siUSD / vbUSDC on Katana
A Morpho market on Katana where people borrow vbUSDC against siUSD. A loan can be liquidated once it reaches 86% of the collateral's value. Lenders earn 3.61% a year and borrowers pay 4.52% right now.
Data from Morpho's API · updated
Borrow APY
4.52%
30-day average 6.10%
Supply APY
3.61%
30-day average 5.18%
Supplied
$3.0K
3.01K vbUSDC
Borrowed
$2.4K
80.3% utilization
Available to borrow
$594
free liquidity right now
Collateral posted
$0
2.72K siUSD
siUSD / vbUSDC rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
siUSD / vbUSDC 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 4.79% 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.
Risk settings
| Liquidation LTV (LLTV) | 86%fixed for the life of the market |
|---|---|
| Liquidation bonus | 4.38%extra collateral a liquidator receives |
| siUSD price in vbUSDC | – |
| Oracle | ChainlinkOracleV20x0483…0837 |
| Price feeds | 0xEf22…ddA8 |
| Market fee | Noneshare of interest taken by the protocol |
Details
| Loan asset | vbUSDCprice $0.9999 |
|---|---|
| Collateral | siUSDprice – |
| Borrowers | 3 |
| Created | March 28, 2026 |
| Market ID | 0xf7fc5cc8…71890e |
| Rate model | 0x4F70…B428 |
| siUSD token | 0x6894…F92D |
| vbUSDC token | 0x203A…FD36 |
Vaults lending here
$3.0K of the $3.0K supplied comes from these vaults
| Vault | Lent here |
|---|---|
| Yearn Degen USDCV2lends directly | $3.0K |
Largest borrowers
3 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0x1b51…Cad5 | $2.4K | 1.05 |
| 0x2660…4170 | $23.00 | 1.30 |
| 0x75a1…780D | $1.00 | 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 siUSD / vbUSDC market
The siUSD / vbUSDC market on Katana was created on March 28, 2026. Anyone can lend vbUSDC into it, and anyone holding siUSD can borrow that vbUSDC against it, up to a loan-to-value of 86% (its LLTV), where liquidation starts. Prices come from Chainlink-style price feeds.
Right now $3.0K is supplied and $2.4K borrowed, so 80.3% of the market is in use, backed by $0 of siUSD from 3 borrowers. Borrowers pay 4.52% a year, 6.10% on average over the last 30 days. Lenders earn 3.61%.
1 listed vault lends here, providing $3.0K of the supply; the largest is Yearn Degen USDC. Liquidators who close an unsafe loan here receive a 4.38% bonus in siUSD.
siUSD / vbUSDC on Katana: quick answers
What is the vbUSDC borrow rate against siUSD on Morpho Katana?
In this market it is 4.52% a year right now, and it averaged 6.10% over the last 30 days. The rate is variable: it follows how much of the market's vbUSDC is borrowed, rising quickly above 90%.
When is a siUSD / vbUSDC 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 siUSD worth 4.38% more than it repaid.
How much vbUSDC can be borrowed here right now?
$594 is free in the market. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the siUSD / vbUSDC market?
Lenders earn 3.61% a year right now (5.18% averaged over 30 days). Most lend through vaults, such as Yearn Degen USDC, which spread deposits across several markets.
More ways to borrow against siUSD
Other loan assets with siUSD as collateral
| Market | Supply APY | Borrow APY |
|---|---|---|
| siUSD / USDCEthereum · LLTV 91.5% | 6.75% | 7.51% |
| siUSD / msUSDEthereum · LLTV 91.5% | 1.72% | 1.91% |
