cbBTC / USDC on Ethereum
A Morpho market on Ethereum where people borrow USDC against cbBTC. A loan can be liquidated once it reaches 86% of the collateral's value. Lenders earn 4.50% a year and borrowers pay 4.96% right now.
Data from Morpho's API · updated
Borrow APY
4.96%
30-day average 4.39%
Supply APY
4.50%
30-day average 3.85%
Supplied
$652K
652.28K USDC
Borrowed
$593K
90.9% utilization
Available to borrow
$59.5K
up to $56.46M with vault liquidity
Collateral posted
$1.07M
12.80 cbBTC
cbBTC / USDC rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
cbBTC / 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 3.91% 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 cbBTC collateral could be liquidated if its price fell by each amount
Based on today's loans and today's cbBTC 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 |
| cbBTC price in USDC | 83.96K USDC |
| Oracle | Unknown0x9F98…34d2 |
| Market fee | Noneshare of interest taken by the protocol |
Details
| Loan asset | USDCprice $0.9999 |
|---|---|
| Collateral | cbBTCprice $83.9K |
| Borrowers | 16 |
| Created | April 16, 2026 |
| Market ID | 0xbc99de6a…fd84fe |
| Rate model | 0x870a…00BC |
| cbBTC token | 0xcbB7…33Bf |
| USDC token | 0xA0b8…eB48 |
Vaults lending here
$351K of the $652K supplied comes from these vaults
Largest borrowers
16 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0x36eb…601A | $507K | 1.57 |
| 0x9042…f8fE | $43.0K | 1.26 |
| 0xB2aC…F659 | $14.0K | 1.52 |
| 0x33b8…481E | $9.0K | 1.20 |
| 0x9a3b…0a4A | $7.0K | 2.57 |
| 0xE812…DC18 | $5.1K | 2.10 |
| 0xece2…b738 | $2.5K | 2.17 |
| 0x180e…4295 | $1.6K | 1.48 |
| 0x4c92…3599 | $1.0K | 2.13 |
| 0x4446…E87e | $944 | 1.78 |
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
About the cbBTC / USDC market
The cbBTC / USDC market on Ethereum was created on April 16, 2026. Anyone can lend USDC into it, and anyone holding cbBTC can borrow that USDC against it, up to a loan-to-value of 86% (its LLTV), where liquidation starts. Prices come from a custom oracle; check its source before borrowing or lending.
Right now $652K is supplied and $593K borrowed, so 90.9% of the market is in use, backed by $1.07M of cbBTC from 16 borrowers. Borrowers pay 4.96% a year, 4.39% on average over the last 30 days. Lenders earn 4.50%.
6 listed vaults lend here, providing $351K of the supply; the largest are Steakhouse USDC, Steakhouse Prime USDC and Steakhouse High Yield USDC. Liquidators who close an unsafe loan here receive a 4.38% bonus in cbBTC. If cbBTC fell 20% against USDC, about $13.0K of collateral would be at risk of liquidation.
cbBTC / USDC 86% (bc99de) on Ethereum: quick answers
What is the USDC borrow rate against cbBTC on Morpho Ethereum?
In this market it is 4.96% a year right now, and it averaged 4.39% 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 cbBTC / 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 cbBTC worth 4.38% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if cbBTC fell to about 48.81K USDC.
How much USDC can be borrowed here right now?
$59.5K is free in the market, and vaults can move in up to $56.40M more through Morpho's public allocator, for about $56.46M in all. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the cbBTC / USDC market?
Lenders earn 4.50% a year right now (3.85% averaged over 30 days). Most lend through vaults, such as Steakhouse USDC, Steakhouse Prime USDC and Steakhouse High Yield USDC, which spread deposits across several markets.
Other cbBTC / USDC markets
The same pair with a different LLTV, oracle or network
| Market | Supply APY | Borrow APY |
|---|---|---|
| cbBTC / USDCBase · LLTV 86% | 4.31% | 4.80% |
| cbBTC / USDCEthereum · LLTV 86% | 4.50% | 5.00% |
| cbBTC / USDCEthereum · LLTV 86% | 4.54% | 5.01% |
| cbBTC / USDCMonad · LLTV 77% | 15.31%+0.14% rewards | 16.53% |
More ways to borrow against cbBTC
Other loan assets with cbBTC as collateral
| Market | Supply APY | Borrow APY |
|---|---|---|
| cbBTC / USDTEthereum · LLTV 86% | 4.45% | 4.90% |
| cbBTC / EURCVEthereum · LLTV 86% | 1.88% | 2.09% |
| cbBTC / RLUSDEthereum · LLTV 86% | 3.51% | 3.91% |
| cbBTC / EURCBase · LLTV 86% | 2.43% | 3.03% |
| cbBTC / USDSEthereum · LLTV 86% | 2.66% | 2.96% |
| cbBTC / EURCVEthereum · LLTV 86% | 1.82% | 2.02% |
