sUSDe / USDT on Ethereum
A Morpho market on Ethereum where people borrow USDT against sUSDe. A loan can be liquidated once it reaches 91.5% of the collateral's value. Lenders earn 4.56% a year and borrowers pay 5.02% right now.
Data from Morpho's API · updated
Borrow APY
5.02%
30-day average 3.96%
Supply APY
4.56%
30-day average 3.46%
Supplied
$240K
239.98K USDT
Borrowed
$218K
91.0% utilization
Available to borrow
$21.6K
up to $1.53M with vault liquidity
Collateral posted
$246K
197.06K sUSDe
sUSDe / USDT rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
sUSDe / 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 3.86% 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 USDT. 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 USDT | 1.25 USDT |
| Oracle | ChainlinkOracleV20xE47E…bd99 |
| Price feeds | 0xb99D…733f 0x3E7d…e32D |
| Market fee | Noneshare of interest taken by the protocol |
| Pre-liquidation | Availableborrowers can opt in to gentler, earlier liquidations from 89.79% LTV |
Details
| Loan asset | USDTprice $0.9998 |
|---|---|
| Collateral | sUSDeprice $1.2495 |
| Borrow APY, last year | 5.16% |
| Borrowers | 42 |
| Created | March 13, 2024 |
| Market ID | 0xdc533303…2651bf |
| Rate model | 0x870a…00BC |
| sUSDe token | 0x9D39…3497 |
| USDT token | 0xdAC1…1ec7 |
Vaults lending here
$147K of the $240K supplied comes from these vaults
| Vault | Lent here |
|---|---|
| Smokehouse USDTlends directly | $67.2K |
| Steakhouse High Yield USDTV2lends directly | $48.9K |
| Hyperithm USDT Corelends directly | $30.6K |
Largest borrowers
42 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0x52aC…F6F7 | $168K | 1.01 |
| 0x57A2…4BB0 | $20.0K | 1.10 |
| 0x628B…3f4E | $12.0K | 1.14 |
| 0x17E1…96b2 | $9.6K | 1.02 |
| 0x7dc9…4E12 | $4.2K | 1.16 |
| 0x1124…fc7b | $2.9K | 1.01 |
| 0x9A96…f5Ff | $479 | 2.10 |
| 0x5D67…9D88 | $468 | 1.11 |
| 0xD9bB…8faf | $372 | 1.04 |
| 0x74Ec…9f5c | $240 | 1.07 |
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 / USDT market
The sUSDe / USDT market on Ethereum was created on March 13, 2024. Anyone can lend USDT into it, and anyone holding sUSDe can borrow that USDT 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 $240K is supplied and $218K borrowed, so 91.0% of the market is in use, backed by $246K of sUSDe from 42 borrowers. Borrowers pay 5.02% a year, 3.96% on average over the last 30 days and 5.16% over the last year. Lenders earn 4.56%.
3 listed vaults lend here, providing $147K of the supply; the largest are Smokehouse USDT, Steakhouse High Yield USDT and Hyperithm USDT Core. Liquidators who close an unsafe loan here receive a 2.62% bonus in sUSDe. If sUSDe fell 20% against USDT, about $244K of collateral would be at risk of liquidation.
sUSDe / USDT on Ethereum: quick answers
What is the USDT borrow rate against sUSDe on Morpho Ethereum?
In this market it is 5.02% a year right now, and it averaged 3.96% 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 sUSDe / USDT 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 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 0.683 USDT.
How much USDT can be borrowed here right now?
$21.6K is free in the market, and vaults can move in up to $1.50M more through Morpho's public allocator, for about $1.53M in all. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the sUSDe / USDT market?
Lenders earn 4.56% a year right now (3.46% averaged over 30 days). Most lend through vaults, such as Smokehouse USDT, Steakhouse High Yield USDT and Hyperithm USDT Core, 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 / PYUSDEthereum · LLTV 91.5% | 3.66% | 4.08% |
| sUSDe / DAIEthereum · LLTV 86% | 6.25% | 6.93% |
| sUSDe / USDtbEthereum · LLTV 91.5% | 3.40% | 3.87% |
| sUSDe / DAIEthereum · LLTV 91.5% | 10.25% | 11.20% |
| sUSDe / msUSDEthereum · LLTV 91.5% | 5.41% | 5.96% |
| sUSDe / DAIEthereum · LLTV 94.5% | 3.41% | 3.77% |
