USP / USDC on Ethereum
A Morpho market on Ethereum where people borrow USDC against USP. A loan can be liquidated once it reaches 86% of the collateral's value. Lenders earn 7.17% a year and borrowers pay 11.57% right now.
Data from Morpho's API · updated
Borrow APY
11.57%
30-day average 25.72%
Supply APY
7.17%
30-day average 22.36%
Supplied
$133K
133.27K USDC
Borrowed
$84.2K
63.2% utilization
Available to borrow
$49.0K
free liquidity right now
Collateral posted
$137K
120.67K USP
USP / USDC rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
USP / 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 15.00% 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 USP collateral could be liquidated if its price fell by each amount
Based on today's loans and today's USP 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 |
| USP price in USDC | 1.14 USDC |
| Oracle | ChainlinkOracleV20x5096…eb6d |
| Price feeds | 0xb52e…8EF3 |
| Market fee | Noneshare of interest taken by the protocol |
Details
| Loan asset | USDCprice $0.9999 |
|---|---|
| Collateral | USPprice $1.1350 |
| Borrowers | 7 |
| Created | February 23, 2026 |
| Market ID | 0x5d41b8d2…108461 |
| Rate model | 0x870a…00BC |
| USP token | 0x0986…5FE6 |
| USDC token | 0xA0b8…eB48 |
Vaults lending here
No listed vault lends to this market right now
Largest borrowers
7 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0x9B81…3be4 | $84.2K | 1.40 |
| 0x0f36…D3FB | $53.00 | 1.92 |
| 0x7AC9…EFEB | $16.00 | 1.40 |
| 0x1885…760A | $9.00 | 1.04 |
| 0x04ee…7d2F | $8.00 | 1.04 |
| 0x2eA5…e5A3 | $1.00 | 6.02 |
| 0x2010…A961 | $0 | 21.14 |
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 USP / USDC market
The USP / USDC market on Ethereum was created on February 23, 2026. Anyone can lend USDC into it, and anyone holding USP 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 $133K is supplied and $84.2K borrowed, so 63.2% of the market is in use, backed by $137K of USP from 7 borrowers. Borrowers pay 11.57% a year, 25.72% on average over the last 30 days. Lenders earn 7.17%.
No listed vault lends to this market right now, so its supply comes from direct lenders. Liquidators who close an unsafe loan here receive a 4.38% bonus in USP. If USP fell 20% against USDC, about $20.00 of collateral would be at risk of liquidation.
USP / USDC on Ethereum: quick answers
What is the USDC borrow rate against USP on Morpho Ethereum?
In this market it is 11.57% a year right now, and it averaged 25.72% 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 USP / 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 USP worth 4.38% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if USP fell to about 0.660 USDC.
How much USDC can be borrowed here right now?
$49.0K is free in the market. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the USP / USDC market?
Lenders earn 7.17% a year right now (22.36% averaged over 30 days). Most lend through vaults, which spread deposits across several markets.