USDe / USDC on Base
A Morpho market on Base where people borrow USDC against USDe. A loan can be liquidated once it reaches 91.5% of the collateral's value. Lenders earn 3.63% a year and borrowers pay 4.06% right now.
Data from Morpho's API · updated
Borrow APY
4.06%
30-day average 4.12%
Supply APY
3.63%
30-day average 3.70%
Supplied
$390.7M
390.78M USDC
Borrowed
$350.5M
89.7% utilization
Available to borrow
$40.30M
free liquidity right now
Collateral posted
$391.1M
391.27M USDe
USDe / USDC rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
USDe / USDC interest rate curve
What borrowers would pay at each utilization level, with today's settings
Borrow APY Supply APY
At the 90% target, borrowers pay 4.07% right now. Below it the rate falls to as little as a quarter of that; above it, it climbs to four times that when the market is fully borrowed. The curve itself also moves: while utilization stays above 90% the whole curve drifts up, and below 90% it drifts down. How Morpho interest rates work.
Liquidation map
How much USDe collateral could be liquidated if its price fell by each amount
Based on today's loans and today's USDe price in USDC. Borrowers who repay or add collateral move these numbers every day.
Risk settings
| Liquidation LTV (LLTV) | 91.5%fixed for the life of the market |
|---|---|
| Liquidation bonus | 2.62%extra collateral a liquidator receives |
| USDe price in USDC | 1.00 USDC |
| Oracle | Unknown0xF4b1…9A47 |
| Market fee | Noneshare of interest taken by the protocol |
Details
| Loan asset | USDCprice $0.9999 |
|---|---|
| Collateral | USDeprice $0.9995 |
| Borrowers | 73 |
| Created | May 27, 2026 |
| Market ID | 0x54cf9be5…0b7354 |
| Rate model | 0x4641…2687 |
| USDe token | 0x5d3a…ef34 |
| USDC token | 0x8335…2913 |
Vaults lending here
$390.7M of the $390.7M supplied comes from these vaults
| Vault | Lent here |
|---|---|
| Steakhouse High Yield USDC EditionV2lends directly | $390.7M |
Largest borrowers
73 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0x7bee…0FAb | $126.4M | 1.02 |
| 0x502D…8fB3 | $64.82M | 1.02 |
| 0xB4fb…59c1 | $28.70M | 1.01 |
| 0xF078…f19E | $20.31M | 1.04 |
| 0x8986…5298 | $20.12M | 1.01 |
| 0xA374…Ca03 | $18.24M | 1.02 |
| 0xae0a…21a3 | $13.58M | 1.01 |
| 0x086e…E327 | $12.80M | 1.01 |
| 0xAF9B…CC95 | $12.44M | 1.05 |
| 0xC088…ff0f | $9.26M | 1.04 |
Health is collateral value times the LLTV, divided by the debt. Below 1.00 a loan can be liquidated.
Recent liquidations here
1 in the last 30 days, $19.21 of debt repaid
| When | Debt repaid | Transaction |
|---|---|---|
| $19.2119.22 USDC | 0xa0eb…adfa |
About the USDe / USDC market
The USDe / USDC market on Base was created on May 27, 2026. Anyone can lend USDC into it, and anyone holding USDe can borrow that USDC against it, up to a loan-to-value of 91.5% (its LLTV), where liquidation starts. Prices come from a custom oracle; check its source before borrowing or lending.
Right now $390.7M is supplied and $350.5M borrowed, so 89.7% of the market is in use, backed by $391.1M of USDe from 73 borrowers. Borrowers pay 4.06% a year, 4.12% on average over the last 30 days. Lenders earn 3.63%.
1 listed vault lends here, providing $390.7M of the supply; the largest is Steakhouse High Yield USDC Edition. Liquidators who close an unsafe loan here receive a 2.62% bonus in USDe. If USDe fell 20% against USDC, about $390.7M of collateral would be at risk of liquidation. 1 loan was liquidated here in the last 30 days.
USDe / USDC on Base: quick answers
What is the USDC borrow rate against USDe on Morpho Base?
In this market it is 4.06% a year right now, and it averaged 4.12% over the last 30 days. The rate is variable: it follows how much of the market's USDC is borrowed, rising quickly above 90%.
When is a USDe / USDC loan liquidated?
When the loan reaches 91.5% of the collateral's value (the market's LLTV). A liquidator then repays part of the debt and takes USDe worth 2.62% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if USDe fell to about 0.546 USDC.
How much USDC can be borrowed here right now?
$40.30M is free in the market. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the USDe / USDC market?
Lenders earn 3.63% a year right now (3.70% averaged over 30 days). Most lend through vaults, such as Steakhouse High Yield USDC Edition, which spread deposits across several markets.
More ways to borrow against USDe
Other loan assets with USDe as collateral
| Market | Supply APY | Borrow APY |
|---|---|---|
| USDe / USDGRobinhood Chain · LLTV 91.5% | 3.57% | 4.04% |
| USDe / RLUSDEthereum · LLTV 91.5% | 3.81% | 4.15% |
| USDe / DAIEthereum · LLTV 86% | 5.56% | 6.19% |
| USDe / DAIEthereum · LLTV 91.5% | 10.16% | 12.82% |
