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 6.73% a year and borrowers pay 7.78% right now.
Data from Morpho's API · updated
Borrow APY
7.78%
30-day average 10.04%
Supply APY
6.73%
30-day average 8.53%
Supplied
$24.9K
24.93K USDC
Borrowed
$21.7K
87.0% utilization
Available to borrow
$3.2K
free liquidity right now
Collateral posted
$33.8K
32.11K 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 7.98% 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.
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 USDCthe market's oracle, which liquidations follow |
| Oracle | Unknown0x5228…461d |
| Market fee | Noneshare of interest taken by the protocol |
Details
| Loan asset | USDCprice $0.9997 |
|---|---|
| Collateral | sUSDatprice $1.0531 |
| Borrowers | 6 |
| Created | July 8, 2026 |
| Market ID | 0x3c4a46ca…d00320 |
| Rate model | 0x870a…00BC |
| sUSDat token | 0xD166…2Df7 |
| USDC token | 0xA0b8…eB48 |
Vaults lending here
$4.7K of the $24.9K supplied comes from these vaults
| Vault | Lent here |
|---|---|
| Hyperithm USDC ApexV2lends directly | $4.7K |
Largest borrowers
6 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0x2188…2d81 | $15.0K | – |
| 0xf2A1…0828 | $6.5K | – |
| 0x1929…F45A | $176 | – |
| 0x8C7d…B6f9 | $10.00 | – |
| 0x95B3…F0cb | $8.00 | – |
| 0x594c…D562 | $0 | – |
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 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 $24.9K is supplied and $21.7K borrowed, so 87.0% of the market is in use, backed by $33.8K of sUSDat from 6 borrowers. Borrowers pay 7.78% a year, 10.04% on average over the last 30 days. Lenders earn 6.73%.
1 listed vault lends here, providing $4.7K of the supply; the largest is Hyperithm USDC Apex. Liquidators who close an unsafe loan here receive a 2.62% bonus in sUSDat.
sUSDat / USDC on Ethereum: quick answers
What is the USDC borrow rate against sUSDat on Morpho Ethereum?
In this market it is 7.78% a year right now, and it averaged 10.04% 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 are sUSDat / USDC loans liquidated?
When a 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 0.546 USDC.
How much USDC can be borrowed here right now?
$3.2K is free in the market. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the sUSDat / USDC market?
Lenders earn 6.73% a year right now (8.53% averaged over 30 days). Vaults provide 19% of the supply here (Hyperithm USDC Apex); the rest comes from people lending directly.
More ways to borrow against sUSDat
Other loan assets with sUSDat as collateral
| Market | Supply APY | Borrow APY |
|---|---|---|
| sUSDat / USDTEthereum · LLTV 86% | 4.24% | 4.83% |
| sUSDat / AUSDEthereum · LLTV 86% | 36.33% | 36.33% |
