sUSN / USDC on Ethereum
A Morpho market on Ethereum where people borrow USDC against sUSN. A loan can be liquidated once it reaches 86% of the collateral's value. Lenders earn 6.81% a year and borrowers pay 8.19% right now.
Data from Morpho's API · updated
Borrow APY
8.19%
30-day average 9.54%
Supply APY
6.81%
30-day average 8.21%
Supplied
$1.42M
1.42M USDC
Borrowed
$1.19M
83.7% utilization
Available to borrow
$232K
free liquidity right now
Collateral posted
$1.68M
1.37M sUSN
sUSN / USDC rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
sUSN / 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 8.64% 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 sUSN collateral could be liquidated if its price fell by each amount
Based on today's loans and today's sUSN price in USDC. Borrowers who repay or add collateral move these numbers every day.
Risk settings
| Liquidation LTV (LLTV) | 86%fixed for the life of the market |
|---|---|
| Liquidation bonus | 4.38%extra collateral a liquidator receives |
| sUSN price in USDC | 1.22 USDC |
| Oracle | ChainlinkOracleV20xC415…94aa |
| Price feeds | 0x6e49…D889 0x8fFf…18f6 0xE24a…B91D |
| Market fee | Noneshare of interest taken by the protocol |
Details
| Loan asset | USDCprice $0.9999 |
|---|---|
| Collateral | sUSNprice $1.2243 |
| Borrowers | 9 |
| Created | December 30, 2025 |
| Market ID | 0x8924445a…20b4e6 |
| Rate model | 0x870a…00BC |
| sUSN token | 0xE24a…B91D |
| USDC token | 0xA0b8…eB48 |
Vaults lending here
$1.41M of the $1.42M supplied comes from these vaults
| Vault | Lent here |
|---|---|
| Clearstar USDC Reactorlends directly | $884K |
| Clearstar USDC CoreV2lends directly | $524K |
Largest borrowers
9 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0x7e03…3705 | $1.19M | 1.21 |
| 0x6dE3…d800 | $1.6K | 1.21 |
| 0x48c7…0F91 | $426 | 1.07 |
| 0x42BE…08cE | $121 | 1.05 |
| 0xfaB6…a756 | $108 | 1.07 |
| 0xeAd1…442F | $60.00 | 1.40 |
| 0xa10b…48d9 | $5.00 | 1.71 |
| 0x6539…A293 | $0 | 1.00 |
| 0x9040…57be | $0 | >99 |
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 sUSN / USDC market
The sUSN / USDC market on Ethereum was created on December 30, 2025. Anyone can lend USDC into it, and anyone holding sUSN can borrow that USDC against it, up to a loan-to-value of 86% (its LLTV), where liquidation starts. Prices come from Chainlink-style price feeds.
Right now $1.42M is supplied and $1.19M borrowed, so 83.7% of the market is in use, backed by $1.68M of sUSN from 9 borrowers. Borrowers pay 8.19% a year, 9.54% on average over the last 30 days. Lenders earn 6.81%.
2 listed vaults lend here, providing $1.41M of the supply; the largest are Clearstar USDC Reactor and Clearstar USDC Core. Liquidators who close an unsafe loan here receive a 4.38% bonus in sUSN. If sUSN fell 20% against USDC, about $1.68M of collateral would be at risk of liquidation.
sUSN / USDC on Ethereum: quick answers
What is the USDC borrow rate against sUSN on Morpho Ethereum?
In this market it is 8.19% a year right now, and it averaged 9.54% 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 sUSN / USDC loan liquidated?
When the loan reaches 86% of the collateral's value (the market's LLTV). A liquidator then repays part of the debt and takes sUSN worth 4.38% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if sUSN fell to about 0.712 USDC.
How much USDC can be borrowed here right now?
$232K is free in the market. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the sUSN / USDC market?
Lenders earn 6.81% a year right now (8.21% averaged over 30 days). Most lend through vaults, such as Clearstar USDC Reactor and Clearstar USDC Core, which spread deposits across several markets.
Other sUSN / USDC markets
The same pair with a different LLTV, oracle or network
| Market | Supply APY | Borrow APY |
|---|---|---|
| sUSN / USDCBase · LLTV 91.5% | 5.96% | 6.42% |