wsrUSD / USDC on Ethereum
A Morpho market on Ethereum where people borrow USDC against wsrUSD. A loan can be liquidated once it reaches 94.5% of the collateral's value. Lenders earn 5.96% a year and borrowers pay 6.59% right now.
Data from Morpho's API · updated
Borrow APY
6.59%
30-day average 5.57%
Supply APY
5.96%
30-day average 5.02%
Supplied
$12.09M
12.09M USDC
Borrowed
$10.96M
90.7% utilization
Available to borrow
$1.13M
up to $1.26M with vault liquidity
Collateral posted
$12.67M
11.54M wsrUSD
wsrUSD / USDC rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
wsrUSD / 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 5.47% 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 wsrUSD collateral could be liquidated if its price fell by each amount
Based on today's loans and today's wsrUSD price in USDC. Borrowers who repay or add collateral move these numbers every day.
Risk settings
| Liquidation LTV (LLTV) | 94.5%fixed for the life of the market |
|---|---|
| Liquidation bonus | 1.68%extra collateral a liquidator receives |
| wsrUSD price in USDC | 1.10 USDC |
| Oracle | Unknown0x938D…Da15 |
| Market fee | Noneshare of interest taken by the protocol |
Details
| Loan asset | USDCprice $0.9999 |
|---|---|
| Collateral | wsrUSDprice $1.0978 |
| Borrowers | 17 |
| Created | January 8, 2026 |
| Market ID | 0x1590cb22…8272fb |
| Rate model | 0x870a…00BC |
| wsrUSD token | 0xd3fD…3094 |
| USDC token | 0xA0b8…eB48 |
Vaults lending here
$11.83M of the $12.09M supplied comes from these vaults
| Vault | Lent here |
|---|---|
| Waterline Reservoir USDCV2lends directly | $11.83M |
Largest borrowers
17 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0x4c5A…8C31 | $5.17M | 1.05 |
| 0xB187…68db | $3.29M | 1.03 |
| 0xe938…fB5F | $2.18M | 1.21 |
| 0x6f66…8C40 | $252K | 1.06 |
| 0xf6cD…f76E | $32.9K | 3.91 |
| 0x95B2…7088 | $28.3K | 1.05 |
| 0xE473…D9b2 | $13.6K | 3.56 |
| 0xAc9c…0E67 | $132 | 1.06 |
| 0x2067…9836 | $73.00 | >99 |
| 0x09eF…3e1f | $71.00 | 1.02 |
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 wsrUSD / USDC market
The wsrUSD / USDC market on Ethereum was created on January 8, 2026. Anyone can lend USDC into it, and anyone holding wsrUSD can borrow that USDC against it, up to a loan-to-value of 94.5% (its LLTV), where liquidation starts. Prices come from a custom oracle; check its source before borrowing or lending.
Right now $12.09M is supplied and $10.96M borrowed, so 90.7% of the market is in use, backed by $12.67M of wsrUSD from 17 borrowers. Borrowers pay 6.59% a year, 5.57% on average over the last 30 days. Lenders earn 5.96%.
1 listed vault lends here, providing $11.83M of the supply; the largest is Waterline Reservoir USDC. Liquidators who close an unsafe loan here receive a 1.68% bonus in wsrUSD. If wsrUSD fell 20% against USDC, about $12.48M of collateral would be at risk of liquidation.
wsrUSD / USDC on Ethereum: quick answers
What is the USDC borrow rate against wsrUSD on Morpho Ethereum?
In this market it is 6.59% a year right now, and it averaged 5.57% 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 wsrUSD / USDC loan liquidated?
When the loan reaches 94.5% of the collateral's value (the market's LLTV). A liquidator then repays part of the debt and takes wsrUSD worth 1.68% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if wsrUSD fell to about 0.581 USDC.
How much USDC can be borrowed here right now?
$1.13M is free in the market, and vaults can move in up to $134K more through Morpho's public allocator, for about $1.26M in all. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the wsrUSD / USDC market?
Lenders earn 5.96% a year right now (5.02% averaged over 30 days). Most lend through vaults, such as Waterline Reservoir USDC, which spread deposits across several markets.