cbBTC / USDS on Ethereum
A Morpho market on Ethereum where people borrow USDS against cbBTC. A loan can be liquidated once it reaches 86% of the collateral's value. Lenders earn 3.96% a year and borrowers pay 4.40% right now.
Data from Morpho's API · updated
Borrow APY
4.40%
30-day average 4.49%
Supply APY
3.96%
30-day average 4.05%
Supplied
$1.94M
1.94M USDS
Borrowed
$1.75M
90.1% utilization
Available to borrow
$192K
free liquidity right now
Collateral posted
$2.84M
39.59 cbBTC
cbBTC / USDS rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
cbBTC / USDS 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 4.27% 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 USDS. 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 USDS | 72.30K USDSthe market's oracle, which liquidations follow |
| Oracle | ChainlinkOracleV20xA5AE…33B4 |
| Price feeds | 0x2665…423A 0xfF30…19b1 |
| Market fee | Noneshare of interest taken by the protocol |
Details
| Loan asset | USDSprice $0.9997 |
|---|---|
| Collateral | cbBTCprice $71.8K |
| Borrowers | 38 |
| Created | February 12, 2026 |
| Market ID | 0x2f4ea313…49499c |
| Rate model | 0x870a…00BC |
| cbBTC token | 0xcbB7…33Bf |
| USDS token | 0xdC03…384F |
Vaults lending here
$1.94M of the $1.94M supplied comes from these vaults
| Vault | Lent here |
|---|---|
| sky.money USDS FlagshipV2lends directly | $1.94M |
Largest borrowers
38 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0x7Bc1…BC57 | $398K | 1.15 |
| 0x77BF…9E14 | $216K | 1.42 |
| 0x10d9…4890 | $191K | 1.33 |
| 0xB5D9…7f30 | $173K | 1.81 |
| 0x5c97…0360 | $159K | 1.30 |
| 0x13F2…AF12 | $120K | 1.27 |
| 0xe8a1…DCc2 | $112K | 1.38 |
| 0x24D4…7e6a | $107K | 1.72 |
| 0x42DA…f336 | $70.9K | 1.54 |
| 0x44CC…6a57 | $50.7K | 1.50 |
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 / USDS market
The cbBTC / USDS market on Ethereum was created on February 12, 2026. Anyone can lend USDS into it, and anyone holding cbBTC can borrow that USDS against it, up to a loan-to-value of 86% (its LLTV), where liquidation starts. Prices come from Chainlink-style price feeds.
Right now $1.94M is supplied and $1.75M borrowed, so 90.1% of the market is in use, backed by $2.84M of cbBTC from 38 borrowers. Borrowers pay 4.40% a year, 4.49% on average over the last 30 days. Lenders earn 3.96%.
1 listed vault lends here, providing $1.94M of the supply; the largest is sky.money USDS Flagship. Liquidators who close an unsafe loan here receive a 4.38% bonus in cbBTC. If cbBTC fell 20% against USDS, about $632K of collateral would be at risk of liquidation.
cbBTC / USDS on Ethereum: quick answers
What is the USDS borrow rate against cbBTC on Morpho Ethereum?
In this market it is 4.40% a year right now, and it averaged 4.49% over the last 30 days. The rate is variable: it follows how much of the market's USDS is borrowed, rising quickly above 90%.
When are cbBTC / USDS 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 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 42.03K USDS.
How much USDS can be borrowed here right now?
$192K is free in the market. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the cbBTC / USDS market?
Lenders earn 3.96% a year right now (4.05% averaged over 30 days). Most lend through vaults, such as sky.money USDS Flagship, which spread deposits across several markets.
More ways to borrow against cbBTC
Other loan assets with cbBTC as collateral
| Market | Supply APY | Borrow APY |
|---|---|---|
| cbBTC / USDCBase · LLTV 86% | 4.52% | 5.33% |
| cbBTC / USDCEthereum · LLTV 86% | 4.37% | 5.10% |
| cbBTC / EURCVEthereum · LLTV 86% | 1.82% | 2.02% |
| cbBTC / USDTEthereum · LLTV 86% | 3.05% | 3.68% |
| cbBTC / EURCBase · LLTV 86% | 6.88% | 7.37% |
| cbBTC / USDCEthereum · LLTV 86% | 4.48% | 4.99% |
