PST / USDC on Ethereum
A Morpho market on Ethereum where people borrow USDC against PST. A loan can be liquidated once it reaches 86% of the collateral's value. Lenders earn 6.50% a year and borrowers pay 7.38% right now.
Data from Morpho's API · updated
Borrow APY
7.38%
30-day average 8.11%
Supply APY
6.50%
30-day average 7.08%
Supplied
$18.38M
18.38M USDC
Borrowed
$16.27M
88.5% utilization
Available to borrow
$2.11M
free liquidity right now
Collateral posted
$20.58M
17.96M PST
PST / USDC rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
PST / 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 7.47% 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 PST collateral could be liquidated if its price fell by each amount
Based on today's loans and today's PST 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 |
| PST price in USDC | 1.15 USDCthe market's oracle, which liquidations follow |
| Oracle | ChainlinkOracleV20xa565…8ac0 |
| Price feeds | 0x4BE5…65E6 |
| Market fee | Noneshare of interest taken by the protocol |
Details
| Loan asset | USDCprice $0.9997 |
|---|---|
| Collateral | PSTprice $1.1462 |
| Borrowers | 9 |
| Created | May 29, 2026 |
| Market ID | 0x002278ea…f933ea |
| Rate model | 0x870a…00BC |
| PST token | 0x22aE…d4c7 |
| USDC token | 0xA0b8…eB48 |
Vaults lending here
$18.12M of the $18.38M supplied comes from these vaults
| Vault | Lent here |
|---|---|
| Huma USDC MainV2lends directly | $13.77M |
| Galaxy USDC EnhancedV2lends directly | $4.31M |
| Flowmark fGenesisV2lends directly | $39.9K |
Largest borrowers
9 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0x9F0D…f952 | $10.41M | 1.06 |
| 0x3658…a20d | $3.15M | 1.18 |
| 0x55Fa…272c | $1.60M | 1.07 |
| 0xdf81…2730 | $1.11M | 1.09 |
| 0x2aD8…dBb0 | $13.00 | 1.10 |
| 0x3585…2a7d | $12.00 | 1.29 |
| 0x22D4…676A | $1.00 | 2.13 |
| 0x2e8A…2245 | $0 | 1.14 |
| 0x7651…68cd | $0 | >99 |
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 PST / USDC market
The PST / USDC market on Ethereum was created on May 29, 2026. Anyone can lend USDC into it, and anyone holding PST 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 $18.38M is supplied and $16.27M borrowed, so 88.5% of the market is in use, backed by $20.58M of PST from 9 borrowers. Borrowers pay 7.38% a year, 8.11% on average over the last 30 days. Lenders earn 6.50%.
3 listed vaults lend here, providing $18.12M of the supply; the largest are Huma USDC Main, Galaxy USDC Enhanced and Flowmark fGenesis. Liquidators who close an unsafe loan here receive a 4.38% bonus in PST. If PST fell 20% against USDC, about $20.58M of collateral would be at risk of liquidation.
PST / USDC on Ethereum: quick answers
What is the USDC borrow rate against PST on Morpho Ethereum?
In this market it is 7.38% a year right now, and it averaged 8.11% 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 PST / 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 PST worth 4.38% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if PST fell to about 0.666 USDC.
How much USDC can be borrowed here right now?
$2.11M is free in the market. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the PST / USDC market?
Lenders earn 6.50% a year right now (7.08% averaged over 30 days). Most lend through vaults, such as Huma USDC Main, Galaxy USDC Enhanced and Flowmark fGenesis, which spread deposits across several markets.
Other PST / USDC markets
The same pair with a different LLTV, oracle or network
| Market | Supply APY | Borrow APY |
|---|---|---|
| PST / USDCArc · LLTV 86% | 4.29% | 4.91%−0.14% rewards |
More ways to borrow against PST
Other loan assets with PST as collateral
| Market | Supply APY | Borrow APY |
|---|---|---|
| PST / PYUSDEthereum · LLTV 86% | 6.70% | 7.44% |
| PST / AUSDEthereum · LLTV 86% | 5.87% | 6.54% |
| PST / USDTEthereum · LLTV 86% | 7.30% | 7.86% |
