stUSDS / USDT on Ethereum
A Morpho market on Ethereum where people borrow USDT against stUSDS. A loan can be liquidated once it reaches 86% of the collateral's value. Lenders earn 2.03% a year and borrowers pay 2.73% right now.
Data from Morpho's API · updated
Borrow APY
2.73%
30-day average 4.87%
Supply APY
2.03%
30-day average 4.10%
Supplied
$312K
311.77K USDT
Borrowed
$232K
74.6% utilization
Available to borrow
$79.2K
free liquidity right now
Collateral posted
$282K
261.72K stUSDS
stUSDS / USDT rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
stUSDS / USDT 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 3.14% 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 USDT. 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 USDT | 1.08 USDT |
| Oracle | ChainlinkOracleV20x9C56…3B3c |
| Price feeds | 0xfF30…19b1 0x3E7d…e32D 0x99CD…EEB9 |
| Market fee | Noneshare of interest taken by the protocol |
Details
| Loan asset | USDTprice $0.9998 |
|---|---|
| Collateral | stUSDSprice $1.0756 |
| Borrowers | 4 |
| Created | February 21, 2026 |
| Market ID | 0x710f02ca…4e7d8a |
| Rate model | 0x870a…00BC |
| stUSDS token | 0x99CD…EEB9 |
| USDT token | 0xdAC1…1ec7 |
Vaults lending here
$312K of the $312K supplied comes from these vaults
| Vault | Lent here |
|---|---|
| sky.money USDT Risk CapitalV2lends directly | $312K |
Largest borrowers
4 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0x90fF…4DfB | $245K | 1.04 |
| 0x7C62…24C8 | $32.3K | 1.05 |
| 0x6826…3b6d | $4.00 | 1.06 |
| 0xcFF1…5E34 | $2.00 | 1.05 |
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 / USDT market
The stUSDS / USDT market on Ethereum was created on February 21, 2026. Anyone can lend USDT into it, and anyone holding stUSDS can borrow that USDT against it, up to a loan-to-value of 86% (its LLTV), where liquidation starts. Prices come from Chainlink-style price feeds.
Right now $312K is supplied and $232K borrowed, so 74.6% of the market is in use, backed by $282K of stUSDS from 4 borrowers. Borrowers pay 2.73% a year, 4.87% on average over the last 30 days. Lenders earn 2.03%.
1 listed vault lends here, providing $312K of the supply; the largest is sky.money USDT Risk Capital. Liquidators who close an unsafe loan here receive a 4.38% bonus in stUSDS. If stUSDS fell 20% against USDT, about $335K of collateral would be at risk of liquidation.
stUSDS / USDT on Ethereum: quick answers
What is the USDT borrow rate against stUSDS on Morpho Ethereum?
In this market it is 2.73% a year right now, and it averaged 4.87% over the last 30 days. The rate is variable: it follows how much of the market's USDT is borrowed, rising quickly above 90%.
When is a stUSDS / USDT 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 USDT.
How much USDT can be borrowed here right now?
$79.2K 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 / USDT market?
Lenders earn 2.03% a year right now (4.10% averaged over 30 days). Most lend through vaults, such as sky.money USDT 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 / USDSEthereum · LLTV 86% | 4.17% | 4.64% |
