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 10.80% a year and borrowers pay 11.62% right now.
Data from Morpho's API · updated
Borrow APY
11.62%
30-day average 5.82%
Supply APY
10.80%
30-day average 5.15%
Supplied
$17.22M
17.22M USDC
Borrowed
$16.06M
93.3% utilization
Available to borrow
$1.15M
free liquidity right now
Collateral posted
$20.81M
14.62M 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 | 1.46 USDCthe market's oracle, which liquidations follow |
| Oracle | ChainlinkOracleV20xff14…5862 |
| Price feeds | 0x2037…23b4 0x8fFf…18f6 0x38EE…8a6A |
| Market fee | Noneshare of interest taken by the protocol |
Details
| Loan asset | USDCprice $0.9997 |
|---|---|
| Collateral | apyUSDprice $1.4234 |
| Borrowers | 87 |
| Created | March 23, 2026 |
| Market ID | 0x9c28c8fa…b23291 |
| Rate model | 0x870a…00BC |
| apyUSD token | 0x38EE…8a6A |
| USDC token | 0xA0b8…eB48 |
Vaults lending here
$3.22M of the $17.22M supplied comes from these vaults
| Vault | Lent here |
|---|---|
| Apyx USDCV2lends directly | $3.22M |
Largest borrowers
87 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0x4B47…2d0E | $3.47M | 1.08 |
| 0xBD81…9e32 | $2.25M | 1.08 |
| 0xfB74…B6C0 | $2.09M | 1.07 |
| 0x0Ae8…48F1 | $1.78M | 1.15 |
| 0x8297…1070 | $1.62M | 1.08 |
| 0x05B5…AD64 | $689K | 1.56 |
| 0xa189…94d7 | $410K | 1.07 |
| 0x7a20…fEaE | $344K | 1.10 |
| 0x9d3C…D623 | $309K | 1.06 |
| 0x272C…2e2c | $281K | 1.05 |
Health is collateral value times the LLTV, divided by the debt. Below 1.00 a loan can be liquidated.
Recent liquidations here
None recorded in the last 90 days
| 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 |
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 $17.22M is supplied and $16.06M borrowed, so 93.3% of the market is in use, backed by $20.81M of apyUSD from 87 borrowers. Borrowers pay 11.62% a year, 5.82% on average over the last 30 days. Lenders earn 10.80%.
1 listed vault lends here, providing $3.22M 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 $17.73M of collateral would be at risk of liquidation.
apyUSD / USDC on Ethereum: quick answers
What is the USDC borrow rate against apyUSD on Morpho Ethereum?
In this market it is 11.62% a year right now, and it averaged 5.82% 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 are apyUSD / USDC loans liquidated?
When a 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 0.847 USDC.
How much USDC can be borrowed here right now?
$1.15M 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 10.80% a year right now (5.15% averaged over 30 days). Vaults provide 19% of the supply here (Apyx USDC); the rest comes from people lending directly.
More ways to borrow against apyUSD
Other loan assets with apyUSD as collateral
| Market | Supply APY | Borrow APY |
|---|---|---|
| apyUSD / apxUSDEthereum · LLTV 86% | 9.06% | 10.28% |
