Flowdesk Confidential High Yield USDTV2
A Morpho V2 vault on Ethereum that lends out USDT deposits, curated by Flowdesk. Depositors earn 12.20% a year right now after a 10% performance fee.
Data from Morpho's API · updated
Net APY
12.20%
incl. 7.19% in rewards
30-day APY
3.42%
7-day 6.32%
Deposits
$10.62M
10.62M USDT
Withdrawable now
$1.73M
16% of deposits
Performance fee
10%
of the interest earned
Depositors
6
largest holds 92.0%
Flowdesk Confidential High Yield USDT 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 |
|---|---|---|
| sUSDai / USDTLLTV 91.5% | $5.32M | 50.1% |
| PT-USDat-14JAN2027 / USDTLLTV 91.5% | $4.87M | 45.9% |
| PT-reUSD-10DEC2026 / USDTLLTV 91.5% | $288K | 2.7% |
| wstETH / USDTLLTV 86% | $51.7K | 0.5% |
| cbBTC / USDTLLTV 86% | $44.8K | 0.4% |
| XAUt / USDTLLTV 77% | $42.3K | 0.4% |
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
| sUSDai | 50.1% |
|---|---|
| PT-USDat-14JAN2027 | 45.9% |
| PT-reUSD-10DEC2026 | 2.7% |
| wstETH | 0.5% |
| cbBTC | 0.4% |
| XAUt | 0.4% |
| Other | 0.0% |
Returns over time
Net APY actually earned over each period, from the share price
| Last day | 12.23% |
|---|---|
| Last 7 days | 6.32% |
| Last 30 days | 3.42% |
| Since the vault started | 7.74% |
Who controls this vault
| Curator | Flowdesk |
|---|---|
| Owner | 0x96a9…A660 |
| 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 | 2addresses that move money between markets |
| Sentinels | 3can pull money back or cut caps in an emergency |
| Created | September 10, 2026 |
Timelocks give depositors time to leave before a change they dislike takes effect. Morpho risks explained.
Details
| Deposit asset | USDTprice $0.9999 |
|---|---|
| Vault version | Morpho Vault V2 |
| APY before fees | 5.59% |
| Rewards | ZAMA 7.19% |
| Vault contract | 0xb48C…Bd7e |
| USDT token | 0xdAC1…1ec7 |
| Network | Ethereum |
The curator's description: "Flowdesk Confidential High Yield USDT seeks to optimize yield by lending USDT against a wide range of collateral. Users can deposit Confidential USDT cUSDT in batches via the Zama app at app.zama.org"
Largest depositors
6 addresses hold shares in this vault
| Address | Deposit | Share of vault |
|---|---|---|
| 0xA28A…7D7F | $9.76M | 92.0% |
| 0x643D…73e5 | $850K | 8.0% |
| 0x20e8…e350 | $1.3K | 0.0% |
| 0x415c…EEc7 | $3.00 | <0.01% |
| 0x0000…dEaD | $1.00 | <0.01% |
| 0xbEbe…15b4 | $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 Flowdesk Confidential High Yield USDT
Flowdesk Confidential High Yield USDT is a Morpho V2 vault on Ethereum, created on September 10, 2026. It takes USDT deposits and lends them to borrowers in 6 Morpho markets. The curator, Flowdesk, decides which markets it may use and how much can go into each.
It holds $10.62M (10.62M USDT) from 6 depositors and pays a net APY of 12.20% after its 10% performance fee. Over the last 30 days depositors actually earned 3.42% a year. About 7.19% of today's rate comes from ZAMA rewards, which can stop at any time.
Its largest position is sUSDai / USDT at 50% of what it lends, followed by PT-USDat-14JAN2027 / USDT (46%) and PT-reUSD-10DEC2026 / USDT (3%). Counting every market, its loans are backed mainly by sUSDai (50%), PT-USDat-14JAN2027 (46%) and PT-reUSD-10DEC2026 (3%). 16% 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. Morpho's app shows no warnings for this vault.
Flowdesk Confidential High Yield USDT: quick answers
What is the APY of Flowdesk Confidential High Yield USDT on Ethereum?
Flowdesk Confidential High Yield USDT pays 12.20% net APY right now, after its fees and including 7.19% of rewards. Measured from the growth of its share price, it paid 3.42% over the last 30 days. The rate changes every day with what its borrowers pay.
What does Flowdesk Confidential High Yield USDT lend against?
It lends USDT through 6 Morpho markets. The biggest is sUSDai / USDT with 50% of its lending. Overall its loans are backed mainly by sUSDai (50%), PT-USDat-14JAN2027 (46%) and PT-reUSD-10DEC2026 (3%).
Can I withdraw from Flowdesk Confidential High Yield USDT right now?
About $1.73M of its $10.62M in deposits (16%) 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 Flowdesk Confidential High Yield USDT and what does it charge?
Flowdesk 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 Flowdesk Confidential High Yield USDT?
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 USDT vaults
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