cbBTC / USDT on Ethereum

A Morpho market on Ethereum where people borrow USDT against cbBTC. A loan can be liquidated once it reaches 86% of the collateral's value. Lenders earn 1.75% a year and borrowers pay 2.33% right now.

Data from Morpho's API · updated 2026-09-26 14:20 UTC

Borrow APY

2.33%

30-day average 3.04%

Supply APY

1.75%

30-day average 2.55%

Supplied

$798K

798.49K USDT

Borrowed

$601K

75.3% utilization

Available to borrow

$197K

free liquidity right now

Collateral posted

$1.74M

20.77 cbBTC

Open in the Morpho app ↗Liquidation price calculator Borrow cost calculator

cbBTC / USDT rate history

Average supply and borrow APY for each day

Utilization

cbBTC / USDT 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 2.65% 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 USDT. 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 USDT	83.96K USDT
Oracle	ChainlinkOracleV20x0E05…38ac
Price feeds	0xF403…E88c
Market fee	Noneshare of interest taken by the protocol
Pre-liquidation	Availableborrowers can opt in to gentler, earlier liquidations from 83.26% LTV

LLTV and liquidations · How oracles work

Details

Loan asset	USDTprice $0.9998
Collateral	cbBTCprice $83.9K
Borrowers	33
Created	October 26, 2025
Market ID	0x45671fb8…b05bca
Rate model	0x870a…00BC
cbBTC token	0xcbB7…33Bf
USDT token	0xdAC1…1ec7

Vaults lending here

$798K of the $798K supplied comes from these vaults

Vault	Lent here	Vault net APY	Vault deposits
Galaxy USDT QualityV2lends directly	$740K	4.22%	$21.27M
UltraYield USDT CoreV2lends directly	$50.1K	3.06%	$101K
Vault Bridge USDTlends directly	$4.2K	4.03%	$3.11M
Gauntlet USDT Primelends directly	$3.4K	4.20%	$3.17M
Gauntlet USDT Frontierlends directly	$11.00	4.15%	$9.64M

Largest borrowers

33 open loans in this market

Address	Borrowed	Collateral	Health	Price drop to liquidation
0xc918…184E	$135K	$593K	3.77	73.5%
0x7225…4f96	$90.8K	$227K	2.15	53.5%
0x4Ce3…1Fb8	$72.1K	$142K	1.69	40.8%
0xd164…38cb	$66.2K	$158K	2.06	51.4%
0x52aB…cb00	$56.8K	$177K	2.68	62.6%
0x4C00…CFE1	$34.0K	$71.5K	1.81	44.7%
0xC3Dc…7f56	$23.5K	$64.7K	2.37	57.8%
0x6031…3872	$22.0K	$44.7K	1.74	42.7%
0x1F9c…15b3	$20.4K	$48.3K	2.03	50.9%
0xF36B…34D3	$16.3K	$25.1K	1.33	24.6%

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, $2.9K of debt repaid

All liquidations →

When	Debt repaid	Collateral taken	Borrower	Transaction
2026-09-11 12:30 UTC	$2.9K2.87K USDT	$3.3K0.0393 cbBTC	0x748f…7699	0x8ab8…a2f9

About the cbBTC / USDT market

The cbBTC / USDT market on Ethereum was created on October 26, 2025. Anyone can lend USDT into it, and anyone holding cbBTC can borrow that USDT against it, up to a loan-to-value of 86% (its LLTV), where liquidation starts. Prices come from Chainlink-style price feeds.

Right now $798K is supplied and $601K borrowed, so 75.3% of the market is in use, backed by $1.74M of cbBTC from 33 borrowers. Borrowers pay 2.33% a year, 3.04% on average over the last 30 days. Lenders earn 1.75%.

5 listed vaults lend here, providing $798K of the supply; the largest are Galaxy USDT Quality, UltraYield USDT Core and Vault Bridge USDT. Liquidators who close an unsafe loan here receive a 4.38% bonus in cbBTC. If cbBTC fell 20% against USDT, about $6.7K of collateral would be at risk of liquidation. 1 loan was liquidated here in the last 30 days.

cbBTC / USDT 86% (45671f) on Ethereum: quick answers

What is the USDT borrow rate against cbBTC on Morpho Ethereum?

In this market it is 2.33% a year right now, and it averaged 3.04% over the last 30 days. The rate is variable: it follows how much of the market's USDT is borrowed, rising quickly above 90%.

When is a cbBTC / USDT 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 USDT.

How much USDT can be borrowed here right now?

$197K 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 / USDT market?

Lenders earn 1.75% a year right now (2.55% averaged over 30 days). Most lend through vaults, such as Galaxy USDT Quality, UltraYield USDT Core and Vault Bridge USDT, which spread deposits across several markets.

Other cbBTC / USDT markets

The same pair with a different LLTV, oracle or network

Market	Supplied	Supply APY	Borrowed	Borrow APY	Utilization
cbBTC / USDTEthereum · LLTV 86%	$17.19M17.19M USDT	4.45%	$15.65M$37.31M collateral	4.90%	91.0%

More ways to borrow against cbBTC

Other loan assets with cbBTC as collateral

All cbBTC markets →

Market	Supplied	Supply APY	Borrowed	Borrow APY	Utilization
cbBTC / USDCBase · LLTV 86%	$1.65B1.65B USDC	4.31%	$1.48B$3.22B collateral	4.80%	90.0%
cbBTC / USDCEthereum · LLTV 86%	$338.3M338.34M USDC	4.50%	$305.2M$704.4M collateral	5.00%	90.2%
cbBTC / EURCVEthereum · LLTV 86%	$14.45M12.69M EURCV	1.88%	$13.04M$23.02M collateral	2.09%	90.3%
cbBTC / RLUSDEthereum · LLTV 86%	$12.99M12.99M RLUSD	3.51%	$11.69M$41.85M collateral	3.91%	90.0%
cbBTC / EURCBase · LLTV 86%	$4.40M3.86M EURC	2.43%	$3.53M$7.84M collateral	3.03%	80.3%
cbBTC / USDSEthereum · LLTV 86%	$3.68M3.68M USDS	2.66%	$3.31M$5.98M collateral	2.96%	90.0%