apyUSD / USDC on Ethereum
A Morpho market on Ethereum where people borrow USDC against apyUSD. A loan can be liquidated once it reaches 86% of the collateral's value. Lenders earn 3.55% a year and borrowers pay 4.93% right now.
Data from Morpho's API · updated
Borrow APY
4.93%
30-day average 7.40%
Supply APY
3.55%
30-day average 6.16%
Supplied
$16.58M
16.58M USDC
Borrowed
$12.01M
72.5% utilization
Available to borrow
$4.56M
free liquidity right now
Collateral posted
$16.18M
11.67M apyUSD
apyUSD / USDC rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
apyUSD / 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 5.69% 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 apyUSD collateral could be liquidated if its price fell by each amount
Based on today's loans and today's apyUSD price in USDC. Borrowers who repay or add collateral move these numbers every day.
Risk settings
| Liquidation LTV (LLTV) | 86%fixed for the life of the market |
|---|---|
| Liquidation bonus | 4.38%extra collateral a liquidator receives |
| apyUSD price in USDC | 1.39 USDC |
| Oracle | ChainlinkOracleV20xff14…5862 |
| Price feeds | 0x2037…23b4 0x8fFf…18f6 0x38EE…8a6A |
| Market fee | Noneshare of interest taken by the protocol |
Details
| Loan asset | USDCprice $0.9999 |
|---|---|
| Collateral | apyUSDprice $1.3865 |
| Borrowers | 63 |
| Created | March 23, 2026 |
| Market ID | 0x9c28c8fa…b23291 |
| Rate model | 0x870a…00BC |
| apyUSD token | 0x38EE…8a6A |
| USDC token | 0xA0b8…eB48 |
Vaults lending here
$2.21M of the $16.58M supplied comes from these vaults
| Vault | Lent here |
|---|---|
| Apyx USDCV2lends directly | $2.21M |
Largest borrowers
63 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0x4B47…2d0E | $3.28M | 1.06 |
| 0xBD81…9e32 | $2.23M | 1.21 |
| 0xfB74…B6C0 | $1.84M | 1.09 |
| 0x0Ae8…48F1 | $1.48M | 1.19 |
| 0x05B5…AD64 | $684K | 1.54 |
| 0x160C…Acd5 | $460K | 1.16 |
| 0x9d3C…D623 | $312K | 1.09 |
| 0x1d4c…8F3a | $282K | 1.22 |
| 0x04c3…91Da | $165K | 1.18 |
| 0xAd32…C2EE | $145K | 1.34 |
Health is collateral value times the LLTV, divided by the debt. Below 1.00 a loan can be liquidated.
Recent liquidations here
3 in the last 30 days, $89.3K of debt repaid
| When | Debt repaid | Transaction |
|---|---|---|
| $24.3K24.29K USDC | 0xead4…e9a1 | |
| $74.7574.75 USDC | 0xc576…8b40 | |
| $64.9K64.94K USDC | 0x5294…0e50 | |
| $57.3557.35 USDC | 0xb679…1a56 | |
| $126126.39 USDC | 0xe951…7f6c | |
| $1.381.38 USDC | 0x641b…0f0e | |
| $238K237.97K USDC | 0x9d7e…8a45 | |
| $322321.58 USDC | 0x4149…f03d | |
| $2.6K2.64K USDC | 0xf62a…de78 |
About the apyUSD / USDC market
The apyUSD / USDC market on Ethereum was created on March 23, 2026. Anyone can lend USDC into it, and anyone holding apyUSD can borrow that USDC against it, up to a loan-to-value of 86% (its LLTV), where liquidation starts. Prices come from Chainlink-style price feeds.
Right now $16.58M is supplied and $12.01M borrowed, so 72.5% of the market is in use, backed by $16.18M of apyUSD from 63 borrowers. Borrowers pay 4.93% a year, 7.40% on average over the last 30 days. Lenders earn 3.55%.
1 listed vault lends here, providing $2.21M of the supply; the largest is Apyx USDC. Liquidators who close an unsafe loan here receive a 4.38% bonus in apyUSD. If apyUSD fell 20% against USDC, about $13.48M of collateral would be at risk of liquidation. 3 loans were liquidated here in the last 30 days.
apyUSD / USDC on Ethereum: quick answers
What is the USDC borrow rate against apyUSD on Morpho Ethereum?
In this market it is 4.93% a year right now, and it averaged 7.40% 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 apyUSD / USDC loan liquidated?
When the loan reaches 86% of the collateral's value (the market's LLTV). A liquidator then repays part of the debt and takes apyUSD worth 4.38% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if apyUSD fell to about 0.806 USDC.
How much USDC can be borrowed here right now?
$4.56M is free in the market. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the apyUSD / USDC market?
Lenders earn 3.55% a year right now (6.16% averaged over 30 days). Most lend through vaults, such as Apyx USDC, which spread deposits across several markets.
More ways to borrow against apyUSD
Other loan assets with apyUSD as collateral
| Market | Supply APY | Borrow APY |
|---|---|---|
| apyUSD / apxUSDEthereum · LLTV 86% | 7.46% | 8.38% |
