USD3 / USDC on Ethereum
A Morpho market on Ethereum where people borrow USDC against USD3. A loan can be liquidated once it reaches 91.5% of the collateral's value. Lenders earn 6.25% a year and borrowers pay 6.95% right now.
Data from Morpho's API · updated
Borrow APY
6.95%
30-day average 7.60%
Supply APY
6.25%
30-day average 6.45%
Supplied
$12.83M
12.83M USDC
Borrowed
$11.56M
90.2% utilization
Available to borrow
$1.26M
free liquidity right now
Collateral posted
$13.17M
11.08M USD3
USD3 / USDC rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
USD3 / 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 6.60% 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 USD3 collateral could be liquidated if its price fell by each amount
Based on today's loans and today's USD3 price in USDC. 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 |
| USD3 price in USDC | 1.19 USDCthe market's oracle, which liquidations follow |
| Oracle | ChainlinkOracleV20x68b4…9C06 |
| Price feeds | 0x056B…5eCc |
| Market fee | Noneshare of interest taken by the protocol |
Details
| Loan asset | USDCprice $0.9997 |
|---|---|
| Collateral | USD3price $1.1887 |
| Borrowers | 35 |
| Created | November 19, 2025 |
| Market ID | 0xe3df58f9…fa26d7 |
| Rate model | 0x870a…00BC |
| USD3 token | 0x056B…5eCc |
| USDC token | 0xA0b8…eB48 |
Vaults lending here
$10.98M of the $12.83M supplied comes from these vaults
| Vault | Lent here |
|---|---|
| 3Jane Ecosystem VaultV2lends directly | $4.41M |
| KPK USDC YieldV2lends directly | $3.14M |
| Wintermute USDC SelectV2lends directly | $2.41M |
| Yearn OG USDClends directly | $845K |
| KPK USDC Yield RWAV2lends directly | $170K |
Largest borrowers
35 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0xB47c…5bFD | $2.75M | 1.01 |
| 0xf76B…14eF | $1.97M | 1.05 |
| 0xC8E2…ffe6 | $1.70M | 1.04 |
| 0xb15A…12A8 | $1.11M | 1.02 |
| 0x3309…7455 | $742K | 1.08 |
| 0xBa64…c6a7 | $703K | 1.05 |
| 0x9076…41b9 | $633K | 1.04 |
| 0x1eab…29F1 | $502K | 1.16 |
| 0x77f5…ba50 | $394K | 1.06 |
| 0xdbf0…aa20 | $251K | 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 USD3 / USDC market
The USD3 / USDC market on Ethereum was created on November 19, 2025. Anyone can lend USDC into it, and anyone holding USD3 can borrow that USDC 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 $12.83M is supplied and $11.56M borrowed, so 90.2% of the market is in use, backed by $13.17M of USD3 from 35 borrowers. Borrowers pay 6.95% a year, 7.60% on average over the last 30 days. Lenders earn 6.25%.
5 listed vaults lend here, providing $10.98M of the supply; the largest are 3Jane Ecosystem Vault, KPK USDC Yield and Wintermute USDC Select. Liquidators who close an unsafe loan here receive a 2.62% bonus in USD3. If USD3 fell 20% against USDC, about $12.86M of collateral would be at risk of liquidation.
USD3 / USDC on Ethereum: quick answers
What is the USDC borrow rate against USD3 on Morpho Ethereum?
In this market it is 6.95% a year right now, and it averaged 7.60% 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 are USD3 / USDC 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 USD3 worth 2.62% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if USD3 fell to about 0.65 USDC.
How much USDC can be borrowed here right now?
$1.26M is free in the market. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the USD3 / USDC market?
Lenders earn 6.25% a year right now (6.45% averaged over 30 days). Most lend through vaults, such as 3Jane Ecosystem Vault, KPK USDC Yield and Wintermute USDC Select, which spread deposits across several markets.