Keyrock USDC on Ethereum
V2A Morpho V2 vault on Ethereum that lends out USDC deposits, curated by Keyrock. Depositors earn 6.52% a year right now after a 5% performance fee.
Data from Morpho's API · updated
Net APY
6.52%
incl. 0.19% in rewards
30-day APY
6.66%
7-day 6.57%, from the share price
Deposits
$8.30M
8.30M USDC
Withdrawable now
$2.11M
25% of deposits
Performance fee
5%
of the interest earned
Depositors
34
largest holds 76.2%
Keyrock 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 |
|---|---|---|
| PT-reUSD-10DEC2026 / USDCLLTV 91.5% | $1.70M | 21.6% |
| cbBTC / USDCLLTV 86% | $1.30M | 16.5% |
| PT-USD3-17DEC2026 / USDCLLTV 86% | $1.21M | 15.3% |
| USD3 / USDCLLTV 91.5% | $1.02M | 12.9% |
| wFalconX / USDCLLTV 91.5% | $1.00M | 12.7% |
| USPC / USDCLLTV 91.5% | $1.00M | 12.7% |
| mF-ONE / USDCLLTV 91.5% | $350K | 4.4% |
| PT-USD3-17DEC2026 / USDCLLTV 86% | $200K | 2.5% |
| wstETH / USDCLLTV 86% | $100.0K | 1.3% |
| Idle cashnot lent out | $2.00 | <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
| PT-reUSD-10DEC2026 | 27.9% |
|---|---|
| cbBTC | 25.5% |
| PT-USD3-17DEC2026 | 16.9% |
| USPC | 12.2% |
| wFalconX | 12.1% |
| mF-ONE | 4.2% |
| wstETH | 1.2% |
Returns over time
Net APY actually earned over each period, from the share price: after fees, without token rewards
| Last day | 6.16% |
|---|---|
| Last 7 days | 6.57% |
| Last 30 days | 6.66% |
| Last 90 days | 5.74% |
| Last year | 5.67% |
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 | 2addresses that move money between markets |
| Sentinels | 1can pull money back or cut caps in an emergency |
| Pending changes | 4IncreaseAbsoluteCap from October 29, 2026; IncreaseAbsoluteCap from October 29, 2026; IncreaseRelativeCap from October 29, 2026 |
| Created | October 3, 2025 |
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 | 6.68% |
| Rewards | USDC 0.19% |
| Vault contract | 0x0442…c145 |
| USDC token | 0xA0b8…eB48 |
| Network | Ethereum |
The curator's description: "Keyrocks V2 USDC vault leverages our experience in fixed lending operations and enhances the end users experience providing them the solution that best fits their trading requirements"
Largest depositors
34 addresses hold shares in this vault
| Address | Deposit | Share of vault |
|---|---|---|
| 0xf0c5…008A | $6.32M | 76.2% |
| 0x37Cf…5e47 | $506K | 6.1% |
| 0xf1a9…2C53 | $500K | 6.0% |
| 0x41f1…a3B1 | $205K | 2.5% |
| 0x721B…af4B | $161K | 1.9% |
| 0x108c…E922 | $100K | 1.2% |
| 0xd8fA…EaEA | $21.6K | 0.3% |
| 0xE94d…Cafe | $15.6K | 0.2% |
| 0x4476…d6C4 | $9.5K | 0.1% |
| 0xf1d9…92B2 | $8.0K | 0.1% |
When a few addresses hold most of a vault, one large withdrawal can use up the liquidity that is free right now.
About Keyrock USDC
Keyrock USDC is a Morpho V2 vault on Ethereum, created on October 3, 2025. It takes USDC deposits and lends them to borrowers in 9 Morpho markets. The curator, Keyrock, decides which markets it may use and how much can go into each.
It holds $8.30M (8.30M USDC) from 34 depositors and pays a net APY of 6.52% after its 5% performance fee. Over the last 30 days depositors actually earned 6.66% a year, and 5.67% over the last year. About 0.19% of today's rate comes from USDC rewards, which can stop at any time.
Its largest position is PT-reUSD-10DEC2026 / USDC at 22% of its deposits, followed by cbBTC / USDC (16%) and PT-USD3-17DEC2026 / USDC (15%). Counting every market, its loans are backed mainly by PT-reUSD-10DEC2026 (28%), cbBTC (25%) and PT-USD3-17DEC2026 (17%). 25% 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.
Keyrock USDC: quick answers
What is the APY of Keyrock USDC on Ethereum?
Keyrock USDC pays 6.52% net APY right now, after its fees and including 0.19% of rewards. Measured from the growth of its share price, it paid 6.66% over the last 30 days. The rate changes every day with what its borrowers pay.
What does Keyrock USDC lend against?
It lends USDC through 9 Morpho markets. The biggest is PT-reUSD-10DEC2026 / USDC with 22% of its deposits. Overall its loans are backed mainly by PT-reUSD-10DEC2026 (28%), cbBTC (25%) and PT-USD3-17DEC2026 (17%).
Can I withdraw from Keyrock USDC right now?
About $2.11M of its $8.30M in deposits (25%) 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 USDC and what does it charge?
Keyrock 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 Keyrock 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 3 days. This is not advice.
Other USDC vaults
The same deposit asset, other curators and networks
