USPC / USDC on Ethereum
A Morpho market on Ethereum where people borrow USDC against USPC. A loan can be liquidated once it reaches 91.5% of the collateral's value. Lenders earn 4.54% a year and borrowers pay 5.04% right now.
Data from Morpho's API · updated
Borrow APY
5.04%
paid by borrowers
Supply APY
4.54%
earned by lenders
Supplied
$19.90M
19.91M USDC
Borrowed
$17.99M
90.4% utilization
Available to borrow
$1.92M
free liquidity right now
Collateral posted
$21.48M
20.76M USPC
USPC / USDC rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
USPC / 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 4.52% 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 USPC collateral could be liquidated if its price fell by each amount
Based on today's loans and today's USPC 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 |
| USPC price in USDC | 1.04 USDCthe market's oracle, which liquidations follow |
| Oracle | ChainlinkOracleV20xbd74…4539 |
| Price feeds | 0x02ae…d7a3 0x8fFf…18f6 0xbF4e…1A19 |
| Market fee | Noneshare of interest taken by the protocol |
Details
| Loan asset | USDCprice $0.9997 |
|---|---|
| Collateral | USPCprice $1.0347 |
| Borrowers | 4 |
| Created | October 14, 2026 |
| Market ID | 0x2155de91…4cb153 |
| Rate model | 0x870a…00BC |
| USPC token | 0xbF4e…1A19 |
| USDC token | 0xA0b8…eB48 |
Vaults lending here
$13.47M of the $19.90M supplied comes from these vaults
| Vault | Lent here |
|---|---|
| RockawayX USPC ecosystem vaultV2lends directly | $10.96M |
| RockawayX USDC YieldV2lends directly | $1.50M |
| Keyrock USDCV2lends directly | $1.01M |
Largest borrowers
4 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0xD5Ef…Ae2b | $9.31M | 1.09 |
| 0x9A1D…DAdd | $6.76M | 1.08 |
| 0x4FD7…53CC | $1.92M | 1.15 |
| 0x22D4…676A | $1.00 | 4.23 |
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 USPC / USDC market
The USPC / USDC market on Ethereum was created on October 14, 2026. Anyone can lend USDC into it, and anyone holding USPC 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 $19.90M is supplied and $17.99M borrowed, so 90.4% of the market is in use, backed by $21.48M of USPC from 4 borrowers. Borrowers pay 5.04% a year. Lenders earn 4.54%.
3 listed vaults lend here, providing $13.47M of the supply; the largest are RockawayX USPC ecosystem vault, RockawayX USDC Yield and Keyrock USDC. Liquidators who close an unsafe loan here receive a 2.62% bonus in USPC. If USPC fell 20% against USDC, about $21.48M of collateral would be at risk of liquidation.
USPC / USDC on Ethereum: quick answers
What is the USDC borrow rate against USPC on Morpho Ethereum?
In this market it is 5.04% a year right now. The rate is variable: it follows how much of the market's USDC is borrowed, rising quickly above 90%.
When are USPC / 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 USPC worth 2.62% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if USPC fell to about 0.566 USDC.
How much USDC can be borrowed here right now?
$1.92M is free in the market. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the USPC / USDC market?
Lenders earn 4.54% a year right now. Most lend through vaults, such as RockawayX USPC ecosystem vault, RockawayX USDC Yield and Keyrock USDC, which spread deposits across several markets.
Other USPC / USDC markets
The same pair with a different LLTV, oracle or network
| Market | Supply APY | Borrow APY |
|---|---|---|
| USPC / USDCMonad · LLTV 91.5% | 5.21% | 5.75% |