Flowdesk Confidential High Yield USDT on Ethereum
V2A Morpho V2 vault on Ethereum that lends out USDT deposits, curated by Flowdesk. Depositors earn 9.91% a year right now after a 10% performance fee.
Data from Morpho's API · updated
Net APY
9.91%
incl. 2.61% in rewards
30-day APY
5.43%
7-day 6.67%, from the share price
Deposits
$28.17M
28.20M USDT
Withdrawable now
$627K
2% of deposits
Performance fee
10%
of the interest earned
Depositors
15
largest holds 157.7%
Flowdesk Confidential High Yield USDT 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 |
|---|---|---|
| PT-reUSD-10DEC2026 / USDTLLTV 91.5% | $9.89M | 21.8% |
| PT-USDat-14JAN2027 / USDTLLTV 91.5% | $9.62M | 21.2% |
| sUSDai / USDTLLTV 91.5% | $9.20M | 20.3% |
| PT-USD3-17DEC2026 / USDTLLTV 91.5% | $7.99M | 17.6% |
| wstETH / USDTLLTV 86% | $4.03M | 8.9% |
| cbBTC / USDTLLTV 86% | $2.85M | 6.3% |
| XAUt / USDTLLTV 77% | $908K | 2.0% |
| PST / USDTLLTV 86% | $824K | 1.8% |
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
| PT-USD3-17DEC2026 | 50.7% |
|---|---|
| sUSDai | 27.7% |
| PT-USDat-14JAN2027 | 7.6% |
| PT-reUSD-10DEC2026 | 6.8% |
| sUSDat | 4.9% |
| PST | 2.3% |
Returns over time
Net APY actually earned over each period, from the share price: after fees, without token rewards
| Last day | 7.43% |
|---|---|
| Last 7 days | 6.67% |
| Last 30 days | 5.43% |
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 $0.9989 |
|---|---|
| Vault version | Morpho Vault V2 |
| APY before fees | 8.14% |
| Rewards | ZAMA 2.61% |
| 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
15 addresses hold shares in this vault
| Address | Deposit | Share of vault |
|---|---|---|
| 0xA28A…7D7F | $44.43M | 157.7% |
| 0xcF46…C94A | $236K | 0.8% |
| 0xFc1F…Ce2a | $212K | 0.8% |
| 0x3521…3921 | $177K | 0.6% |
| 0xa3eF…f361 | $156K | 0.6% |
| 0x8449…2904 | $71.2K | 0.3% |
| 0x20e8…e350 | $12.7K | 0.0% |
| 0x83a7…cf11 | $6.8K | 0.0% |
| 0xb225…99a1 | $4.0K | 0.0% |
| 0x415c…EEc7 | $3.00 | <0.01% |
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 8 Morpho markets. The curator, Flowdesk, decides which markets it may use and how much can go into each.
It holds $28.17M (28.20M USDT) from 15 depositors and pays a net APY of 9.91% after its 10% performance fee. Over the last 30 days depositors actually earned 5.43% a year. About 2.61% of today's rate comes from ZAMA rewards, which can stop at any time.
Its largest position is PT-reUSD-10DEC2026 / USDT at 22% of its deposits, followed by PT-USDat-14JAN2027 / USDT (21%) and sUSDai / USDT (20%). Counting every market, its loans are backed mainly by PT-USD3-17DEC2026 (51%), sUSDai (28%) and PT-USDat-14JAN2027 (8%). 2% 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.
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 9.91% net APY right now, after its fees and including 2.61% of rewards. Measured from the growth of its share price, it paid 5.43% 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 8 Morpho markets. The biggest is PT-reUSD-10DEC2026 / USDT with 22% of its deposits. Overall its loans are backed mainly by PT-USD3-17DEC2026 (51%), sUSDai (28%) and PT-USDat-14JAN2027 (8%).
Can I withdraw from Flowdesk Confidential High Yield USDT right now?
About $627K of its $28.17M in deposits (2%) 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. Adding a market or raising a cap waits behind a timelock of 3 days. This is not advice.
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