August USDC V2 V2 on Ethereum
A Morpho V2 vault on Ethereum that lends out USDC deposits, curated by August Digital. Depositors earn 4.26% a year right now after a 0% performance fee and a 0.2% yearly management fee.
Data from Morpho's API · updated
Net APY
4.26%
after fees, paid to depositors
30-day APY
4.12%
7-day 4.31%, from the share price
Deposits
$256K
255.61K USDC
Withdrawable now
$54.3K
21% of deposits
Performance fee
0%
plus 0.2% a year
Depositors
71
largest holds 31.2%
August USDC V2 V2 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 |
|---|---|---|
| syzUSD / USDCLLTV 91.5% | $201K | 78.5% |
| AA_FalconXUSDC / USDCLLTV 77% | $55.1K | 21.5% |
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
| syzUSD | 78.8% |
|---|---|
| AA_FalconXUSDC | 21.2% |
Returns over time
Net APY actually earned over each period, from the share price: after fees, without token rewards
| Last day | 4.41% |
|---|---|
| Last 7 days | 4.31% |
| Last 30 days | 4.12% |
| Last 90 days | 5.30% |
Who controls this vault
| Curator | August Digital |
|---|---|
| Owner | 0x2a15…cdAF |
| 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 | 1can pull money back or cut caps in an emergency |
| Created | December 9, 2025 |
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 | 4.52% |
| Vault contract | 0x7ceB…2350 |
| USDC token | 0xA0b8…eB48 |
| Network | Ethereum |
The curator's description: "Curated by August Digital, the August USDC vault is designed to strategically allocate USDC liquidity into various markets that have been thoroughly reviewed and underwritten by the company's risk team using a version of the CME Span Methodology. These include Upshift receipt tokens and blue-chip collateral such as stETH."
Largest depositors
71 addresses hold shares in this vault
| Address | Deposit | Share of vault |
|---|---|---|
| 0x2AF1…19a3 | $79.7K | 31.2% |
| 0x37Ba…9299 | $55.9K | 21.9% |
| 0xb6B6…79cE | $55.0K | 21.5% |
| 0xf9F3…7D6B | $25.9K | 10.1% |
| 0xbC5c…BEce | $12.5K | 4.9% |
| 0xF645…820d | $11.9K | 4.7% |
| 0xD9d3…Df0F | $5.2K | 2.0% |
| 0x6C09…A03B | $2.1K | 0.8% |
| 0x4548…4e95 | $2.1K | 0.8% |
| 0xa123…82Cb | $1.1K | 0.4% |
When a few addresses hold most of a vault, one large withdrawal can use up the liquidity that is free right now.
About August USDC V2 V2
August USDC V2 V2 is a Morpho V2 vault on Ethereum, created on December 9, 2025. It takes USDC deposits and lends them to borrowers in 2 Morpho markets. The curator, August Digital, decides which markets it may use and how much can go into each.
It holds $256K (255.61K USDC) from 71 depositors and pays a net APY of 4.26% after its 0% performance fee and 0.2% yearly management fee. Over the last 30 days depositors actually earned 4.12% a year.
Its largest position is syzUSD / USDC at 78% of its deposits, followed by AA_FalconXUSDC / USDC (22%). Counting every market, its loans are backed mainly by syzUSD (79%) and AA_FalconXUSDC (21%). 21% 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. Morpho's app shows no warnings for this vault.
August USDC V2 V2: quick answers
What is the APY of August USDC V2 V2 on Ethereum?
August USDC V2 V2 pays 4.26% net APY right now, after its fees. Measured from the growth of its share price, it paid 4.12% over the last 30 days. The rate changes every day with what its borrowers pay.
What does August USDC V2 V2 lend against?
It lends USDC through 2 Morpho markets. The biggest is syzUSD / USDC with 78% of its deposits. Overall its loans are backed mainly by syzUSD (79%) and AA_FalconXUSDC (21%).
Can I withdraw from August USDC V2 V2 right now?
About $54.3K of its $256K in deposits (21%) 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 August USDC V2 V2 and what does it charge?
August Digital curates it. It keeps 0% of the interest earned as a performance fee and charges 0.2% a year as a management fee. The net APY shown is after these fees.
What are the risks of August USDC V2 V2?
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.
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