cbBTC / USDT on Ethereum (86% LLTV, Chainlink V2 oracle)
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 3.01% a year and borrowers pay 3.61% right now.
Data from Morpho's API · updated
Borrow APY
3.61%
30-day average 4.26%
Supply APY
3.01%
30-day average 3.83%
Supplied
$1.00M
1.00M USDT
Borrowed
$837K
83.7% utilization
Available to borrow
$163K
free liquidity right now
Collateral posted
$2.42M
33.65 cbBTC
cbBTC / USDT rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
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 3.81% 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 | 71.90K USDTthe market's oracle, which liquidations follow |
| 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 |
Details
| Loan asset | USDTprice $0.9990 |
|---|---|
| Collateral | cbBTCprice $71.8K |
| Borrow APY, last year | 3.41% |
| Borrowers | 53 |
| Created | October 26, 2025 |
| Market ID | 0x45671fb8…b05bca |
| Rate model | 0x870a…00BC |
| cbBTC token | 0xcbB7…33Bf |
| USDT token | 0xdAC1…1ec7 |
Vaults lending here
$1.00M of the $1.00M supplied comes from these vaults
Largest borrowers
53 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0xc918…184E | $177K | 2.47 |
| 0x7225…4f96 | $91.2K | 1.83 |
| 0x4Ce3…1Fb8 | $82.0K | 1.27 |
| 0x7d90…97B9 | $76.2K | 8.11 |
| 0xd164…38cb | $61.0K | 1.52 |
| 0x52aB…cb00 | $57.0K | 2.28 |
| 0x4C00…CFE1 | $34.2K | 1.54 |
| 0xF6cf…0319 | $30.4K | 2.13 |
| 0xC3Dc…7f56 | $23.6K | 2.01 |
| 0x3B70…D24a | $21.7K | 1.64 |
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 |
|---|---|---|
| $2.9K2.87K USDT | 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 $1.00M is supplied and $837K borrowed, so 83.7% of the market is in use, backed by $2.42M of cbBTC from 53 borrowers. Borrowers pay 3.61% a year, 4.26% on average over the last 30 days and 3.41% over the last year. Lenders earn 3.01%.
12 listed vaults lend here, providing $1.00M of the supply; the largest are Galaxy USDT Quality, Steakhouse USDT and Steakhouse Prime USDT. Liquidators who close an unsafe loan here receive a 4.38% bonus in cbBTC. If cbBTC fell 20% against USDT, about $11.3K of collateral would be at risk of liquidation.
cbBTC / USDT (86% LLTV, Chainlink V2 oracle) on Ethereum: quick answers
What is the USDT borrow rate against cbBTC on Morpho Ethereum?
In this market it is 3.61% a year right now, and it averaged 4.26% 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 are cbBTC / USDT 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 41.80K USDT.
How much USDT can be borrowed here right now?
$163K 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 3.01% a year right now (3.83% averaged over 30 days). Most lend through vaults, such as Galaxy USDT Quality, Steakhouse USDT and Steakhouse Prime USDT, which spread deposits across several markets.
Other cbBTC / USDT markets
The same pair with a different LLTV, oracle or network
| Market | Supply APY | Borrow APY |
|---|---|---|
| cbBTC / USDTEthereum · LLTV 86% | 3.05% | 3.68% |
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 / EURCBase · LLTV 86% | 6.88% | 7.37% |
| cbBTC / USDCEthereum · LLTV 86% | 4.48% | 4.99% |
| cbBTC / USDSEthereum · LLTV 86% | 3.96% | 4.40% |
