9%
WETH / USDT0Arbitrum · LLTV 86% $74.4K74.45K USDT0 2.10% $52.8K$138K collateral 2.98% 70.9%
syrupUSDT / USDTEthereum · LLTV 91.5% $62.5K62.54K USDT 4.75% $56.9K$68.6K collateral 5.23% 91.1%
wstHYPE / USD₮0HyperEVM · LLTV 62.5% $55.2K55.21K USD₮0 5.31% $51.9K$143K collateral 5.65% 94.0%
WBTC / USDT0Polygon · LLTV 86% $40.7K40.70K USDT0 7.22% $31.9K$78.3K collateral 9.29% 78.5%
WPOL / USDT0Polygon · LLTV 77% $40.5K40.51K USDT0 2.19% $32.4K$89.1K collateral 2.74% 80.1%
UETH / USD₮0HyperEVM · LLTV 77% $38.2K38.16K USD₮0 15.60% $35.9K$118K collateral 16.67% 94.1%
XAUt0 / USDT0Arbitrum · LLTV 77% $28.3K28.34K USDT0 1.80% $18.1K$42.3K collateral 2.84% 63.9%
weETH / USDT0Arbitrum · LLTV 86% $24.5K24.47K USDT0 1.73% $14.5K$36.4K collateral 2.93% 59.4%
PT-cUSD-23JUL2026 / USDTEthereum · LLTV 91.5% $20.6K20.65K USDT 11.48% $18.1K$20.5K collateral 13.23% 87.5%
thBILL / USD₮0HyperEVM · LLTV 86% $17.5K17.50K USD₮0 20.21% $15.9K$21.7K collateral 22.40% 91.1%
hwHLP / USD₮0HyperEVM · LLTV 77% $16.6K16.60K USD₮0 183.73% $16.6K$22.2K collateral 183.74% 100.0%
syrupUSDC / USDT0Arbitrum · LLTV 91.5% $7.1K7.05K USDT0 0.06% $1.0K$1.2K collateral 0.42% 14.4%
WHYPE / USD₮0HyperEVM · LLTV 77% $4.7K4.74K USD₮0 3.06% $3.7K$14.3K collateral 3.96% 77.4%
UETH / USD₮0HyperEVM · LLTV 86% $4.7K4.66K USD₮0 47.28% $4.5K$17.2K collateral 49.69% 96.0%
hbUSDT / USD₮0HyperEVM · LLTV 86% $3.2K3.23K USD₮0 31.33% $3.0K$5.1K collateral 34.18% 92.7%
PT-kHYPE-24SEP2026 / USD₮0HyperEVM · LLTV 77% $2.0K2.02K USD₮0 0.00% $0$0 collateral 0.93% 0.0%
PT-sUSDD-26NOV2026 / USDTEthereum · LLTV 91.5% $1.0K1.00K USDT <0.01% $1.00$1.00 collateral 0.57% 0.1%

Borrow against USDT

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

Markets that accept USDT as collateral
Market Supplied Supply APY Borrowed Borrow APY Utilization
USDT / wARSEthereum · LLTV 77% $8.3K13.38M wARS 20.66% $7.4K$12.8K collateral 23.57% 88.8%

USDT on Morpho: quick answers

Where can I earn the most on USDT on Morpho?

Felix USDT0 on HyperEVM pays 13.69% net APY, the most among USDT vaults with at least $1M deposited. The largest USDT vault, Steakhouse USDT, pays 4.08%.

Where is it cheapest to borrow USDT on Morpho?

Borrowing USDT against WBTC on Arbitrum costs 2.97% a year, the lowest among markets with at least $250K available.

Can I borrow against USDT on Morpho?

Yes: 1 market accept USDT as collateral, with liquidation LTVs up to 77.0%. The largest is USDT / wARS on Ethereum, where borrowers pay 23.57%.

Which networks is USDT on Morpho available on?

Ethereum, Stable, HyperEVM, Arbitrum, Polygon and OP Mainnet.

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