reUSD / USDC on Ethereum
A Morpho market on Ethereum where people borrow USDC against reUSD. A loan can be liquidated once it reaches 91.5% of the collateral's value. Lenders earn 5.56% a year and borrowers pay 6.37% right now.
Data from Morpho's API · updated
Borrow APY
6.37%
30-day average 6.95%
Supply APY
5.56%
30-day average 6.19%
Supplied
$8.06M
8.06M USDC
Borrowed
$7.06M
87.6% utilization
Available to borrow
$997K
up to $1.73M with vault liquidity
Collateral posted
$7.91M
7.11M reUSD
reUSD / USDC rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
reUSD / 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 6.50% 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 reUSD collateral could be liquidated if its price fell by each amount
Based on today's loans and today's reUSD 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 |
| reUSD price in USDC | 1.11 USDCthe market's oracle, which liquidations follow |
| Oracle | ChainlinkOracleV20xA66a…4E70 |
| Price feeds | 0x72B5…1B46 |
| Market fee | Noneshare of interest taken by the protocol |
| Pre-liquidation | Availableborrowers can opt in to gentler, earlier liquidations from 89.79% LTV |
Details
| Loan asset | USDCprice $0.9997 |
|---|---|
| Collateral | reUSDprice $1.1124 |
| Borrow APY, last year | 7.63% |
| Borrowers | 27 |
| Created | August 3, 2025 |
| Market ID | 0x4565ac05…60eaed |
| Rate model | 0x870a…00BC |
| reUSD token | 0x5086…0c72 |
| USDC token | 0xA0b8…eB48 |
Vaults lending here
$7.96M of the $8.06M supplied comes from these vaults
Largest borrowers
27 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0x3874…9CCA | $1.85M | 1.02 |
| 0xB47c…5bFD | $1.04M | 1.01 |
| 0x40be…F904 | $1.01M | 1.01 |
| 0x2156…49B6 | $637K | 1.05 |
| 0x5D09…4C17 | $416K | 1.07 |
| 0x5d86…7c84 | $360K | 1.01 |
| 0xa1D9…930e | $352K | 1.05 |
| 0x6D3B…5409 | $300K | 1.05 |
| 0x115e…adbC | $297K | 1.01 |
| 0x67f5…9722 | $225K | 1.01 |
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 reUSD / USDC market
The reUSD / USDC market on Ethereum was created on August 3, 2025. Anyone can lend USDC into it, and anyone holding reUSD 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 $8.06M is supplied and $7.06M borrowed, so 87.6% of the market is in use, backed by $7.91M of reUSD from 27 borrowers. Borrowers pay 6.37% a year, 6.95% on average over the last 30 days and 7.63% over the last year. Lenders earn 5.56%.
9 listed vaults lend here, providing $7.96M of the supply; the largest are Re Ecosystem Vault, Steakhouse High Yield USDC and Galaxy USDC Enhanced. Liquidators who close an unsafe loan here receive a 2.62% bonus in reUSD. If reUSD fell 20% against USDC, about $7.90M of collateral would be at risk of liquidation.
reUSD / USDC on Ethereum: quick answers
What is the USDC borrow rate against reUSD on Morpho Ethereum?
In this market it is 6.37% a year right now, and it averaged 6.95% 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 reUSD / USDC loans liquidated?
When a loan reaches 91.5% of the collateral's value (the market's LLTV). A liquidator then repays part of the debt and takes reUSD worth 2.62% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if reUSD fell to about 0.608 USDC.
How much USDC can be borrowed here right now?
$997K is free in the market, and vaults can move in up to $735K more through Morpho's public allocator, for about $1.73M in all. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the reUSD / USDC market?
Lenders earn 5.56% a year right now (6.19% averaged over 30 days). Most lend through vaults, such as Re Ecosystem Vault, Steakhouse High Yield USDC and Galaxy USDC Enhanced, which spread deposits across several markets.
More ways to borrow against reUSD
Other loan assets with reUSD as collateral
| Market | Supply APY | Borrow APY |
|---|---|---|
| reUSD / USDTEthereum · LLTV 91.5% | 4.60% | 5.21% |
| reUSD / AUSDEthereum · LLTV 91.5% | 4.86% | 5.37% |
