Dialectic RWA USDC on Arc
V2A Morpho V2 vault on Arc that lends out USDC deposits, curated by Dialectic Meccanico. Depositors earn 3.18% a year right now after a 10% performance fee.
Data from Morpho's API · updated
Net APY
3.18%
after fees, paid to depositors
30-day APY
3.03%
7-day 3.57%, from the share price
Deposits
$16.00
16.02 USDC
Withdrawable now
$15.00
94% of deposits
Performance fee
10%
of the interest earned
Depositors
37
largest holds 75.0%
Dialectic RWA USDC APY history
Net APY earned each day, from the vault's share price: after fees, without token rewards
| Day | Deposits | Net APY |
|---|
Deposits over time
Where the money goes
The markets this vault lends to right now, largest first
| Market | Lent | Share |
|---|---|---|
| cirBTC / USDCLLTV 86% | $14.00 | 87.5% |
| sUSDai / USDCLLTV 86% | $1.00 | 6.3% |
| PST / USDCLLTV 86% | $1.00 | 6.3% |
The curator decides which markets the vault may use and how much it may put in each (the cap). Allocators then move money between those markets within the caps. How vaults work.
What the loans are backed by
Share of this vault's lending by the collateral borrowers put up
| cirBTC | 88.2% |
|---|---|
| PST | 5.9% |
| sUSDai | 5.9% |
Returns over time
Net APY actually earned over each period, from the share price: after fees, without token rewards
| Last day | 3.12% |
|---|---|
| Last 7 days | 3.57% |
| Last 30 days | 3.03% |
Who controls this vault
| Curator | Dialectic Meccanico |
|---|---|
| Owner | 0x4BE1…a4944-of-5 multisig |
| Timelock to raise a cap | 3 dayswait before more can go into a market |
| Timelock to add an adapter | 3 dayswait before a new kind of investment |
| Timelock to raise fees | None |
| Allocators | 1addresses that move money between markets |
| Sentinels | 2can pull money back or cut caps in an emergency |
| Created | August 19, 2026 |
Timelocks give depositors time to leave before a change they dislike takes effect. Morpho risks explained.
Details
| Deposit asset | USDCprice $0.9997 |
|---|---|
| Vault version | Morpho Vault V2 |
| APY before fees | 3.54% |
| Vault contract | 0x6bdf…cf30 |
| USDC token | 0x3600…0000 |
| Network | Arc |
The curator's description: "Dialectic RWA USDC vault generates yield by lending USDC against a curated set of tokenized credit and real-world asset collateral focused on short-duration fixed-income assets."
Largest depositors
37 addresses hold shares in this vault
| Address | Deposit | Share of vault |
|---|---|---|
| 0x141f…FAB2 | $12.00 | 75.0% |
| 0x723d…6723 | $1.00 | 6.3% |
| 0x0000…dEaD | $1.00 | 6.3% |
| 0x8c99…BA0C | $1.00 | 6.3% |
| 0x4105…3bA2 | $0 | 0.0% |
| 0x66FA…2f7a | $0 | 0.0% |
| 0x4b6E…19b7 | $0 | 0.0% |
| 0x8366…0951 | $0 | 0.0% |
| 0x536A…cB6B | $0 | 0.0% |
| 0x9ac2…064d | $0 | 0.0% |
When a few addresses hold most of a vault, one large withdrawal can use up the liquidity that is free right now.
About Dialectic RWA USDC
Dialectic RWA USDC is a Morpho V2 vault on Arc, created on August 19, 2026. It takes USDC deposits and lends them to borrowers in 3 Morpho markets. The curator, Dialectic Meccanico, decides which markets it may use and how much can go into each.
It holds $16.00 (16.02 USDC) from 37 depositors and pays a net APY of 3.18% after its 10% performance fee. Over the last 30 days depositors actually earned 3.03% a year.
Its largest position is cirBTC / USDC at 88% of its deposits, followed by sUSDai / USDC (6%) and PST / USDC (6%). Counting every market, its loans are backed mainly by cirBTC (88%), PST (6%) and sUSDai (6%). 94% of deposits could be withdrawn right now.
Adding a market or raising how much can go into one waits behind a timelock of 3 days, which gives depositors time to leave first. The owner is a 4-of-5 multisig wallet. Morpho's app shows no warnings for this vault.
Dialectic RWA USDC: quick answers
What is the APY of Dialectic RWA USDC on Arc?
Dialectic RWA USDC pays 3.18% net APY right now, after its fees. Measured from the growth of its share price, it paid 3.03% over the last 30 days. The rate changes every day with what its borrowers pay.
What does Dialectic RWA USDC lend against?
It lends USDC through 3 Morpho markets. The biggest is cirBTC / USDC with 88% of its deposits. Overall its loans are backed mainly by cirBTC (88%), PST (6%) and sUSDai (6%).
Can I withdraw from Dialectic RWA USDC right now?
About $15.00 of its $16.00 in deposits (94%) could be withdrawn immediately. The rest is lent out and frees up as borrowers repay or as higher rates bring in new lenders.
Who runs Dialectic RWA USDC and what does it charge?
Dialectic Meccanico curates it. It keeps 10% of the interest earned as a performance fee. The net APY shown is after these fees.
What are the risks of Dialectic RWA USDC?
Like every Morpho vault, it can lose money if a borrower's collateral crashes faster than it can be liquidated, if a price oracle fails, or through a smart contract bug. Withdrawals can wait when its markets are fully borrowed. Adding a market or raising a cap waits behind a timelock of 3 days. This is not advice.
Other USDC vaults
The same deposit asset, other curators and networks
