Kabu USDC on Ethereum
V2A Morpho V2 vault on Ethereum that lends out USDC deposits, curated by Api3. Depositors earn 7.98% a year right now after a 5% performance fee.
Data from Morpho's API · updated
Net APY
7.98%
incl. 2.41% in rewards
30-day APY
6.65%
7-day 6.22%, from the share price
Deposits
$1.57M
1.57M USDC
Withdrawable now
$542K
34% of deposits
Performance fee
5%
of the interest earned
Depositors
56
largest holds 46.0%
Kabu USDC 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 |
|---|---|---|
| ONDO / USDCLLTV 62.5% | $631K | 34.9% |
| MORPHO / USDCLLTV 62.5% | $611K | 33.8% |
| wstETH / USDCLLTV 86% | $348K | 19.2% |
| SYRUP / USDCLLTV 62.5% | $207K | 11.4% |
| UNI / USDCLLTV 77% | $10.8K | 0.6% |
| COMP / USDCLLTV 62.5% | $1.0K | 0.1% |
| EIGEN / USDCLLTV 62.5% · under $1,000, not tracked here | $399 | 0.0% |
| FLUID / USDCLLTV 62.5% · under $1,000, not tracked here | $110 | <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
| wstETH | 34.5% |
|---|---|
| ONDO | 27.1% |
| MORPHO | 25.0% |
| SYRUP | 10.7% |
| UNI | 2.0% |
| ENA | 0.6% |
Returns over time
Net APY actually earned over each period, from the share price: after fees, without token rewards
| Last day | 5.41% |
|---|---|
| Last 7 days | 6.22% |
| Last 30 days | 6.65% |
| Last 90 days | 5.39% |
Who controls this vault
| Curator | Api3 |
|---|---|
| Owner | 0xBBE0…13DA3-of-5 multisig |
| Timelock to raise a cap | 7 dayswait before more can go into a market |
| Timelock to add an adapter | 7 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 | January 1, 2026 |
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 | 5.87% |
| Rewards | USDC 2.41% |
| Vault contract | 0x5421…e3f4 |
| USDC token | 0xA0b8…eB48 |
| Network | Ethereum |
The curator's description: "Kabu USDC brings stablecoin liquidity to assets other curators avoid. By operating both the oracle and the vault - Api3 can deliver price updates precisely when liquidation thresholds are reached and not only on broad deviations. Combined with Morpho partial liquidation design this added oracle precision allows long tail assets to be supported in a safer and more controlled way. This allows Kabu to operate markets that other curators cannot run safely."
Largest depositors
56 addresses hold shares in this vault
| Address | Deposit | Share of vault |
|---|---|---|
| 0x8e03…8b24 | $723K | 46.0% |
| 0x485c…6180 | $276K | 17.5% |
| 0xd33B…17FE | $187K | 11.9% |
| 0x661e…aa87 | $150K | 9.5% |
| 0xb620…af4C | $100.0K | 6.4% |
| 0x4768…c9b2 | $87.4K | 5.6% |
| 0xcc5B…fD28 | $53.2K | 3.4% |
| 0x3864…16bf | $46.7K | 3.0% |
| 0xb3F4…1BC6 | $45.0K | 2.9% |
| 0xECd3…3759 | $40.0K | 2.5% |
When a few addresses hold most of a vault, one large withdrawal can use up the liquidity that is free right now.
About Kabu USDC
Kabu USDC is a Morpho V2 vault on Ethereum, created on January 1, 2026. It takes USDC deposits and lends them to borrowers in 8 Morpho markets. The curator, Api3, decides which markets it may use and how much can go into each.
It holds $1.57M (1.57M USDC) from 56 depositors and pays a net APY of 7.98% after its 5% performance fee. Over the last 30 days depositors actually earned 6.65% a year. About 2.41% of today's rate comes from USDC rewards, which can stop at any time.
Its largest position is ONDO / USDC at 35% of its deposits, followed by MORPHO / USDC (34%) and wstETH / USDC (19%). Counting every market, its loans are backed mainly by wstETH (34%), ONDO (27%) and MORPHO (25%). 34% of deposits could be withdrawn right now.
Adding a market or raising how much can go into one waits behind a timelock of 7 days, which gives depositors time to leave first. The owner is a 3-of-5 multisig wallet. Morpho's app shows no warnings for this vault.
Kabu USDC: quick answers
What is the APY of Kabu USDC on Ethereum?
Kabu USDC pays 7.98% net APY right now, after its fees and including 2.41% of rewards. Measured from the growth of its share price, it paid 6.65% over the last 30 days. The rate changes every day with what its borrowers pay.
What does Kabu USDC lend against?
It lends USDC through 8 Morpho markets. The biggest is ONDO / USDC with 35% of its deposits. Overall its loans are backed mainly by wstETH (34%), ONDO (27%) and MORPHO (25%).
Can I withdraw from Kabu USDC right now?
About $542K of its $1.57M in deposits (34%) 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 Kabu USDC and what does it charge?
Api3 curates it. It keeps 5% of the interest earned as a performance fee. The net APY shown is after these fees.
What are the risks of Kabu USDC?
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 7 days. This is not advice.
Other USDC vaults
The same deposit asset, other curators and networks
