reUSD / USDT on Ethereum
A Morpho market on Ethereum where people borrow USDT against reUSD. A loan can be liquidated once it reaches 91.5% of the collateral's value. Lenders earn 5.54% a year and borrowers pay 6.37% right now.
Data from Morpho's API · updated
Borrow APY
6.37%
30-day average 6.60%
Supply APY
5.54%
30-day average 5.95%
Supplied
$3.19M
3.19M USDT
Borrowed
$2.79M
87.3% utilization
Available to borrow
$406K
up to $451K with vault liquidity
Collateral posted
$3.22M
2.92M reUSD
reUSD / USDT rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
reUSD / USDT 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 6.52% 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 USDT. 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 USDT | 1.10 USDT |
| Oracle | ChainlinkOracleV20xA66a…4E70 |
| Price feeds | 0x72B5…1B46 |
| Market fee | Noneshare of interest taken by the protocol |
Details
| Loan asset | USDTprice $0.9998 |
|---|---|
| Collateral | reUSDprice $1.1032 |
| Borrowers | 12 |
| Created | April 7, 2026 |
| Market ID | 0x9105a544…539e35 |
| Rate model | 0x870a…00BC |
| reUSD token | 0x5086…0c72 |
| USDT token | 0xdAC1…1ec7 |
Vaults lending here
$3.16M of the $3.19M supplied comes from these vaults
| Vault | Lent here |
|---|---|
| Smokehouse USDTlends directly | $2.86M |
| Steakhouse High Yield USDTV2lends directly | $296K |
Largest borrowers
12 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0xdf81…2730 | $1.52M | 1.05 |
| 0xe293…6B1d | $595K | 1.02 |
| 0x1cb4…8894 | $293K | 1.02 |
| 0x67f5…9722 | $208K | 1.29 |
| 0xfA11…1C4E | $55.6K | 1.02 |
| 0xB47c…5bFD | $50.0K | 1.05 |
| 0xa651…9Fe4 | $39.7K | 1.03 |
| 0x9Db8…4633 | $13.9K | 1.06 |
| 0x17E1…96b2 | $6.4K | 1.05 |
| 0x6f84…7d35 | $3.5K | 1.05 |
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 / USDT market
The reUSD / USDT market on Ethereum was created on April 7, 2026. Anyone can lend USDT into it, and anyone holding reUSD can borrow that USDT 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 $3.19M is supplied and $2.79M borrowed, so 87.3% of the market is in use, backed by $3.22M of reUSD from 12 borrowers. Borrowers pay 6.37% a year, 6.60% on average over the last 30 days. Lenders earn 5.54%.
2 listed vaults lend here, providing $3.16M of the supply; the largest are Smokehouse USDT and Steakhouse High Yield USDT. Liquidators who close an unsafe loan here receive a 2.62% bonus in reUSD. If reUSD fell 20% against USDT, about $2.92M of collateral would be at risk of liquidation.
reUSD / USDT on Ethereum: quick answers
What is the USDT borrow rate against reUSD on Morpho Ethereum?
In this market it is 6.37% a year right now, and it averaged 6.60% over the last 30 days. The rate is variable: it follows how much of the market's USDT is borrowed, rising quickly above 90%.
When is a reUSD / USDT 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 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 0.603 USDT.
How much USDT can be borrowed here right now?
$406K is free in the market, and vaults can move in up to $45.0K more through Morpho's public allocator, for about $451K in all. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the reUSD / USDT market?
Lenders earn 5.54% a year right now (5.95% averaged over 30 days). Most lend through vaults, such as Smokehouse USDT and Steakhouse High Yield USDT, 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 / USDCEthereum · LLTV 91.5% | 5.29% | 6.02% |
| reUSD / AUSDEthereum · LLTV 91.5% | 5.02% | 5.57% |
