srNUSD / USDC on EthereumStuck⚠ Has unrealized bad debt
A Morpho market on Ethereum where people borrow USDC against srNUSD. A loan can be liquidated once it reaches 91.5% of the collateral's value. Lenders earn 9639.92% a year and borrowers pay 9640.39% right now.
Data from Morpho's API · updated
Borrow APY
9640.39%
30-day average 45007.50%
Supply APY
9639.92%
30-day average 45005.28%
Supplied
$1.1K
1.08K USDC
Borrowed
$1.1K
100.0% utilization
Available to borrow
$0
free liquidity right now
Collateral posted
$0
798.33 srNUSD
Warnings
- Interest here has run away on a fully borrowed pool, which usually means the collateral failed. The figures above are not meaningful.
- Has unrealized bad debt
See the bad debt page.
srNUSD / USDC rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
srNUSD / 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 638.91% 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.
Risk settings
| Liquidation LTV (LLTV) | 91.5%fixed for the life of the market |
|---|---|
| Liquidation bonus | 2.62%extra collateral a liquidator receives |
| srNUSD price in USDC | – |
| Oracle | Unknown0x9E10…F4Be |
| Market fee | Noneshare of interest taken by the protocol |
| Bad debt | $109 |
Details
| Loan asset | USDCprice $0.9999 |
|---|---|
| Collateral | srNUSDprice – |
| Borrowers | 3 |
| Created | February 13, 2026 |
| Market ID | 0x0ff9c1f2…65d789 |
| Rate model | 0x870a…00BC |
| srNUSD token | 0x65a4…89dB |
| USDC token | 0xA0b8…eB48 |
Vaults lending here
No listed vault lends to this market right now
Largest borrowers
3 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0xC32b…6426 | $615 | 0.74 |
| 0x3722…f727 | $469 | 0.96 |
| 0x594c…D562 | $0 | 1.76 |
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 srNUSD / USDC market
The srNUSD / USDC market on Ethereum was created on February 13, 2026. Anyone can lend USDC into it, and anyone holding srNUSD can borrow that USDC against it, up to a loan-to-value of 91.5% (its LLTV), where liquidation starts. Prices come from a custom oracle; check its source before borrowing or lending.
Right now $1.1K is supplied and $1.1K borrowed, so 100.0% of the market is in use, backed by $0 of srNUSD from 3 borrowers. Borrowers pay 9640.39% a year, 45007.50% on average over the last 30 days. Lenders earn 9639.92%.
No listed vault lends to this market right now, so its supply comes from direct lenders. Liquidators who close an unsafe loan here receive a 2.62% bonus in srNUSD.
srNUSD / USDC on Ethereum: quick answers
What is the USDC borrow rate against srNUSD on Morpho Ethereum?
In this market it is 9640.39% a year right now, and it averaged 45007.50% 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 is a srNUSD / USDC 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 srNUSD worth 2.62% more than it repaid.
How much USDC can be borrowed here right now?
$0 is free in the market. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the srNUSD / USDC market?
Lenders earn 9639.92% a year right now (45005.28% averaged over 30 days). Most lend through vaults, which spread deposits across several markets.
Does the srNUSD / USDC market have any warnings?
Morpho's app flags: has unrealized bad debt. It has $109 of bad debt on record.