USDe / RLUSD on Ethereum
A Morpho market on Ethereum where people borrow RLUSD against USDe. A loan can be liquidated once it reaches 91.5% of the collateral's value. Lenders earn 3.45% a year and borrowers pay 3.99% right now.
Data from Morpho's API · updated
Borrow APY
3.99%
30-day average 4.60%
Supply APY
3.45%
30-day average 4.11%
Supplied
$40.46M
40.46M RLUSD
Borrowed
$35.07M
86.7% utilization
Available to borrow
$5.39M
free liquidity right now
Collateral posted
$55.68M
55.71M USDe
USDe / RLUSD rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
USDe / RLUSD 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 4.11% 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 USDe collateral could be liquidated if its price fell by each amount
Based on today's loans and today's USDe price in RLUSD. 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 |
| USDe price in RLUSD | 1 RLUSDthe market's oracle, which liquidations follow |
| Oracle | ChainlinkOracleV20x0C13…d8D7 |
| Price feeds | 0xa569…F961 0x26C4…7f2A |
| Market fee | Noneshare of interest taken by the protocol |
Details
| Loan asset | RLUSDprice $0.9998 |
|---|---|
| Collateral | USDeprice $0.9994 |
| Borrowers | 14 |
| Created | September 22, 2026 |
| Market ID | 0xd9d2fc09…9614bf |
| Rate model | 0x870a…00BC |
| USDe token | 0x4c9E…68B3 |
| RLUSD token | 0x8292…17eD |
Vaults lending here
$40.45M of the $40.46M supplied comes from these vaults
| Vault | Lent here |
|---|---|
| Sentora RLUSD MainV2lends directly | $40.45M |
Largest borrowers
14 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0xAF9B…CC95 | $9.91M | 1.05 |
| 0x8933…f64a | $6.37M | 1.04 |
| 0x548B…BC57 | $4.42M | 1.10 |
| 0x6EFc…1177 | $3.83M | 1.01 |
| 0xa33E…62A2 | $3.40M | 1.05 |
| 0xCf0a…cD69 | $2.74M | 1.05 |
| 0xdd64…c737 | $1.38M | 1.03 |
| 0x55D1…2708 | $953K | 1.13 |
| 0x6D3B…5409 | $914K | 1.05 |
| 0x0370…1F6b | $614K | 1.07 |
Health is collateral value times the LLTV, divided by the debt. Below 1.00 a loan can be liquidated.
Recent liquidations here
1 in the last 30 days, $35.2K of debt repaid
| When | Debt repaid | Transaction |
|---|---|---|
| $35.2K35.23K RLUSD | 0xfa71…978f |
About the USDe / RLUSD market
The USDe / RLUSD market on Ethereum was created on September 22, 2026. Anyone can lend RLUSD into it, and anyone holding USDe can borrow that RLUSD 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 $40.46M is supplied and $35.07M borrowed, so 86.7% of the market is in use, backed by $55.68M of USDe from 14 borrowers. Borrowers pay 3.99% a year, 4.60% on average over the last 30 days. Lenders earn 3.45%.
1 listed vault lends here, providing $40.45M of the supply; the largest is Sentora RLUSD Main. Liquidators who close an unsafe loan here receive a 2.62% bonus in USDe. If USDe fell 20% against RLUSD, about $40.34M of collateral would be at risk of liquidation. 1 loan was liquidated here in the last 30 days.
USDe / RLUSD on Ethereum: quick answers
What is the RLUSD borrow rate against USDe on Morpho Ethereum?
In this market it is 3.99% a year right now, and it averaged 4.60% over the last 30 days. The rate is variable: it follows how much of the market's RLUSD is borrowed, rising quickly above 90%.
When are USDe / RLUSD 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 USDe worth 2.62% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if USDe fell to about 0.546 RLUSD.
How much RLUSD can be borrowed here right now?
$5.39M is free in the market. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the USDe / RLUSD market?
Lenders earn 3.45% a year right now (4.11% averaged over 30 days). Most lend through vaults, such as Sentora RLUSD Main, which spread deposits across several markets.
More ways to borrow against USDe
Other loan assets with USDe as collateral
| Market | Supply APY | Borrow APY |
|---|---|---|
| USDe / USDCBase · LLTV 91.5% | 4.10% | 4.65% |
| USDe / USDGRobinhood Chain · LLTV 91.5% | 5.07% | 5.60% |
| USDe / DAIEthereum · LLTV 91.5% | 9.19% | 10.26% |
