sUSDC / USDC on OP Mainnet
A Morpho market on OP Mainnet where people borrow USDC against sUSDC. A loan can be liquidated once it reaches 94.5% of the collateral's value. Lenders earn 3.52% a year and borrowers pay 4.17% right now.
Data from Morpho's API · updated
Borrow APY
4.17%
30-day average 4.54%
Supply APY
3.52%
30-day average 3.87%
Supplied
$55.7K
55.74K USDC
Borrowed
$47.2K
84.6% utilization
Available to borrow
$8.6K
free liquidity right now
Collateral posted
$53.6K
48.23K sUSDC
sUSDC / USDC rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
sUSDC / 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 4.35% 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 sUSDC collateral could be liquidated if its price fell by each amount
Based on today's loans and today's sUSDC 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 |
| sUSDC price in USDC | 1.11 USDC |
| Oracle | ChainlinkOracleV20x900a…363F |
| Price feeds | 0x73D0…B106 |
| Market fee | Noneshare of interest taken by the protocol |
Details
| Loan asset | USDCprice $0.9999 |
|---|---|
| Collateral | sUSDCprice $1.1107 |
| Borrowers | 8 |
| Created | November 18, 2025 |
| Market ID | 0x80aa1cba…f09d01 |
| Rate model | 0x8cD7…6ef6 |
| sUSDC token | 0xCF93…DB55 |
| USDC token | 0x0b2C…Ff85 |
Vaults lending here
$55.7K of the $55.7K supplied comes from these vaults
| Vault | Lent here |
|---|---|
| Gauntlet USDC Primelends directly | $55.7K |
Largest borrowers
8 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0xCB65…D6c1 | $47.2K | 1.05 |
| 0x1ce1…8d10 | $4.00 | 1.05 |
| 0x9059…6312 | $2.00 | 1.05 |
| 0xB47f…0F1F | $1.00 | 2.03 |
| 0xBA70…847a | $0 | 1.00 |
| 0xcD6C…CBCf | $0 | – |
| 0x9b6f…c50e | $0 | – |
| 0x8D6e…6EbD | $0 | – |
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 |
|---|---|---|
| $17.4617.46 USDC | 0x2aa3…2405 |
About the sUSDC / USDC market
The sUSDC / USDC market on OP Mainnet was created on November 18, 2025. Anyone can lend USDC into it, and anyone holding sUSDC can borrow that USDC against it, up to a loan-to-value of 94.5% (its LLTV), where liquidation starts. Prices come from Chainlink-style price feeds.
Right now $55.7K is supplied and $47.2K borrowed, so 84.6% of the market is in use, backed by $53.6K of sUSDC from 8 borrowers. Borrowers pay 4.17% a year, 4.54% on average over the last 30 days. Lenders earn 3.52%.
1 listed vault lends here, providing $55.7K of the supply; the largest is Gauntlet USDC Prime. Liquidators who close an unsafe loan here receive a 1.68% bonus in sUSDC. If sUSDC fell 20% against USDC, about $52.5K of collateral would be at risk of liquidation.
sUSDC / USDC on OP Mainnet: quick answers
What is the USDC borrow rate against sUSDC on Morpho OP Mainnet?
In this market it is 4.17% a year right now, and it averaged 4.54% 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 sUSDC / 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 sUSDC worth 1.68% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if sUSDC fell to about 0.588 USDC.
How much USDC can be borrowed here right now?
$8.6K is free in the market. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the sUSDC / USDC market?
Lenders earn 3.52% a year right now (3.87% averaged over 30 days). Most lend through vaults, such as Gauntlet USDC Prime, which spread deposits across several markets.