ONDO / USDC on Ethereum
A Morpho market on Ethereum where people borrow USDC against ONDO. A loan can be liquidated once it reaches 62.5% of the collateral's value. Lenders earn 6.61% a year and borrowers pay 7.68% right now.
Data from Morpho's API · updated
Borrow APY
7.68%
30-day average 8.43%
Supply APY
6.61%
30-day average 7.46%
Supplied
$471K
471.40K USDC
Borrowed
$408K
86.5% utilization
Available to borrow
$63.5K
up to $63.5K with vault liquidity
Collateral posted
$1.17M
3.34M ONDO
ONDO / USDC rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
ONDO / 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 7.91% 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 ONDO collateral could be liquidated if its price fell by each amount
Based on today's loans and today's ONDO price in USDC. Borrowers who repay or add collateral move these numbers every day.
Risk settings
| Liquidation LTV (LLTV) | 62.5%fixed for the life of the market |
|---|---|
| Liquidation bonus | 12.68%extra collateral a liquidator receives |
| ONDO price in USDC | 0.352 USDCthe market's oracle, which liquidations follow |
| Oracle | ChainlinkOracleV20x77cc…bd63 |
| Price feeds | 0xf907…7Ce5 0xE9aE…e686 |
| Market fee | Noneshare of interest taken by the protocol |
Details
| Loan asset | USDCprice $0.9997 |
|---|---|
| Collateral | ONDOprice $0.3490 |
| Borrowers | 38 |
| Created | January 23, 2026 |
| Market ID | 0x7dea3baf…7b39e5 |
| Rate model | 0x870a…00BC |
| ONDO token | 0xfAbA…9BE3 |
| USDC token | 0xA0b8…eB48 |
Vaults lending here
$426K of the $471K supplied comes from these vaults
| Vault | Lent here |
|---|---|
| Kabu USDCV2lends directly | $426K |
Largest borrowers
38 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0xe365…13D8 | $296K | 1.78 |
| 0x411c…4B67 | $60.0K | 1.84 |
| 0x7DFB…c380 | $17.1K | 1.62 |
| 0x4234…C6D9 | $5.2K | 3.26 |
| 0x0386…C5c2 | $4.7K | 1.53 |
| 0xaf21…4017 | $4.5K | 1.99 |
| 0xd70e…d3dE | $2.8K | 1.74 |
| 0xB161…46C0 | $2.2K | 1.06 |
| 0x7810…e83f | $2.1K | 1.49 |
| 0xd186…EF4F | $1.7K | 1.81 |
Health is collateral value times the LLTV, divided by the debt. Below 1.00 a loan can be liquidated.
Recent liquidations here
3 in the last 30 days, $3.3K of debt repaid
| When | Debt repaid | Transaction |
|---|---|---|
| $1.5K1.47K USDC | 0x41c2…bd68 | |
| $1.3K1.31K USDC | 0xf6c0…8890 | |
| $539539.21 USDC | 0xa8a3…bd4c | |
| $861860.73 USDC | 0xf8be…84e3 |
About the ONDO / USDC market
The ONDO / USDC market on Ethereum was created on January 23, 2026. Anyone can lend USDC into it, and anyone holding ONDO can borrow that USDC against it, up to a loan-to-value of 62.5% (its LLTV), where liquidation starts. Prices come from Chainlink-style price feeds.
Right now $471K is supplied and $408K borrowed, so 86.5% of the market is in use, backed by $1.17M of ONDO from 38 borrowers. Borrowers pay 7.68% a year, 8.43% on average over the last 30 days. Lenders earn 6.61%.
1 listed vault lends here, providing $426K of the supply; the largest is Kabu USDC. Liquidators who close an unsafe loan here receive a 12.68% bonus in ONDO. If ONDO fell 20% against USDC, about $6.4K of collateral would be at risk of liquidation. 3 loans were liquidated here in the last 30 days.
ONDO / USDC on Ethereum: quick answers
What is the USDC borrow rate against ONDO on Morpho Ethereum?
In this market it is 7.68% a year right now, and it averaged 8.43% 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 ONDO / USDC loans liquidated?
When a loan reaches 62.5% of the collateral's value (the market's LLTV). A liquidator then repays part of the debt and takes ONDO worth 12.68% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if ONDO fell to about 0.281 USDC.
How much USDC can be borrowed here right now?
$63.5K is free in the market, and vaults can move in up to $0.03 more through Morpho's public allocator, for about $63.5K in all. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the ONDO / USDC market?
Lenders earn 6.61% a year right now (7.46% averaged over 30 days). Most lend through vaults, such as Kabu USDC, which spread deposits across several markets.