sUSDe / USDtb on Ethereum
A Morpho market on Ethereum where people borrow USDtb against sUSDe. A loan can be liquidated once it reaches 91.5% of the collateral's value. Lenders earn 3.40% a year and borrowers pay 3.87% right now.
Data from Morpho's API · updated
Borrow APY
3.87%
30-day average 6.24%
Supply APY
3.40%
30-day average 5.34%
Supplied
$1.04M
1.04M USDtb
Borrowed
$913K
88.1% utilization
Available to borrow
$123K
up to $123K with vault liquidity
Collateral posted
$1.18M
940.69K sUSDe
sUSDe / USDtb rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
sUSDe / USDtb 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 3.88% 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 USDtb. 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 USDtb | 1.25 USDtb |
| Oracle | ChainlinkOracleV20x67Bc…DB89 |
| Price feeds | 0x9D39…3497 |
| Market fee | Noneshare of interest taken by the protocol |
Details
| Loan asset | USDtbprice $0.9996 |
|---|---|
| Collateral | sUSDeprice $1.2495 |
| Borrow APY, last year | 2.76% |
| Borrowers | 22 |
| Created | May 14, 2025 |
| Market ID | 0x88a18b2f…f7e742 |
| Rate model | 0x870a…00BC |
| sUSDe token | 0x9D39…3497 |
| USDtb token | 0xC139…aC1C |
Vaults lending here
$1.04M of the $1.04M supplied comes from these vaults
| Vault | Lent here |
|---|---|
| Steakhouse Ethena USDtblends directly | $1.04M |
Largest borrowers
22 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0x86C9…bcb3 | $716K | 1.08 |
| 0x5364…2B79 | $94.2K | 1.02 |
| 0xfCe0…E37E | $29.3K | 1.07 |
| 0x626c…3487 | $16.3K | 1.03 |
| 0x34AC…ccB7 | $12.6K | 1.08 |
| 0xc17A…9C65 | $11.0K | 1.00 |
| 0x57cd…e2c5 | $10.9K | 1.10 |
| 0xE5B5…E686 | $10.4K | 1.10 |
| 0xEC7a…c354 | $7.4K | 1.06 |
| 0xAbe9…91Fe | $2.6K | 1.17 |
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 / USDtb market
The sUSDe / USDtb market on Ethereum was created on May 14, 2025. Anyone can lend USDtb into it, and anyone holding sUSDe can borrow that USDtb 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 $1.04M is supplied and $913K borrowed, so 88.1% of the market is in use, backed by $1.18M of sUSDe from 22 borrowers. Borrowers pay 3.87% a year, 6.24% on average over the last 30 days and 2.76% over the last year. Lenders earn 3.40%.
1 listed vault lends here, providing $1.04M of the supply; the largest is Steakhouse Ethena USDtb. Liquidators who close an unsafe loan here receive a 2.62% bonus in sUSDe. If sUSDe fell 20% against USDtb, about $1.07M of collateral would be at risk of liquidation.
sUSDe / USDtb on Ethereum: quick answers
What is the USDtb borrow rate against sUSDe on Morpho Ethereum?
In this market it is 3.87% a year right now, and it averaged 6.24% over the last 30 days. The rate is variable: it follows how much of the market's USDtb is borrowed, rising quickly above 90%.
When is a sUSDe / USDtb 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 USDtb.
How much USDtb can be borrowed here right now?
$123K is free in the market, and vaults can move in up to $0.89 more through Morpho's public allocator, for about $123K in all. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the sUSDe / USDtb market?
Lenders earn 3.40% a year right now (5.34% averaged over 30 days). Most lend through vaults, such as Steakhouse Ethena USDtb, 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 / DAIEthereum · LLTV 91.5% | 10.25% | 11.20% |
| sUSDe / USDTEthereum · LLTV 91.5% | 4.56% | 5.02% |
| sUSDe / msUSDEthereum · LLTV 91.5% | 5.41% | 5.96% |
| sUSDe / DAIEthereum · LLTV 94.5% | 3.41% | 3.77% |
