siUSD / USDC on Ethereum
A Morpho market on Ethereum where people borrow USDC against siUSD. A loan can be liquidated once it reaches 91.5% of the collateral's value. Lenders earn 6.93% a year and borrowers pay 7.89% right now.
Data from Morpho's API · updated
Borrow APY
7.89%
30-day average 8.64%
Supply APY
6.93%
30-day average 7.68%
Supplied
$7.86M
7.86M USDC
Borrowed
$6.93M
88.2% utilization
Available to borrow
$927K
free liquidity right now
Collateral posted
$9.47M
8.62M siUSD
siUSD / USDC rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
siUSD / 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 8.01% 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 siUSD collateral could be liquidated if its price fell by each amount
Based on today's loans and today's siUSD 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 |
| siUSD price in USDC | 1.10 USDCthe market's oracle, which liquidations follow |
| Oracle | ChainlinkOracleV20xd2cC…fa6d |
| Price feeds | 0xF81A…7067 0xc386…973D 0xDBDC…9bCB |
| 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 | siUSDprice $1.0990 |
| Borrow APY, last year | 6.44% |
| Borrowers | 11 |
| Created | July 11, 2025 |
| Market ID | 0xbbf7ce1b…1d8c99 |
| Rate model | 0x870a…00BC |
| siUSD token | 0xDBDC…9bCB |
| USDC token | 0xA0b8…eB48 |
Vaults lending here
$5.70M of the $7.86M supplied comes from these vaults
| Vault | Lent here |
|---|---|
| Yearn OG USDClends directly | $1.68M |
| KPK USDC YieldV2lends directly | $1.60M |
| Waterline InfiniFi USDCV2lends directly | $1.03M |
| Yearn OG USDCV2lends directly | $617K |
| Usual Boosted USDClends directly | $568K |
| Clearstar USDC CoreV2lends directly | $209K |
Largest borrowers
11 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0xf9c8…7f36 | $6.81M | 1.09 |
| 0x88D0…fF3a | $72.5K | 1.06 |
| 0x955f…17a5 | $40.0K | 1.06 |
| 0x3f5f…e0b4 | $5.1K | 1.07 |
| 0xe9a3…8f1f | $167 | 1.00 |
| 0x47c7…D2Cf | $4.00 | 1.05 |
| 0xfeed…3C9a | $1.00 | 3.63 |
| 0x5884…154C | $1.00 | 1.85 |
| 0xB0f5…a74f | $0 | >99 |
| 0xe48c…8Dac | $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 siUSD / USDC market
The siUSD / USDC market on Ethereum was created on July 11, 2025. Anyone can lend USDC into it, and anyone holding siUSD 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 $7.86M is supplied and $6.93M borrowed, so 88.2% of the market is in use, backed by $9.47M of siUSD from 11 borrowers. Borrowers pay 7.89% a year, 8.64% on average over the last 30 days and 6.44% over the last year. Lenders earn 6.93%.
6 listed vaults lend here, providing $5.70M of the supply; the largest are Yearn OG USDC, KPK USDC Yield and Waterline InfiniFi USDC. Liquidators who close an unsafe loan here receive a 2.62% bonus in siUSD. If siUSD fell 20% against USDC, about $8.25M of collateral would be at risk of liquidation.
siUSD / USDC on Ethereum: quick answers
What is the USDC borrow rate against siUSD on Morpho Ethereum?
In this market it is 7.89% a year right now, and it averaged 8.64% 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 siUSD / 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 siUSD worth 2.62% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if siUSD fell to about 0.601 USDC.
How much USDC can be borrowed here right now?
$927K is free in the market. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the siUSD / USDC market?
Lenders earn 6.93% a year right now (7.68% averaged over 30 days). Most lend through vaults, such as Yearn OG USDC, KPK USDC Yield and Waterline InfiniFi USDC, which spread deposits across several markets.
More ways to borrow against siUSD
Other loan assets with siUSD as collateral
| Market | Supply APY | Borrow APY |
|---|---|---|
| siUSD / AUSDMonad · LLTV 91.5% | 5.75%+1.80% rewards | 6.34% |
| siUSD / msUSDEthereum · LLTV 91.5% | 0.11% | 0.31% |
