Galaxy USDT Quality on Ethereum
V2A Morpho V2 vault on Ethereum that lends out USDT deposits, curated by Galaxy Curation. Depositors earn 3.01% a year right now after a 0% performance fee.
Data from Morpho's API · updated
Net APY
3.01%
after fees, paid to depositors
30-day APY
3.96%
7-day 4.26%, from the share price
Deposits
$10.87M
10.88M USDT
Withdrawable now
$4.39M
40% of deposits
Performance fee
0%
of the interest earned
Depositors
38
largest holds 47.8%
Galaxy USDT Quality 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 |
|---|---|---|
| WBTC / USDTLLTV 86% | $9.60M | 88.3% |
| cbBTC / USDTLLTV 86% | $570K | 5.3% |
| wstETH / USDTLLTV 86% | $359K | 3.3% |
| XAUt / USDTLLTV 77% | $232K | 2.1% |
| weETH / USDTLLTV 86% | $105K | 1.0% |
| Idle cashnot lent out | $21.00 | <0.01% |
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
| WBTC | 54.1% |
|---|---|
| wstETH | 40.4% |
| cbBTC | 4.3% |
| XAUt | 1.2% |
Returns over time
Net APY actually earned over each period, from the share price: after fees, without token rewards
| Last day | 3.01% |
|---|---|
| Last 7 days | 4.26% |
| Last 30 days | 3.96% |
| Last 90 days | 3.36% |
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 | 7 days |
| Allocators | 2addresses that move money between markets |
| Sentinels | 1can pull money back or cut caps in an emergency |
| Created | April 6, 2026 |
Timelocks give depositors time to leave before a change they dislike takes effect. Morpho risks explained.
Details
| Deposit asset | USDTprice $0.9990 |
|---|---|
| Vault version | Morpho Vault V2 |
| APY before fees | 3.01% |
| Vault contract | 0x71ff…878d |
| USDT token | 0xdAC1…1ec7 |
| Network | Ethereum |
The curator's description: "The Galaxy Quality Stablecoin Vault allocates stablecoin liquidity across a curated selection of markets collateralized exclusively by blue chip assets. The vault is structured for depositors whose primary objective is capital preservation with yield treated as a secondary consideration."
Largest depositors
38 addresses hold shares in this vault
| Address | Deposit | Share of vault |
|---|---|---|
| 0xfF43…064C | $5.20M | 47.8% |
| 0xC36a…873D | $4.83M | 44.4% |
| 0x6977…4ACa | $303K | 2.8% |
| 0x5131…2313 | $252K | 2.3% |
| 0xB002…ed8a | $200K | 1.8% |
| 0x006A…4276 | $40.1K | 0.4% |
| 0x4797…5114 | $20.3K | 0.2% |
| 0x7B97…9948 | $11.5K | 0.1% |
| 0x3F68…D484 | $4.1K | 0.0% |
| 0xeDa1…dA18 | $3.6K | 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 USDT Quality
Galaxy USDT Quality is a Morpho V2 vault on Ethereum, created on April 6, 2026. It takes USDT 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 $10.87M (10.88M USDT) from 38 depositors and pays a net APY of 3.01% after its 0% performance fee. Over the last 30 days depositors actually earned 3.96% a year.
Its largest position is WBTC / USDT at 88% of its deposits, followed by cbBTC / USDT (5%) and wstETH / USDT (3%). Counting every market, its loans are backed mainly by WBTC (54%), wstETH (40%) and cbBTC (4%). 40% 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.
Galaxy USDT Quality: quick answers
What is the APY of Galaxy USDT Quality on Ethereum?
Galaxy USDT Quality pays 3.01% net APY right now, after its fees. Measured from the growth of its share price, it paid 3.96% over the last 30 days. The rate changes every day with what its borrowers pay.
What does Galaxy USDT Quality lend against?
It lends USDT through 5 Morpho markets. The biggest is WBTC / USDT with 88% of its deposits. Overall its loans are backed mainly by WBTC (54%), wstETH (40%) and cbBTC (4%).
Can I withdraw from Galaxy USDT Quality right now?
About $4.39M of its $10.87M in deposits (40%) 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 USDT Quality and what does it charge?
Galaxy Curation curates it. It keeps 0% of the interest earned as a performance fee. The net APY shown is after these fees.
What are the risks of Galaxy USDT Quality?
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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