strUSD / USDC on Ethereum
A Morpho market on Ethereum where people borrow USDC against strUSD. A loan can be liquidated once it reaches 86% of the collateral's value. Lenders earn 6.73% a year and borrowers pay 7.48% right now.
Data from Morpho's API · updated
Borrow APY
7.48%
30-day average 7.10%
Supply APY
6.73%
30-day average 6.42%
Supplied
$12.26M
12.26M USDC
Borrowed
$11.07M
90.3% utilization
Available to borrow
$1.19M
free liquidity right now
Collateral posted
$14.18M
13.83M strUSD
strUSD / USDC rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
strUSD / 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 6.86% 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 strUSD collateral could be liquidated if its price fell by each amount
Based on today's loans and today's strUSD 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 |
| strUSD price in USDC | 1.03 USDC |
| Oracle | ChainlinkOracleV20x1506…A6A4 |
| Price feeds | 0x7fdA…0cAA 0x8fFf…18f6 |
| Market fee | Noneshare of interest taken by the protocol |
Details
| Loan asset | USDCprice $0.9999 |
|---|---|
| Collateral | strUSDprice $1.0252 |
| Borrowers | 54 |
| Created | July 23, 2026 |
| Market ID | 0x975c6e8b…a344b1 |
| Rate model | 0x870a…00BC |
| strUSD token | 0x2808…5815 |
| USDC token | 0xA0b8…eB48 |
Vaults lending here
$12.26M of the $12.26M supplied comes from these vaults
| Vault | Lent here |
|---|---|
| RockawayX Tori EcosystemV2lends directly | $9.21M |
| RockawayX USDC YieldV2lends directly | $3.04M |
Largest borrowers
54 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0x70aC…4033 | $2.60M | 1.20 |
| 0xa8a6…a60e | $2.33M | 1.13 |
| 0xAa34…5Dd5 | $1.26M | 1.01 |
| 0xB47c…5bFD | $1.01M | 1.06 |
| 0x6b28…bE5b | $802K | 1.08 |
| 0x5deb…c34B | $663K | 1.06 |
| 0x617a…cB63 | $389K | 1.05 |
| 0x6cC3…0e29 | $279K | 1.01 |
| 0x1EE6…36fE | $253K | 1.05 |
| 0x52eC…83A2 | $167K | 1.07 |
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 strUSD / USDC market
The strUSD / USDC market on Ethereum was created on July 23, 2026. Anyone can lend USDC into it, and anyone holding strUSD 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 $12.26M is supplied and $11.07M borrowed, so 90.3% of the market is in use, backed by $14.18M of strUSD from 54 borrowers. Borrowers pay 7.48% a year, 7.10% on average over the last 30 days. Lenders earn 6.73%.
2 listed vaults lend here, providing $12.26M of the supply; the largest are RockawayX Tori Ecosystem and RockawayX USDC Yield. Liquidators who close an unsafe loan here receive a 4.38% bonus in strUSD. If strUSD fell 20% against USDC, about $14.18M of collateral would be at risk of liquidation.
strUSD / USDC on Ethereum: quick answers
What is the USDC borrow rate against strUSD on Morpho Ethereum?
In this market it is 7.48% a year right now, and it averaged 7.10% 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 strUSD / USDC loan liquidated?
When the loan reaches 86% of the collateral's value (the market's LLTV). A liquidator then repays part of the debt and takes strUSD worth 4.38% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if strUSD fell to about 0.596 USDC.
How much USDC can be borrowed here right now?
$1.19M is free in the market. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the strUSD / USDC market?
Lenders earn 6.73% a year right now (6.42% averaged over 30 days). Most lend through vaults, such as RockawayX Tori Ecosystem and RockawayX USDC Yield, which spread deposits across several markets.
More ways to borrow against strUSD
Other loan assets with strUSD as collateral
| Market | Supply APY | Borrow APY |
|---|---|---|
| strUSD / AUSDMonad · LLTV 86% | 4.95%+3.52% rewards | 5.09% |
