sUSDat / USDC on Ethereum
A Morpho market on Ethereum where people borrow USDC against sUSDat. A loan can be liquidated once it reaches 91.5% of the collateral's value. Lenders earn 9.12% a year and borrowers pay 10.06% right now.
Data from Morpho's API · updated
Borrow APY
10.06%
30-day average 8.94%
Supply APY
9.12%
30-day average 8.08%
Supplied
$792K
791.79K USDC
Borrowed
$720K
91.0% utilization
Available to borrow
$71.3K
free liquidity right now
Collateral posted
$936K
916.91K sUSDat
sUSDat / USDC rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
sUSDat / 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 7.65% 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 sUSDat collateral could be liquidated if its price fell by each amount
Based on today's loans and today's sUSDat price in USDC. Borrowers who repay or add collateral move these numbers every day.
Risk settings
| Liquidation LTV (LLTV) | 91.5%fixed for the life of the market |
|---|---|
| Liquidation bonus | 2.62%extra collateral a liquidator receives |
| sUSDat price in USDC | 1.02 USDC |
| Oracle | Unknown0x5228…461d |
| Market fee | Noneshare of interest taken by the protocol |
Details
| Loan asset | USDCprice $0.9999 |
|---|---|
| Collateral | sUSDatprice $1.0206 |
| Borrowers | 7 |
| Created | July 8, 2026 |
| Market ID | 0x3c4a46ca…d00320 |
| Rate model | 0x870a…00BC |
| sUSDat token | 0xD166…2Df7 |
| USDC token | 0xA0b8…eB48 |
Vaults lending here
$767K of the $792K supplied comes from these vaults
| Vault | Lent here |
|---|---|
| Hyperithm USDC ApexV2lends directly | $729K |
| Saturn USDCV2lends directly | $37.7K |
Largest borrowers
7 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0x0197…8812 | $717K | 1.13 |
| 0x5CCD…C1d1 | $3.5K | 2.21 |
| 0x1929…F45A | $174 | 6.95 |
| 0x8C7d…B6f9 | $10.00 | 1.98 |
| 0x95B3…F0cb | $8.00 | 1.46 |
| 0xE903…b535 | $0 | 1.56 |
| 0x594c…D562 | $0 | 8.77 |
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
| When | Debt repaid | Transaction |
|---|---|---|
| $16.2K16.15K USDC | 0xff13…e1bd |
About the sUSDat / USDC market
The sUSDat / USDC market on Ethereum was created on July 8, 2026. Anyone can lend USDC into it, and anyone holding sUSDat 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 $792K is supplied and $720K borrowed, so 91.0% of the market is in use, backed by $936K of sUSDat from 7 borrowers. Borrowers pay 10.06% a year, 8.94% on average over the last 30 days. Lenders earn 9.12%.
2 listed vaults lend here, providing $767K of the supply; the largest are Hyperithm USDC Apex and Saturn USDC. Liquidators who close an unsafe loan here receive a 2.62% bonus in sUSDat. If sUSDat fell 20% against USDC, about $925K of collateral would be at risk of liquidation.
sUSDat / USDC on Ethereum: quick answers
What is the USDC borrow rate against sUSDat on Morpho Ethereum?
In this market it is 10.06% a year right now, and it averaged 8.94% 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 sUSDat / 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 sUSDat worth 2.62% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if sUSDat fell to about 0.558 USDC.
How much USDC can be borrowed here right now?
$71.3K is free in the market. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the sUSDat / USDC market?
Lenders earn 9.12% a year right now (8.08% averaged over 30 days). Most lend through vaults, such as Hyperithm USDC Apex and Saturn USDC, which spread deposits across several markets.
More ways to borrow against sUSDat
Other loan assets with sUSDat as collateral
| Market | Supply APY | Borrow APY |
|---|---|---|
| sUSDat / AUSDEthereum · LLTV 86% | 9.54% | 11.05% |
