Galaxy USDC EnhancedV2
A Morpho V2 vault on Ethereum that lends out USDC deposits, curated by Galaxy Curation. Depositors earn 4.93% a year right now after a 0% performance fee and a 0.4% yearly management fee.
Data from Morpho's API · updated
Net APY
4.93%
after fees, paid to depositors
30-day APY
4.93%
7-day 5.01%
Deposits
$8.07M
8.07M USDC
Withdrawable now
$2.93M
36% of deposits
Performance fee
0%
plus 0.4% a year
Depositors
12
largest holds 64.5%
Galaxy USDC Enhanced 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 |
|---|---|---|
| cbBTC / USDCLLTV 86% | $2.93M | 36.4% |
| PST / USDCLLTV 86% | $2.24M | 27.7% |
| reUSD / USDCLLTV 91.5% | $2.10M | 26.0% |
| LBTC / USDCLLTV 86% | $598K | 7.4% |
| PT-USDat-14JAN2027 / USDCLLTV 91.5% | $200K | 2.5% |
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
| cbBTC | 36.4% |
|---|---|
| PST | 27.7% |
| reUSD | 26.0% |
| LBTC | 7.4% |
| PT-USDat-14JAN2027 | 2.5% |
| PRIME | 0.0% |
| PT-USDat-27AUG2026 | 0.0% |
| weETH | 0.0% |
Returns over time
Net APY actually earned over each period, from the share price
| Last day | 5.11% |
|---|---|
| Last 7 days | 5.01% |
| Last 30 days | 4.93% |
| Since the vault started | 4.63% |
Who controls this vault
| Curator | Galaxy Curation |
|---|---|
| Owner | 0x42D5…419d |
| 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 | 1can pull money back or cut caps in an emergency |
| Created | June 16, 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 | 5.36% |
| Vault contract | 0xd95f…8D96 |
| USDC token | 0xA0b8…eB48 |
| Network | Ethereum |
The curator's description: "The Morpho Enhanced USDC Vault allocates stablecoin liquidity across a curated selection of Morpho markets that include both blue-chip and higher-yielding collateral types."
Largest depositors
12 addresses hold shares in this vault
| Address | Deposit | Share of vault |
|---|---|---|
| 0xfF43…064C | $5.21M | 64.5% |
| 0xC36a…873D | $2.03M | 25.2% |
| 0xa83d…F1aB | $826K | 10.2% |
| 0x6414…3e59 | $7.1K | 0.1% |
| 0xB9c7…db77 | $1.0K | 0.0% |
| 0x307a…aE00 | $177 | <0.01% |
| 0x6444…A7fb | $5.00 | <0.01% |
| 0x0000…dEaD | $1.00 | <0.01% |
| 0x0000…8A90 | $0 | 0.0% |
| 0x1121…0a11 | $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 Galaxy USDC Enhanced
Galaxy USDC Enhanced is a Morpho V2 vault on Ethereum, created on June 16, 2026. It takes USDC deposits and lends them to borrowers in 5 Morpho markets. The curator, Galaxy Curation, decides which markets it may use and how much can go into each.
It holds $8.07M (8.07M USDC) from 12 depositors and pays a net APY of 4.93% after its 0% performance fee and 0.4% yearly management fee. Over the last 30 days depositors actually earned 4.93% a year.
Its largest position is cbBTC / USDC at 36% of what it lends, followed by PST / USDC (28%) and reUSD / USDC (26%). Counting every market, its loans are backed mainly by cbBTC (36%), PST (28%) and reUSD (26%). 36% 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.
Galaxy USDC Enhanced: quick answers
What is the APY of Galaxy USDC Enhanced on Ethereum?
Galaxy USDC Enhanced pays 4.93% net APY right now, after its fees. Measured from the growth of its share price, it paid 4.93% over the last 30 days. The rate changes every day with what its borrowers pay.
What does Galaxy USDC Enhanced lend against?
It lends USDC through 5 Morpho markets. The biggest is cbBTC / USDC with 36% of its lending. Overall its loans are backed mainly by cbBTC (36%), PST (28%) and reUSD (26%).
Can I withdraw from Galaxy USDC Enhanced right now?
About $2.93M of its $8.07M in deposits (36%) 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 Galaxy USDC Enhanced and what does it charge?
Galaxy Curation curates it. It keeps 0% of the interest earned as a performance fee and charges 0.4% a year as a management fee. The net APY shown is after these fees.
What are the risks of Galaxy USDC Enhanced?
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