syrupUSDC / PYUSD on Ethereum
A Morpho market on Ethereum where people borrow PYUSD against syrupUSDC. A loan can be liquidated once it reaches 91.5% of the collateral's value. Lenders earn 4.04% a year and borrowers pay 4.50% right now.
Data from Morpho's API · updated
Borrow APY
4.50%
30-day average 4.57%
Supply APY
4.04%
30-day average 4.08%
Supplied
$65.19M
65.23M PYUSD
Borrowed
$58.68M
90.0% utilization
Available to borrow
$6.51M
free liquidity right now
Collateral posted
$65.81M
55.21M syrupUSDC
syrupUSDC / PYUSD rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
syrupUSDC / 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 4.49% 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 syrupUSDC collateral could be liquidated if its price fell by each amount
Based on today's loans and today's syrupUSDC 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 |
| syrupUSDC price in PYUSD | 1.19 PYUSDthe market's oracle, which liquidations follow |
| Oracle | ChainlinkOracleV20xc804…7039 |
| Price feeds | 0x8fFf…18f6 0x8f1d…8FB1 0x80ac…Cc0b |
| Market fee | Noneshare of interest taken by the protocol |
Details
| Loan asset | PYUSDprice $0.9994 |
|---|---|
| Collateral | syrupUSDCprice $1.1920 |
| Borrowers | 24 |
| Created | December 14, 2025 |
| Market ID | 0xc9629945…eb8501 |
| Rate model | 0x870a…00BC |
| syrupUSDC token | 0x80ac…Cc0b |
| PYUSD token | 0x6c3e…A0e8 |
Vaults lending here
$65.19M of the $65.19M supplied comes from these vaults
| Vault | Lent here |
|---|---|
| Paypal USD MainV2lends directly | $65.19M |
Largest borrowers
24 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0x7bee…0FAb | $37.94M | 1.02 |
| 0x815f…4748 | $9.61M | 1.03 |
| 0x8933…f64a | $3.30M | 1.03 |
| 0xB8B8…8E84 | $2.85M | 1.07 |
| 0x0370…1F6b | $1.56M | 1.05 |
| 0x00c0…5813 | $1.27M | 1.05 |
| 0xa33E…62A2 | $805K | 1.05 |
| 0xc3c1…6786 | $600K | 1.05 |
| 0x83DA…CAa9 | $314K | 1.05 |
| 0x3fE2…0C83 | $250K | 1.05 |
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 syrupUSDC / PYUSD market
The syrupUSDC / PYUSD market on Ethereum was created on December 14, 2025. Anyone can lend PYUSD into it, and anyone holding syrupUSDC 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 $65.19M is supplied and $58.68M borrowed, so 90.0% of the market is in use, backed by $65.81M of syrupUSDC from 24 borrowers. Borrowers pay 4.50% a year, 4.57% on average over the last 30 days. Lenders earn 4.04%.
1 listed vault lends here, providing $65.19M of the supply; the largest is Paypal USD Main. Liquidators who close an unsafe loan here receive a 2.62% bonus in syrupUSDC. If syrupUSDC fell 20% against PYUSD, about $65.80M of collateral would be at risk of liquidation.
syrupUSDC / PYUSD on Ethereum: quick answers
What is the PYUSD borrow rate against syrupUSDC on Morpho Ethereum?
In this market it is 4.50% a year right now, and it averaged 4.57% 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 syrupUSDC / 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 syrupUSDC worth 2.62% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if syrupUSDC fell to about 0.652 PYUSD.
How much PYUSD can be borrowed here right now?
$6.51M is free in the market. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the syrupUSDC / PYUSD market?
Lenders earn 4.04% a year right now (4.08% averaged over 30 days). Most lend through vaults, such as Paypal USD Main, which spread deposits across several markets.
More ways to borrow against syrupUSDC
Other loan assets with syrupUSDC as collateral
| Market | Supply APY | Borrow APY |
|---|---|---|
| syrupUSDC / USDCArc · LLTV 91.5% | 13.69% | 14.60%−9.27% rewards |
| syrupUSDC / AUSDEthereum · LLTV 91.5% | 4.11% | 4.47% |
| syrupUSDC / RLUSDEthereum · LLTV 91.5% | 3.95% | 4.47% |
| syrupUSDC / USDCArbitrum · LLTV 91.5% | 7.08% | 7.69% |
| syrupUSDC / USDCEthereum · LLTV 91.5% | 4.44% | 5.14% |
| syrupUSDC / USDT0Arbitrum · LLTV 91.5% | 0.02% | 0.05% |
