Morpho Watch

USDT on Morpho

Tether USD (USDT) on Morpho, on every network: $376.8M in 35 vaults, $399.8M lent in 47 markets, $10.1K 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

9.68%

Flowdesk Confidential High Yield USDT

Best market supply APY

18.59%

against PT-reUSD-10DEC2026, Ethereum

Cheapest to borrow

3.49%

against sUSDS, Ethereum

Posted as collateral

$10.1K

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 Prime USDTV2Steakhouse Financial · Ethereum · $75.64M $75.64M75.72M USDT 3.02% 3.94% 0% $22.55M
Steakhouse USDTSteakhouse Financial · Ethereum · $74.43M $74.43M74.51M USDT 2.86% 3.70% 5% $45.05M
sky.money USDT SavingsV2Sky Money · Ethereum · $54.01M $54.01M54.07M USDT 3.86%incl. 0.72% rewards 2.85% 0% $5.38M
Spark Blue Chip USDT VaultV2SparkDAO · Ethereum · $48.16M $48.16M48.21M USDT 2.70% 3.56% 10% $17.05M
Flowdesk Confidential High Yield USDTV2Flowdesk · Ethereum · $28.17M $28.17M28.20M USDT 9.68%incl. 2.34% rewards 5.43% 10% $569K
StableEarnV2Gauntlet · Stable · $20.22M $20.22M20.24M USDT0 6.24% 6.19% 0% $3.80M
Smokehouse USDTSteakhouse Financial · Ethereum · $20.20M $20.20M20.22M USDT 6.38% 4.61% 10% $14.37M
Galaxy USDT QualityV2Galaxy Curation · Ethereum · $10.87M $10.87M10.88M USDT 3.01% 3.96% 0% $4.39M
Wintermute USDT SelectV2Armitage by Wintermute · Ethereum · $9.98M $9.98M9.99M USDT 7.07% 5.97% 0% $1.98M
Gauntlet USDT FrontierGauntlet · Ethereum · $8.05M $8.05M8.06M USDT 2.85% 3.69% 5% $7.44M
Hakutora USDTHakutora · Ethereum · $5.17M $5.17M5.18M USDT 2.54% 3.30% 15% $5.17M
Felix USDT0 V2V2Felix · HyperEVM · $3.43M $3.43M3.43M USD₮0 6.33% 6.90% 10% $598K
Uniswap USDTV2Gauntlet · Ethereum · $2.82M $2.82M2.82M USDT 3.06% 3.94% 0% $1.23M
Gauntlet USDT PrimeGauntlet · Ethereum · $2.50M $2.50M2.51M USDT 2.88% 3.71% 5% $2.50M
Vault Bridge USDTGauntlet · Ethereum · $2.44M $2.44M2.45M USDT 2.86% 3.70% 5% $2.44M
Wintermute USDT PrimeV2Armitage by Wintermute · Ethereum · $2.15M $2.15M2.15M USDT 3.03% 3.97% 0% $1.51M
Felix USDT0Felix · HyperEVM · $2.14M $2.14M2.14M USD₮0 6.21% 6.81% 10% $974K
Steakhouse High Yield USDTV2Steakhouse Financial · Ethereum · $2.09M $2.09M2.09M USDT 6.67% 4.70% 5% $909K
Bitget x Steakhouse USDTV2Steakhouse Financial · Arbitrum · $1.12M $1.12M1.12M USDT0 5.16% 2.40% 10% $59.7K
Gauntlet USDT FrontierV2Gauntlet · Ethereum · $1.09M $1.09M1.09M USDT 3.50% 4.61% 0% $309K
KPK USDT PrimeV2KPK · Ethereum · $615K $615K616.05K USDT 3.42% 4.39% 0% $182K
Gauntlet USDT PrimeV2Gauntlet · Ethereum · $360K $360K360.33K USDT 3.15% 3.95% 0% $360K
sky.money USDT Risk CapitalV2Sky Money · Ethereum · $238K $238K238.00K USDT 1.66% 1.67% 0% $27.0K
Gauntlet USDT0 Vault⚠ Deposits switched offGauntlet · HyperEVM · $185K $185K185.33K USD₮0 6.35% 6.90% 10% $185K
Felix USDT0 (Frontier)Felix · HyperEVM · $181K $181K180.83K USD₮0 6.56% 6.92% 10% $66.8K
Compound USDT⚠ Deposits switched offGauntlet · Polygon · $162K $162K162.50K USDT0 1.35% 1.43% 10% $117K
Hyperithm USDT CoreHyperithm · Ethereum · $113K $113K113.50K USDT 2.70% 3.50% 10% $113K
UltraYield USDT CoreV2UltraYield · Ethereum · $102K $102K101.70K USDT 3.00% 3.12% 0% $6.00
SharpByte USDT PrimeV2SharpByte · Ethereum · $100K $100K100.29K USDT 3.00% 3.94% 0% $100K
Flagship USDT⚠ Deposits switched offNo curator named · Ethereum · $12.9K $12.9K12.91K USDT 0.00% 0.00% 0% $12.9K
Steakhouse High Yield USDT0⚠ Deposits switched offSteakhouse Financial · Polygon · $2.0K $2.0K2.05K USDT0 0.00% 0.00% 0% $2.0K
Keyrock Prime USDTV2Keyrock · Ethereum · $250 $250250.72 USDT 0.52% 0.69% 10% $201
Touchstone USDTV2Touchstone · Ethereum · $15.00 $15.0015.41 USDT 0.11% 3.83% 0% $14.00
Dialectic USDT0V2Dialectic Meccanico · OP Mainnet · $8.00 $8.008.00 USD₮0 -0.78% -0.77% 0%+1.0% a year $7.00
Hyperithm USDT CoreV2Hyperithm · Stable · $1.00 $1.001.02 USDT0 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% $127.3M127.44M USDT 3.00% $104.8M$290.8M collateral 3.66% 82.3%
WBTC / USDTEthereum · LLTV 86% $103.6M103.67M USDT 3.00% $85.24M$149.1M collateral 3.66% 82.3%
sUSDS / USDTEthereum · LLTV 96.5% $56.11M56.17M USDT 3.15% $50.73M$56.35M collateral 3.49% 90.4%
