XAUt / USDT on Ethereum
A Morpho market on Ethereum where people borrow USDT against XAUt. A loan can be liquidated once it reaches 77% of the collateral's value. Lenders earn 5.65% a year and borrowers pay 6.22% right now.
Data from Morpho's API · updated
Borrow APY
6.22%
30-day average 5.01%
Supply APY
5.65%
30-day average 4.34%
Supplied
$2.85M
2.85M USDT
Borrowed
$2.60M
91.0% utilization
Available to borrow
$257K
up to $1.95M with vault liquidity
Collateral posted
$6.82M
1.59K XAUt
XAUt / USDT rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
XAUt / 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 4.76% 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 XAUt collateral could be liquidated if its price fell by each amount
Based on today's loans and today's XAUt price in USDT. Borrowers who repay or add collateral move these numbers every day.
Risk settings
| Liquidation LTV (LLTV) | 77%fixed for the life of the market |
|---|---|
| Liquidation bonus | 7.41%extra collateral a liquidator receives |
| XAUt price in USDT | 4.28K USDT |
| Oracle | ChainlinkOracleV20xc7d1…d9dc |
| Price feeds | 0x214e…a0D6 |
| Market fee | Noneshare of interest taken by the protocol |
Details
| Loan asset | USDTprice $0.9998 |
|---|---|
| Collateral | XAUtprice $4.3K |
| Borrow APY, last year | 4.30% |
| Borrowers | 168 |
| Created | January 27, 2025 |
| Market ID | 0xb7843fe7…450877 |
| Rate model | 0x870a…00BC |
| XAUt token | 0x6874…2F38 |
| USDT token | 0xdAC1…1ec7 |
Vaults lending here
$2.18M of the $2.85M supplied comes from these vaults
Largest borrowers
168 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0x68b5…66b1 | $455K | 1.22 |
| 0x9986…BF7A | $417K | 1.42 |
| 0xD0F1…AA9b | $302K | 1.29 |
| 0x2114…7F94 | $191K | 1.35 |
| 0x3eC7…7e4F | $124K | 1.13 |
| 0x96FF…9EEf | $110K | 1.11 |
| 0x2cd2…8713 | $99.6K | 1.79 |
| 0x47c9…5394 | $79.3K | 21.68 |
| 0x77EE…8FB2 | $77.3K | 1.50 |
| 0xB969…537B | $50.0K | 1.58 |
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
| When | Debt repaid | Transaction |
|---|---|---|
| $10.0K10.00K USDT | 0x2ca1…167d |
About the XAUt / USDT market
The XAUt / USDT market on Ethereum was created on January 27, 2025. Anyone can lend USDT into it, and anyone holding XAUt can borrow that USDT against it, up to a loan-to-value of 77% (its LLTV), where liquidation starts. Prices come from Chainlink-style price feeds.
Right now $2.85M is supplied and $2.60M borrowed, so 91.0% of the market is in use, backed by $6.82M of XAUt from 168 borrowers. Borrowers pay 6.22% a year, 5.01% on average over the last 30 days and 4.30% over the last year. Lenders earn 5.65%.
7 listed vaults lend here, providing $2.18M of the supply; the largest are Steakhouse USDT, Steakhouse Prime USDT and Wintermute USDT Select. Liquidators who close an unsafe loan here receive a 7.41% bonus in XAUt. If XAUt fell 20% against USDT, about $1.25M of collateral would be at risk of liquidation.
XAUt / USDT on Ethereum: quick answers
What is the USDT borrow rate against XAUt on Morpho Ethereum?
In this market it is 6.22% a year right now, and it averaged 5.01% 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 XAUt / USDT loan liquidated?
When the loan reaches 77% of the collateral's value (the market's LLTV). A liquidator then repays part of the debt and takes XAUt worth 7.41% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if XAUt fell to about 2.78K USDT.
How much USDT can be borrowed here right now?
$257K is free in the market, and vaults can move in up to $1.69M more through Morpho's public allocator, for about $1.95M in all. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the XAUt / USDT market?
Lenders earn 5.65% a year right now (4.34% averaged over 30 days). Most lend through vaults, such as Steakhouse USDT, Steakhouse Prime USDT and Wintermute USDT Select, which spread deposits across several markets.
More ways to borrow against XAUt
Other loan assets with XAUt as collateral
| Market | Supply APY | Borrow APY |
|---|---|---|
| XAUt / tGBPEthereum · LLTV 77% | 1.00% | 1.11% |
