etrUSD / USDC on Ethereum
A Morpho market on Ethereum where people borrow USDC against etrUSD. A loan can be liquidated once it reaches 86% of the collateral's value. Lenders earn 9.68% a year and borrowers pay 10.74% right now.
Data from Morpho's API · updated
Borrow APY
10.74%
30-day average 9.28%
Supply APY
9.68%
30-day average 8.36%
Supplied
$1.82M
1.83M USDC
Borrowed
$1.65M
90.6% utilization
Available to borrow
$172K
free liquidity right now
Collateral posted
$4.17M
4.09M etrUSD
etrUSD / USDC rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
etrUSD / 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 9.05% 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 etrUSD collateral could be liquidated if its price fell by each amount
Based on today's loans and today's etrUSD 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 |
| etrUSD price in USDC | 1.02 USDCthe market's oracle, which liquidations follow |
| Oracle | ChainlinkOracleV20xF731…4Dcf |
| Price feeds | 0x835C…d659 0x8fFf…18f6 |
| Market fee | Noneshare of interest taken by the protocol |
Details
| Loan asset | USDCprice $0.9997 |
|---|---|
| Collateral | etrUSDprice $1.0192 |
| Borrowers | 11 |
| Created | August 21, 2026 |
| Market ID | 0xff836cc9…9e365b |
| Rate model | 0x870a…00BC |
| etrUSD token | 0x6f20…592d |
| USDC token | 0xA0b8…eB48 |
Vaults lending here
$1.79M of the $1.82M supplied comes from these vaults
| Vault | Lent here |
|---|---|
| RockawayX Tori EcosystemV2lends directly | $1.76M |
| RockawayX USDC YieldV2lends directly | $31.1K |
Largest borrowers
11 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0xB47c…5bFD | $837K | 1.05 |
| 0xf292…d797 | $364K | 1.19 |
| 0x32c5…2F4B | $254K | 1.05 |
| 0xd7Fc…fd12 | $125K | 1.05 |
| 0xbF68…FA75 | $36.5K | 1.07 |
| 0x2b7D…3A73 | $19.1K | 1.27 |
| 0x07A1…DfF7 | $8.6K | 1.23 |
| 0x1E70…Ae11 | $7.6K | 1.15 |
| 0x0068…E5B6 | $426 | >99 |
| 0xc37e…a5A9 | $87.00 | 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
About the etrUSD / USDC market
The etrUSD / USDC market on Ethereum was created on August 21, 2026. Anyone can lend USDC into it, and anyone holding etrUSD 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 $1.82M is supplied and $1.65M borrowed, so 90.6% of the market is in use, backed by $4.17M of etrUSD from 11 borrowers. Borrowers pay 10.74% a year, 9.28% on average over the last 30 days. Lenders earn 9.68%.
2 listed vaults lend here, providing $1.79M of the supply; the largest are RockawayX Tori Ecosystem and RockawayX USDC Yield. Liquidators who close an unsafe loan here receive a 4.38% bonus in etrUSD. If etrUSD fell 20% against USDC, about $2.06M of collateral would be at risk of liquidation.
etrUSD / USDC on Ethereum: quick answers
What is the USDC borrow rate against etrUSD on Morpho Ethereum?
In this market it is 10.74% a year right now, and it averaged 9.28% 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 etrUSD / 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 etrUSD worth 4.38% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if etrUSD fell to about 0.593 USDC.
How much USDC can be borrowed here right now?
$172K is free in the market. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the etrUSD / USDC market?
Lenders earn 9.68% a year right now (8.36% averaged over 30 days). Most lend through vaults, such as RockawayX Tori Ecosystem and RockawayX USDC Yield, which spread deposits across several markets.