sthUSD / USDT0Stable · LLTV 86% $16.48M16.50M USDT0 7.74% $14.82M$20.99M collateral 8.65% 90.0%
PT-USD3-17DEC2026 / USDTEthereum · LLTV 91.5% $14.39M14.40M USDT 6.72% $13.38M$16.03M collateral 7.24% 93.0%
PT-reUSD-10DEC2026 / USDTEthereum · LLTV 91.5% $14.13M14.14M USDT 18.59% $13.22M$16.13M collateral 19.99% 93.6%
cbBTC / USDTEthereum · LLTV 86% $9.52M9.53M USDT 3.05% $7.91M$14.74M collateral 3.68% 83.1%
PT-USDat-14JAN2027 / USDTEthereum · LLTV 91.5% $8.34M8.35M USDT 14.45% $7.78M$8.94M collateral 15.59% 93.2%
sUSDai / USDTEthereum · LLTV 91.5% $7.81M7.82M USDT 7.54% $7.11M$8.83M collateral 8.32% 91.0%
WBTC / USDTEthereum · LLTV 86% $6.05M6.06M USDT 3.00% $4.98M$7.37M collateral 3.66% 82.2%
kHYPE / USD₮0HyperEVM · LLTV 62.5% $5.12M5.12M USD₮0 7.09% $4.52M$22.85M collateral 8.06% 88.3%
sUSDS / USDTEthereum · LLTV 96.5% $4.91M4.92M USDT 3.00% $4.04M$4.39M collateral 3.66% 82.2%
WHYPE / USD₮0HyperEVM · LLTV 62.5% $4.51M4.51M USD₮0 7.06% $3.97M$9.80M collateral 8.05% 88.1%
v-wmtUSDT / USDTEthereum · LLTV 86% $3.54M3.55M USDT 6.73% $3.19M$3.95M collateral 7.50% 90.0%
XAUt / USDTEthereum · LLTV 77% $3.19M3.19M USDT 4.01% $2.70M$6.35M collateral 4.76% 84.5%
wstETH / USDTEthereum · LLTV 86% $2.98M2.98M USDT 2.99% $2.46M$4.16M collateral 3.65% 82.4%
reUSD / USDTEthereum · LLTV 91.5% $1.64M1.64M USDT 4.60% $1.46M$1.63M collateral 5.21% 88.6%
PT-sUSDS-26NOV2026 / USDTEthereum · LLTV 91.5% $1.44M1.44M USDT 3.75% $1.14M$1.36M collateral 4.75% 79.3%
sUSDat / USDTEthereum · LLTV 86% $1.37M1.37M USDT 4.24% $1.20M$1.77M collateral 4.83% 88.0%
weETH / USDTEthereum · LLTV 86% $1.29M1.29M USDT 2.97% $1.06M$1.97M collateral 3.63% 82.2%
UBTC / USD₮0HyperEVM · LLTV 77% $1.21M1.21M USD₮0 6.97% $1.06M$1.76M collateral 8.00% 87.5%
cbBTC / USDTEthereum · LLTV 86% $1.00M1.00M USDT 3.01% $837K$2.42M collateral 3.61% 83.7%
WBTC / USDT0Arbitrum · LLTV 86% $854K855.25K USDT0 6.54% $795K$1.39M collateral 7.05% 93.0%
PST / USDTEthereum · LLTV 86% $635K636.09K USDT 7.30% $591K$746K collateral 7.86% 93.0%
weETH / USDTEthereum · LLTV 86% $596K596.59K USDT 2.98% $485K$982K collateral 3.67% 81.4%
kHYPE / USD₮0HyperEVM · LLTV 77% $398K398.74K USD₮0 6.84% $347K$1.07M collateral 7.90% 87.0%
WETH / USDTEthereum · LLTV 86% $340K340.02K USDT 2.99% $286K$470K collateral 3.57% 84.2%
stUSDS / USDTEthereum · LLTV 86% $238K238.00K USDT 1.66% $211K$256K collateral 1.87% 88.7%
sUSDS / USDT0Arbitrum · LLTV 94.5% $158K157.86K USDT0 3.24% $141K$170K collateral 3.63% 89.4%
UBTC / USD₮0HyperEVM · LLTV 86% $129K129.62K USD₮0 7.34% $117K$187K collateral 8.18% 90.0%
syrupUSDT / USDTEthereum · LLTV 91.5% $91.1K91.17K USDT 3.24% $77.7K$94.5K collateral 3.81% 85.3%
wstETH / USDT0Arbitrum · LLTV 86% $72.1K72.18K USDT0 3.25% $65.0K$145K collateral 3.61% 90.1%
WHYPE / USD₮0HyperEVM · LLTV 77% $64.9K64.95K USD₮0 7.12% $57.5K$115K collateral 8.07% 88.7%
WETH / USDT0Arbitrum · LLTV 86% $58.0K58.01K USDT0 3.24% $51.0K$103K collateral 3.69% 88.0%
wstHYPE / USD₮0HyperEVM · LLTV 62.5% $49.6K49.67K USD₮0 2.21% $40.3K$83.3K collateral 2.72% 81.2%
UETH / USD₮0HyperEVM · LLTV 77% $37.7K37.78K USD₮0 6.87% $33.2K$74.2K collateral 7.86% 87.9%
WPOL / USDT0Polygon · LLTV 77% $36.4K36.42K USDT0 2.19% $32.5K$62.4K collateral 2.45% 89.4%
XAUt0 / USDT0Arbitrum · LLTV 77% $34.4K34.48K USDT0 3.24% $30.8K$64.5K collateral 3.63% 89.5%
WBTC / USDT0Polygon · LLTV 86% $33.3K33.30K USDT0 9.86% $29.1K$58.5K collateral 11.34% 87.5%
sUSDe / USDTEthereum · LLTV 91.5% $30.2K30.24K USDT 2.98% $24.6K$31.4K collateral 3.67% 81.4%
thBILL / USD₮0HyperEVM · LLTV 86% $21.0K20.99K USD₮0 10.02% $15.3K$21.0K collateral 13.99% 73.0%
weETH / USDT0Arbitrum · LLTV 86% $6.2K6.24K USDT0 3.24% $5.6K$12.0K collateral 3.62% 89.9%
hbUSDT / USD₮0HyperEVM · LLTV 86% $3.1K3.12K USD₮0 16.40% $2.5K$3.3K collateral 20.91% 80.0%
syrupUSDC / USDT0Arbitrum · LLTV 91.5% $3.0K2.95K USDT0 0.02% $1.0K$1.2K collateral 0.05% 34.3%
hwHLP / USD₮0HyperEVM · LLTV 77% $2.7K2.73K USD₮0 12.54% $1.7K$3.0K collateral 21.05% 61.8%
WHLP / USD₮0HyperEVM · LLTV 77% $2.2K2.22K USD₮0 90.23% $2.1K$2.9K collateral 98.84% 93.6%
PT-kHYPE-24SEP2026 / USD₮0HyperEVM · LLTV 77% $2.0K2.02K USD₮0 0.00% $0$0 collateral 0.03% 0.0%

