Apyx USDCV2
A Morpho V2 vault on Ethereum that lends out USDC deposits, curated by Hyperithm. Depositors earn 3.64% a year right now after a 8% performance fee.
Data from Morpho's API · updated
Net APY
3.64%
after fees, paid to depositors
30-day APY
5.42%
7-day 4.31%
Deposits
$4.59M
4.59M USDC
Withdrawable now
$1.00
<0.01% of deposits
Performance fee
8%
of the interest earned
Depositors
161
largest holds 88.9%
Apyx USDC APY history
Net APY earned each day, measured from the vault's share price
| Day | Deposits | Net APY |
|---|
Deposits over time
Where the money goes
The markets this vault lends to right now, largest first
| Market | Lent | Share |
|---|---|---|
| apyUSD / USDCLLTV 86% | $2.21M | 48.1% |
| PT-apyUSD-5NOV2026 / USDCLLTV 86% | $1.79M | 39.0% |
| PT-apxUSD-5NOV2026 / USDCLLTV 86% | $592K | 12.9% |
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
| apyUSD | 48.1% |
|---|---|
| PT-apyUSD-5NOV2026 | 39.0% |
| PT-apxUSD-5NOV2026 | 12.9% |
| ROY-ST-apyUSD | 0.0% |
Returns over time
Net APY actually earned over each period, from the share price
| Last day | 3.70% |
|---|---|
| Last 7 days | 4.31% |
| Last 30 days | 5.42% |
| Since the vault started | 6.68% |
Who controls this vault
| Curator | Hyperithm |
|---|---|
| Owner | 0xEe7E…18C82-of-3 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 | 0can pull money back or cut caps in an emergency |
| Created | May 28, 2026 |
Timelocks give depositors time to leave before a change they dislike takes effect. Morpho risks explained.
Details
| Deposit asset | USDCprice $0.9999 |
|---|---|
| Vault version | Morpho Vault V2 |
| APY before fees | 3.96% |
| Vault contract | 0x0696…56f0 |
| USDC token | 0xA0b8…eB48 |
| Network | Ethereum |
The curator's description: "This vault supplies USDC exclusively to markets collateralized by Apyx ecosystem tokens. Apyx is a dividend-backed stablecoin protocol that tokenizes preferred equity issued by Digital Asset Treasuries DATs. For more details please refer to the official Apyx website."
Largest depositors
161 addresses hold shares in this vault
| Address | Deposit | Share of vault |
|---|---|---|
| 0xEf99…08e4 | $4.09M | 88.9% |
| 0x0d17…5af1 | $387K | 8.4% |
| 0x750b…395c | $60.4K | 1.3% |
| 0x236c…6111 | $25.0K | 0.5% |
| 0x5142…73cD | $10.3K | 0.2% |
| 0xaC2A…a296 | $9.2K | 0.2% |
| 0x4548…4e95 | $6.1K | 0.1% |
| 0xEA3F…3A96 | $4.1K | 0.1% |
| 0xA8c3…eCD8 | $1.8K | 0.0% |
| 0x73D4…6294 | $1.5K | 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 Apyx USDC
Apyx USDC is a Morpho V2 vault on Ethereum, created on May 28, 2026. It takes USDC deposits and lends them to borrowers in 3 Morpho markets. The curator, Hyperithm, decides which markets it may use and how much can go into each.
It holds $4.59M (4.59M USDC) from 161 depositors and pays a net APY of 3.64% after its 8% performance fee. Over the last 30 days depositors actually earned 5.42% a year.
Its largest position is apyUSD / USDC at 48% of what it lends, followed by PT-apyUSD-5NOV2026 / USDC (39%) and PT-apxUSD-5NOV2026 / USDC (13%). Counting every market, its loans are backed mainly by apyUSD (48%), PT-apyUSD-5NOV2026 (39%) and PT-apxUSD-5NOV2026 (13%). <0.01% of deposits could be withdrawn right now.
Risky changes, such as adding a market, wait behind a 3-day timelock on raising caps, which gives depositors time to leave first. The owner is a 2-of-3 multisig wallet. Morpho's app shows no warnings for this vault.
Apyx USDC: quick answers
What is the APY of Apyx USDC on Ethereum?
Apyx USDC pays 3.64% net APY right now, after its fees. Measured from the growth of its share price, it paid 5.42% over the last 30 days. The rate changes every day with what its borrowers pay.
What does Apyx USDC lend against?
It lends USDC through 3 Morpho markets. The biggest is apyUSD / USDC with 48% of its lending. Overall its loans are backed mainly by apyUSD (48%), PT-apyUSD-5NOV2026 (39%) and PT-apxUSD-5NOV2026 (13%).
Can I withdraw from Apyx USDC right now?
About $1.00 of its $4.59M in deposits (<0.01%) 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 Apyx USDC and what does it charge?
Hyperithm curates it. It keeps 8% of the interest earned as a performance fee. The net APY shown is after these fees.
What are the risks of Apyx 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. Changes to it wait behind a 3-day timelock on raising caps. This is not advice.
Other USDC vaults
The same deposit asset, other curators and networks