Keyrock Prime USDTV2
A Morpho V2 vault on Ethereum that lends out USDT deposits, curated by Keyrock. Depositors earn 3.85% a year right now after a 10% performance fee.
Data from Morpho's API · updated
Net APY
3.85%
after fees, paid to depositors
30-day APY
3.07%
7-day 4.44%
Deposits
$202K
201.74K USDT
Withdrawable now
$53.00
0% of deposits
Performance fee
10%
of the interest earned
Depositors
5
largest holds 99.9%
Keyrock Prime 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 |
|---|---|---|
| wstETH / USDTLLTV 86% | $90.7K | 45.0% |
| WBTC / USDTLLTV 86% | $80.7K | 40.0% |
| XAUt / USDTLLTV 77% | $10.1K | 5.0% |
| cbBTC / USDTLLTV 86% | $10.1K | 5.0% |
| sUSDS / USDTLLTV 96.5% | $10.1K | 5.0% |
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 | 45.0% |
|---|---|
| WBTC | 40.0% |
| XAUt | 5.0% |
| cbBTC | 5.0% |
| sUSDS | 5.0% |
| weETH | 0.0% |
Returns over time
Net APY actually earned over each period, from the share price
| Last day | 3.76% |
|---|---|
| Last 7 days | 4.44% |
| Last 30 days | 3.07% |
| Since the vault started | 2.92% |
Who controls this vault
| Curator | Keyrock |
|---|---|
| Owner | 0xbA75…83Fd |
| 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 | 1addresses that move money between markets |
| Sentinels | 1can pull money back or cut caps in an emergency |
| Created | June 7, 2026 |
Timelocks give depositors time to leave before a change they dislike takes effect. Morpho risks explained.
Details
| Deposit asset | USDTprice $0.9998 |
|---|---|
| Vault version | Morpho Vault V2 |
| APY before fees | 4.29% |
| Vault contract | 0xE9BE…a73f |
| USDT token | 0xdAC1…1ec7 |
| Network | Ethereum |
The curator's description: "Keyrock Prime USDT dynamically deploys capital against blue chip pairs to maximize yield and optimize USDT holdings."
Largest depositors
5 addresses hold shares in this vault
| Address | Deposit | Share of vault |
|---|---|---|
| 0xf1a9…2C53 | $201K | 99.9% |
| 0xbA75…83Fd | $53.00 | 0.0% |
| 0x0000…dEaD | $1.00 | <0.01% |
| 0xf200…b96B | $0 | 0.0% |
| 0x0000…8A90 | $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 Keyrock Prime USDT
Keyrock Prime USDT is a Morpho V2 vault on Ethereum, created on June 7, 2026. It takes USDT deposits and lends them to borrowers in 5 Morpho markets. The curator, Keyrock, decides which markets it may use and how much can go into each.
It holds $202K (201.74K USDT) from 5 depositors and pays a net APY of 3.85% after its 10% performance fee. Over the last 30 days depositors actually earned 3.07% a year.
Its largest position is wstETH / USDT at 45% of what it lends, followed by WBTC / USDT (40%) and XAUt / USDT (5%). Counting every market, its loans are backed mainly by wstETH (45%), WBTC (40%) and XAUt (5%). 0% 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.
Keyrock Prime USDT: quick answers
What is the APY of Keyrock Prime USDT on Ethereum?
Keyrock Prime USDT pays 3.85% net APY right now, after its fees. Measured from the growth of its share price, it paid 3.07% over the last 30 days. The rate changes every day with what its borrowers pay.
What does Keyrock Prime USDT lend against?
It lends USDT through 5 Morpho markets. The biggest is wstETH / USDT with 45% of its lending. Overall its loans are backed mainly by wstETH (45%), WBTC (40%) and XAUt (5%).
Can I withdraw from Keyrock Prime USDT right now?
About $53.00 of its $202K in deposits (0%) 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 Keyrock Prime USDT and what does it charge?
Keyrock 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 Keyrock Prime 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
The same deposit asset, other curators and networks