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% $12.6K21.00M wARS 0.15% $7.2K$10.1K collateral 0.26% 56.7%

About USDT on Morpho

Tether USD (USDT) is on Morpho on 6 networks: Ethereum, Stable, HyperEVM, Arbitrum, Polygon and OP Mainnet. Morpho prices it at $0.9990.

35 vaults take USDT deposits, holding $376.8M in all. The largest is Steakhouse Prime USDT on Ethereum, curated by Steakhouse Financial, with $75.64M deposited and paying 3.02% net APY after fees.

USDT is lent out in 47 markets, with $399.8M supplied and $341.0M borrowed. The largest is wstETH / USDT on Ethereum, where borrowers pay 3.66% and lenders earn 3.00%.

As collateral, $10.1K of USDT backs $7.2K of wARS loans in one market, USDT / wARS on Ethereum. A loan there can be liquidated once it reaches 77% of the collateral's value, and borrowers pay 0.26%.

USDT on Morpho: quick answers

Where can I earn the most on USDT on Morpho?

Flowdesk Confidential High Yield USDT on Ethereum pays 9.68% net APY (2.34% of it in token rewards, which can stop at any time), the most among USDT vaults open to deposits with at least $1M in them. The largest USDT vault, Steakhouse Prime USDT, pays 3.02% net APY.

Where is it cheapest to borrow USDT on Morpho?

Borrowing USDT against sUSDS on Ethereum costs 3.49% a year, the lowest among markets in use with at least $250K left to borrow.

Can I borrow against USDT on Morpho?

Yes: 1 market accepts USDT as collateral, with liquidation LTVs up to 77.0%. The largest is USDT / wARS on Ethereum, where borrowers pay 0.26%.

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.