stUSDS / USDS on Ethereum
A Morpho market on Ethereum where people borrow USDS against stUSDS. A loan can be liquidated once it reaches 86% of the collateral's value. Lenders earn 4.17% a year and borrowers pay 4.64% right now.
Data from Morpho's API · updated
Borrow APY
4.64%
30-day average 4.76%
Supply APY
4.17%
30-day average 4.17%
Supplied
$1.03M
1.03M USDS
Borrowed
$930K
90.0% utilization
Available to borrow
$103K
free liquidity right now
Collateral posted
$1.16M
1.08M stUSDS
stUSDS / USDS rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
stUSDS / USDS 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 4.64% 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 USDS. 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 USDS | 1.08 USDS |
| Oracle | ChainlinkOracleV20x0A97…454C |
| Price feeds | 0x99CD…EEB9 |
| Market fee | Noneshare of interest taken by the protocol |
Details
| Loan asset | USDSprice $0.9997 |
|---|---|
| Collateral | stUSDSprice $1.0756 |
| Borrowers | 8 |
| Created | January 21, 2026 |
| Market ID | 0x77e624dd…087f82 |
| Rate model | 0x870a…00BC |
| stUSDS token | 0x99CD…EEB9 |
| USDS token | 0xdC03…384F |
Vaults lending here
$1.03M of the $1.03M supplied comes from these vaults
| Vault | Lent here |
|---|---|
| sky.money USDS Risk CapitalV2lends directly | $1.03M |
Largest borrowers
8 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0x7C62…24C8 | $413K | 1.03 |
| 0xFab1…CbAC | $315K | 1.02 |
| 0x9b6f…c50e | $190K | 1.25 |
| 0x72F4…Fbc6 | $11.2K | 1.06 |
| 0x2FaD…2b3A | $996 | 1.06 |
| 0xcFF1…5E34 | $54.00 | 1.34 |
| 0x2662…091d | $1.00 | 1.48 |
| 0x9908…8bC1 | $0 | 1.06 |
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 / USDS market
The stUSDS / USDS market on Ethereum was created on January 21, 2026. Anyone can lend USDS into it, and anyone holding stUSDS can borrow that USDS against it, up to a loan-to-value of 86% (its LLTV), where liquidation starts. Prices come from Chainlink-style price feeds.
Right now $1.03M is supplied and $930K borrowed, so 90.0% of the market is in use, backed by $1.16M of stUSDS from 8 borrowers. Borrowers pay 4.64% a year, 4.76% on average over the last 30 days. Lenders earn 4.17%.
1 listed vault lends here, providing $1.03M of the supply; the largest is sky.money USDS Risk Capital. Liquidators who close an unsafe loan here receive a 4.38% bonus in stUSDS. If stUSDS fell 20% against USDS, about $884K of collateral would be at risk of liquidation.
stUSDS / USDS on Ethereum: quick answers
What is the USDS borrow rate against stUSDS on Morpho Ethereum?
In this market it is 4.64% a year right now, and it averaged 4.76% over the last 30 days. The rate is variable: it follows how much of the market's USDS is borrowed, rising quickly above 90%.
When is a stUSDS / USDS 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 0.626 USDS.
How much USDS can be borrowed here right now?
$103K 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 / USDS market?
Lenders earn 4.17% a year right now (4.17% averaged over 30 days). Most lend through vaults, such as sky.money USDS Risk Capital, 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 / USDCEthereum · LLTV 86% | 4.27% | 4.83% |
| stUSDS / USDTEthereum · LLTV 86% | 2.03% | 2.73% |
