iUSD / USDC on Ethereum
A Morpho market on Ethereum where people borrow USDC against iUSD. A loan can be liquidated once it reaches 91.5% of the collateral's value. Lenders earn 6.16% a year and borrowers pay 6.91% right now.
Data from Morpho's API · updated
Borrow APY
6.91%
30-day average 7.42%
Supply APY
6.16%
30-day average 6.57%
Supplied
$7.3K
7.27K USDC
Borrowed
$6.5K
89.5% utilization
Available to borrow
$760
free liquidity right now
Collateral posted
$8.0K
8.00K iUSD
iUSD / USDC rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
iUSD / 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 6.93% 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 iUSD collateral could be liquidated if its price fell by each amount
Based on today's loans and today's iUSD price in USDC. Borrowers who repay or add collateral move these numbers every day.
Risk settings
| Liquidation LTV (LLTV) | 91.5%fixed for the life of the market |
|---|---|
| Liquidation bonus | 2.62%extra collateral a liquidator receives |
| iUSD price in USDC | 1.00 USDC |
| Oracle | ChainlinkOracleV20x570F…7D34 |
| Price feeds | 0xF81A…7067 |
| Market fee | Noneshare of interest taken by the protocol |
Details
| Loan asset | USDCprice $0.9999 |
|---|---|
| Collateral | iUSDprice $0.9998 |
| Borrow APY, last year | 7.01% |
| Borrowers | 2 |
| Created | July 11, 2025 |
| Market ID | 0x6df56abb…a4edbd |
| Rate model | 0x870a…00BC |
| iUSD token | 0x48f9…D89c |
| USDC token | 0xA0b8…eB48 |
Vaults lending here
$7.3K of the $7.3K supplied comes from these vaults
| Vault | Lent here |
|---|---|
| Waterline infiniFi USDClends directly | $6.5K |
| Waterline InfiniFi USDCV2lends directly | $816 |
Largest borrowers
2 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0xbbC7…16b2 | $6.5K | 1.13 |
| 0xfeed…3C9a | $1.00 | 3.35 |
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 iUSD / USDC market
The iUSD / USDC market on Ethereum was created on July 11, 2025. Anyone can lend USDC into it, and anyone holding iUSD can borrow that USDC against it, up to a loan-to-value of 91.5% (its LLTV), where liquidation starts. Prices come from Chainlink-style price feeds.
Right now $7.3K is supplied and $6.5K borrowed, so 89.5% of the market is in use, backed by $8.0K of iUSD from 2 borrowers. Borrowers pay 6.91% a year, 7.42% on average over the last 30 days and 7.01% over the last year. Lenders earn 6.16%.
2 listed vaults lend here, providing $7.3K of the supply; the largest are Waterline infiniFi USDC and Waterline InfiniFi USDC. Liquidators who close an unsafe loan here receive a 2.62% bonus in iUSD. If iUSD fell 20% against USDC, about $8.0K of collateral would be at risk of liquidation.
iUSD / USDC on Ethereum: quick answers
What is the USDC borrow rate against iUSD on Morpho Ethereum?
In this market it is 6.91% a year right now, and it averaged 7.42% 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 iUSD / USDC loan liquidated?
When the loan reaches 91.5% of the collateral's value (the market's LLTV). A liquidator then repays part of the debt and takes iUSD worth 2.62% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if iUSD fell to about 0.546 USDC.
How much USDC can be borrowed here right now?
$760 is free in the market. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the iUSD / USDC market?
Lenders earn 6.16% a year right now (6.57% averaged over 30 days). Most lend through vaults, such as Waterline infiniFi USDC and Waterline InfiniFi USDC, which spread deposits across several markets.