sUSDe / PYUSD on Ethereum
A Morpho market on Ethereum where people borrow PYUSD against sUSDe. A loan can be liquidated once it reaches 91.5% of the collateral's value. Lenders earn 3.66% a year and borrowers pay 4.16% right now.
Data from Morpho's API · updated
Borrow APY
4.16%
30-day average 4.27%
Supply APY
3.66%
30-day average 3.82%
Supplied
$115.1M
115.12M PYUSD
Borrowed
$101.5M
88.2% utilization
Available to borrow
$13.57M
free liquidity right now
Collateral posted
$117.1M
93.15M sUSDe
sUSDe / PYUSD rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
sUSDe / PYUSD 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 4.23% 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 sUSDe collateral could be liquidated if its price fell by each amount
Based on today's loans and today's sUSDe price in PYUSD. 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 |
| sUSDe price in PYUSD | 1.26 PYUSDthe market's oracle, which liquidations follow |
| Oracle | ChainlinkOracleV20xE621…9E7E |
| Price feeds | 0xa569…F961 0x8f1d…8FB1 0x9D39…3497 |
| Market fee | Noneshare of interest taken by the protocol |
Details
| Loan asset | PYUSDprice $0.9994 |
|---|---|
| Collateral | sUSDeprice $1.2569 |
| Borrowers | 33 |
| Created | December 14, 2025 |
| Market ID | 0x90ef0c5a…b4c0d5 |
| Rate model | 0x870a…00BC |
| sUSDe token | 0x9D39…3497 |
| PYUSD token | 0x6c3e…A0e8 |
Vaults lending here
$115.1M of the $115.1M supplied comes from these vaults
| Vault | Lent here |
|---|---|
| Paypal USD MainV2lends directly | $115.1M |
Largest borrowers
33 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0xCf0a…cD69 | $22.41M | 1.04 |
| 0xe906…71bf | $19.65M | 1.07 |
| 0x086e…E327 | $11.19M | 1.06 |
| 0x32F0…e7Ed | $8.73M | 1.05 |
| 0x3279…0b4D | $7.84M | 1.04 |
| 0xAF9B…CC95 | $6.10M | 1.06 |
| 0x8933…f64a | $5.77M | 1.04 |
| 0x0D4f…a06B | $5.51M | 1.09 |
| 0x6585…a4fb | $4.87M | 1.08 |
| 0xd480…6D6a | $4.05M | 1.04 |
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 sUSDe / PYUSD market
The sUSDe / PYUSD market on Ethereum was created on December 14, 2025. Anyone can lend PYUSD into it, and anyone holding sUSDe can borrow that PYUSD against it, up to a loan-to-value of 91.5% (its LLTV), where liquidation starts. Prices come from Chainlink-style price feeds.
Right now $115.1M is supplied and $101.5M borrowed, so 88.2% of the market is in use, backed by $117.1M of sUSDe from 33 borrowers. Borrowers pay 4.16% a year, 4.27% on average over the last 30 days. Lenders earn 3.66%.
1 listed vault lends here, providing $115.1M of the supply; the largest is Paypal USD Main. Liquidators who close an unsafe loan here receive a 2.62% bonus in sUSDe. If sUSDe fell 20% against PYUSD, about $117.1M of collateral would be at risk of liquidation.
sUSDe / PYUSD on Ethereum: quick answers
What is the PYUSD borrow rate against sUSDe on Morpho Ethereum?
In this market it is 4.16% a year right now, and it averaged 4.27% over the last 30 days. The rate is variable: it follows how much of the market's PYUSD is borrowed, rising quickly above 90%.
When are sUSDe / PYUSD 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 sUSDe worth 2.62% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if sUSDe fell to about 0.687 PYUSD.
How much PYUSD can be borrowed here right now?
$13.57M is free in the market. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the sUSDe / PYUSD market?
Lenders earn 3.66% a year right now (3.82% averaged over 30 days). Most lend through vaults, such as Paypal USD Main, which spread deposits across several markets.
More ways to borrow against sUSDe
Other loan assets with sUSDe as collateral
| Market | Supply APY | Borrow APY |
|---|---|---|
| sUSDe / DAIEthereum · LLTV 86% | 11.23% | 12.26% |
| sUSDe / USDtbEthereum · LLTV 91.5% | 23.34% | 24.53% |
| sUSDe / DAIEthereum · LLTV 91.5% | 11.18% | 12.39% |
| sUSDe / msUSDEthereum · LLTV 91.5% | 0.02% | 0.58% |
| sUSDe / AUSDEthereum · LLTV 91.5% | 3.83% | 4.18% |
| sUSDe / USDTEthereum · LLTV 91.5% | 2.98% | 3.67% |
