stUSDS / USDC on Ethereum
A Morpho market on Ethereum where people borrow USDC against stUSDS. A loan can be liquidated once it reaches 86% of the collateral's value. Lenders earn 4.27% a year and borrowers pay 4.83% right now.
Data from Morpho's API · updated
Borrow APY
4.83%
30-day average 5.23%
Supply APY
4.27%
30-day average 4.52%
Supplied
$10.72M
10.72M USDC
Borrowed
$9.52M
88.7% utilization
Available to borrow
$1.21M
free liquidity right now
Collateral posted
$12.53M
11.65M stUSDS
stUSDS / USDC rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
stUSDS / 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 4.88% 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 stUSDS collateral could be liquidated if its price fell by each amount
Based on today's loans and today's stUSDS 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 |
| stUSDS price in USDC | 1.08 USDC |
| Oracle | ChainlinkOracleV20xba3D…9DD0 |
| Price feeds | 0xfF30…19b1 0x8fFf…18f6 0x99CD…EEB9 |
| Market fee | Noneshare of interest taken by the protocol |
Details
| Loan asset | USDCprice $0.9999 |
|---|---|
| Collateral | stUSDSprice $1.0756 |
| Borrowers | 10 |
| Created | February 21, 2026 |
| Market ID | 0xd570c19c…2af93d |
| Rate model | 0x870a…00BC |
| stUSDS token | 0x99CD…EEB9 |
| USDC token | 0xA0b8…eB48 |
Vaults lending here
$10.35M of the $10.72M supplied comes from these vaults
| Vault | Lent here |
|---|---|
| sky.money USDC Risk CapitalV2lends directly | $10.05M |
| Keyrock USDCV2lends directly | $201K |
| Hyperithm USDC ApexV2lends directly | $100.0K |
Largest borrowers
10 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0x7C62…24C8 | $4.33M | 1.03 |
| 0xae0a…21a3 | $2.80M | 1.01 |
| 0x9668…1D20 | $2.01M | 1.47 |
| 0x472E…e902 | $308K | 1.45 |
| 0x5a0B…9f93 | $55.0K | 1.20 |
| 0x7bE0…3466 | $2.0K | 1.11 |
| 0x8C7d…B6f9 | $36.00 | 1.10 |
| 0x95B3…F0cb | $7.00 | 1.50 |
| 0xcFF1…5E34 | $2.00 | 1.05 |
| 0x55e0…30c0 | $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 stUSDS / USDC market
The stUSDS / USDC market on Ethereum was created on February 21, 2026. Anyone can lend USDC into it, and anyone holding stUSDS 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 $10.72M is supplied and $9.52M borrowed, so 88.7% of the market is in use, backed by $12.53M of stUSDS from 10 borrowers. Borrowers pay 4.83% a year, 5.23% on average over the last 30 days. Lenders earn 4.27%.
3 listed vaults lend here, providing $10.35M of the supply; the largest are sky.money USDC Risk Capital, Keyrock USDC and Hyperithm USDC Apex. Liquidators who close an unsafe loan here receive a 4.38% bonus in stUSDS. If stUSDS fell 20% against USDC, about $8.57M of collateral would be at risk of liquidation.
stUSDS / USDC on Ethereum: quick answers
What is the USDC borrow rate against stUSDS on Morpho Ethereum?
In this market it is 4.83% a year right now, and it averaged 5.23% 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 stUSDS / 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 stUSDS worth 4.38% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if stUSDS fell to about 0.625 USDC.
How much USDC can be borrowed here right now?
$1.21M is free in the market. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the stUSDS / USDC market?
Lenders earn 4.27% a year right now (4.52% averaged over 30 days). Most lend through vaults, such as sky.money USDC Risk Capital, Keyrock USDC and Hyperithm USDC Apex, which spread deposits across several markets.
More ways to borrow against stUSDS
Other loan assets with stUSDS as collateral
| Market | Supply APY | Borrow APY |
|---|---|---|
| stUSDS / USDSEthereum · LLTV 86% | 4.17% | 4.64% |
| stUSDS / USDTEthereum · LLTV 86% | 2.03% | 2.73% |
