mM1-USD / USDC on Ethereum
A Morpho market on Ethereum where people borrow USDC against mM1-USD. A loan can be liquidated once it reaches 86% of the collateral's value. Lenders earn 8.15% a year and borrowers pay 9.09% right now.
Data from Morpho's API · updated
Borrow APY
9.09%
30-day average 8.82%
Supply APY
8.15%
30-day average 7.86%
Supplied
$8.68M
8.69M USDC
Borrowed
$7.82M
90.1% utilization
Available to borrow
$860K
free liquidity right now
Collateral posted
$14.95M
14.21M mM1-USD
mM1-USD / USDC rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
mM1-USD / 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 8.82% 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 mM1-USD collateral could be liquidated if its price fell by each amount
Based on today's loans and today's mM1-USD 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 |
| mM1-USD price in USDC | 1.05 USDCthe market's oracle, which liquidations follow |
| Oracle | ChainlinkOracleV20xb558…0b0a |
| Price feeds | 0xad31…0702 |
| Market fee | Noneshare of interest taken by the protocol |
Details
| Loan asset | USDCprice $0.9997 |
|---|---|
| Collateral | mM1-USDprice $1.0527 |
| Borrowers | 7 |
| Created | June 18, 2026 |
| Market ID | 0x4abde059…17be99 |
| Rate model | 0x870a…00BC |
| mM1-USD token | 0xCc5C…D203 |
| USDC token | 0xA0b8…eB48 |
Vaults lending here
$8.62M of the $8.68M supplied comes from these vaults
| Vault | Lent here |
|---|---|
| M1 USDCV2lends directly | $8.62M |
Largest borrowers
7 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0x50B8…AB41 | $3.78M | 1.34 |
| 0x853D…9701 | $1.91M | 2.38 |
| 0x9c93…2eB2 | $1.03M | 1.40 |
| 0xB8dd…1814 | $824K | 1.61 |
| 0xF198…8E5E | $175K | 2.07 |
| 0xB938…060a | $108K | 1.11 |
| 0xfeed…3C9a | $1.00 | 3.81 |
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 mM1-USD / USDC market
The mM1-USD / USDC market on Ethereum was created on June 18, 2026. Anyone can lend USDC into it, and anyone holding mM1-USD 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 $8.68M is supplied and $7.82M borrowed, so 90.1% of the market is in use, backed by $14.95M of mM1-USD from 7 borrowers. Borrowers pay 9.09% a year, 8.82% on average over the last 30 days. Lenders earn 8.15%.
1 listed vault lends here, providing $8.62M of the supply; the largest is M1 USDC. Liquidators who close an unsafe loan here receive a 4.38% bonus in mM1-USD. If mM1-USD fell 20% against USDC, about $140K of collateral would be at risk of liquidation.
mM1-USD / USDC on Ethereum: quick answers
What is the USDC borrow rate against mM1-USD on Morpho Ethereum?
In this market it is 9.09% a year right now, and it averaged 8.82% 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 mM1-USD / 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 mM1-USD worth 4.38% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if mM1-USD fell to about 0.612 USDC.
How much USDC can be borrowed here right now?
$860K is free in the market. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the mM1-USD / USDC market?
Lenders earn 8.15% a year right now (7.86% averaged over 30 days). Most lend through vaults, such as M1 USDC, which spread deposits across several markets.