wstETH / USDT on Ethereum
A Morpho market on Ethereum where people borrow USDT against wstETH. A loan can be liquidated once it reaches 86% of the collateral's value. Lenders earn 4.45% a year and borrowers pay 4.90% right now.
Data from Morpho's API · updated
Borrow APY
4.90%
30-day average 3.87%
Supply APY
4.45%
30-day average 3.38%
Supplied
$2.63M
2.63M USDT
Borrowed
$2.39M
91.0% utilization
Available to borrow
$235K
up to $25.81M with vault liquidity
Collateral posted
$4.99M
1.49K wstETH
wstETH / USDT rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
wstETH / USDT 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 3.72% 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 wstETH collateral could be liquidated if its price fell by each amount
Based on today's loans and today's wstETH price in USDT. 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 |
| wstETH price in USDT | 3.34K USDT |
| Oracle | ChainlinkOracleV20xe087…9F9F |
| Price feeds | 0x4F67…8e79 0xc005…73aD |
| Market fee | Noneshare of interest taken by the protocol |
Details
| Loan asset | USDTprice $0.9998 |
|---|---|
| Collateral | wstETHprice $3.3K |
| Borrowers | 18 |
| Created | April 17, 2026 |
| Market ID | 0x6a57d77b…fff5c8 |
| Rate model | 0x870a…00BC |
| wstETH token | 0x7f39…2Ca0 |
| USDT token | 0xdAC1…1ec7 |
Vaults lending here
$2.63M of the $2.63M supplied comes from these vaults
Largest borrowers
18 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0xCf7e…c904 | $1.00M | 1.58 |
| 0x72C6…Fd25 | $722K | 1.47 |
| 0x761E…E119 | $186K | 2.61 |
| 0x411B…EDF0 | $118K | 1.72 |
| 0xef7d…E68D | $95.4K | 2.71 |
| 0xA240…f4c2 | $91.2K | 2.14 |
| 0x231c…F6Fa | $40.3K | 1.51 |
| 0x89f9…aF1a | $40.0K | 4.64 |
| 0x21ac…DC60 | $30.2K | 3.68 |
| 0x89FE…FE15 | $21.7K | 2.48 |
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 wstETH / USDT market
The wstETH / USDT market on Ethereum was created on April 17, 2026. Anyone can lend USDT into it, and anyone holding wstETH can borrow that USDT against it, up to a loan-to-value of 86% (its LLTV), where liquidation starts. Prices come from Chainlink-style price feeds.
Right now $2.63M is supplied and $2.39M borrowed, so 91.0% of the market is in use, backed by $4.99M of wstETH from 18 borrowers. Borrowers pay 4.90% a year, 3.87% on average over the last 30 days. Lenders earn 4.45%.
6 listed vaults lend here, providing $2.63M of the supply; the largest are Steakhouse USDT, Steakhouse Prime USDT and Smokehouse USDT. Liquidators who close an unsafe loan here receive a 4.38% bonus in wstETH.
wstETH / USDT 86% (6a57d7) on Ethereum: quick answers
What is the USDT borrow rate against wstETH on Morpho Ethereum?
In this market it is 4.90% a year right now, and it averaged 3.87% over the last 30 days. The rate is variable: it follows how much of the market's USDT is borrowed, rising quickly above 90%.
When is a wstETH / USDT 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 wstETH worth 4.38% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if wstETH fell to about 1.94K USDT.
How much USDT can be borrowed here right now?
$235K is free in the market, and vaults can move in up to $25.58M more through Morpho's public allocator, for about $25.81M in all. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the wstETH / USDT market?
Lenders earn 4.45% a year right now (3.38% averaged over 30 days). Most lend through vaults, such as Steakhouse USDT, Steakhouse Prime USDT and Smokehouse USDT, which spread deposits across several markets.
Other wstETH / USDT markets
The same pair with a different LLTV, oracle or network
| Market | Supply APY | Borrow APY |
|---|---|---|
| wstETH / USDTEthereum · LLTV 86% | 4.37% | 4.81% |
More ways to borrow against wstETH
Other loan assets with wstETH as collateral
| Market | Supply APY | Borrow APY |
|---|---|---|
| wstETH / WETHEthereum · LLTV 96.5% | 2.01% | 2.22% |
| wstETH / WETHMonad · LLTV 94.5% | 1.54%+1.50% rewards | 1.71% |
| wstETH / WETHEthereum · LLTV 94.5% | 1.62% | 1.82% |
| wstETH / USDCEthereum · LLTV 86% | 4.50% | 5.00% |
| wstETH / USDCEthereum · LLTV 86% | 4.57% | 5.08% |
| wstETH / EURCVEthereum · LLTV 86% | 1.76% | 1.96% |
