KPK USDC PrimeV2
A Morpho V2 vault on Ethereum that lends out USDC deposits, curated by KPK. Depositors earn 4.67% a year right now after a 0% performance fee.
Data from Morpho's API · updated
Net APY
4.67%
after fees, paid to depositors
30-day APY
4.60%
7-day 4.61%
Deposits
$26.57M
26.57M USDC
Withdrawable now
$11.22M
42% of deposits
Performance fee
0%
of the interest earned
Depositors
78
largest holds 48.7%
KPK USDC Prime 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% | $11.22M | 42.2% |
| WBTC / USDCLLTV 86% | $6.62M | 24.9% |
| rETH / USDCLLTV 86% | $3.11M | 11.7% |
| wstETH / USDCLLTV 86% | $2.65M | 10.0% |
| OETH / USDCLLTV 86% | $2.40M | 9.0% |
| LsETH / USDCLLTV 86% | $292K | 1.1% |
| WETH / USDCLLTV 86% | $276K | 1.0% |
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
| cbBTC | 42.2% |
|---|---|
| WBTC | 24.9% |
| rETH | 11.7% |
| wstETH | 10.0% |
| OETH | 9.0% |
| LsETH | 1.1% |
| WETH | 1.0% |
Returns over time
Net APY actually earned over each period, from the share price
| Last day | 4.75% |
|---|---|
| Last 7 days | 4.61% |
| Last 30 days | 4.60% |
| Since the vault started | 67.79% |
Who controls this vault
| Curator | KPK |
|---|---|
| Owner | 0x8b88…A5375-of-8 multisig |
| 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 | 14 days |
| Allocators | 4addresses that move money between markets |
| Sentinels | 1can pull money back or cut caps in an emergency |
| Created | October 23, 2025 |
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 | 4.67% |
| Vault contract | 0x4Ef5…9ee6 |
| USDC token | 0xA0b8…eB48 |
| Network | Ethereum |
The curator's description: "A low-risk USDC vault with 24h automation. Allocations are continuously rebalanced across liquid markets with strict collateral filters to preserve liquidity and mitigate risk."
Largest depositors
78 addresses hold shares in this vault
| Address | Deposit | Share of vault |
|---|---|---|
| 0x4F20…FE64 | $12.94M | 48.7% |
| 0x616d…0669 | $7.48M | 28.2% |
| 0x17bC…44b7 | $2.19M | 8.3% |
| 0x0EFc…fc89 | $1.64M | 6.2% |
| 0x55bA…1fB6 | $591K | 2.2% |
| 0xb620…af4C | $266K | 1.0% |
| 0x6FcE…0e17 | $214K | 0.8% |
| 0xE252…637B | $200K | 0.8% |
| 0x3088…c118 | $169K | 0.6% |
| 0xF8cc…994e | $122K | 0.5% |
When a few addresses hold most of a vault, one large withdrawal can use up the liquidity that is free right now.
About KPK USDC Prime
KPK USDC Prime is a Morpho V2 vault on Ethereum, created on October 23, 2025. It takes USDC deposits and lends them to borrowers in 7 Morpho markets. The curator, KPK, decides which markets it may use and how much can go into each.
It holds $26.57M (26.57M USDC) from 78 depositors and pays a net APY of 4.67% after its 0% performance fee. Over the last 30 days depositors actually earned 4.60% a year.
Its largest position is cbBTC / USDC at 42% of what it lends, followed by WBTC / USDC (25%) and rETH / USDC (12%). Counting every market, its loans are backed mainly by cbBTC (42%), WBTC (25%) and rETH (12%). 42% 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. The owner is a 5-of-8 multisig wallet. Morpho's app shows no warnings for this vault.
KPK USDC Prime: quick answers
What is the APY of KPK USDC Prime on Ethereum?
KPK USDC Prime pays 4.67% net APY right now, after its fees. Measured from the growth of its share price, it paid 4.60% over the last 30 days. The rate changes every day with what its borrowers pay.
What does KPK USDC Prime lend against?
It lends USDC through 7 Morpho markets. The biggest is cbBTC / USDC with 42% of its lending. Overall its loans are backed mainly by cbBTC (42%), WBTC (25%) and rETH (12%).
Can I withdraw from KPK USDC Prime right now?
About $11.22M of its $26.57M in deposits (42%) 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 KPK USDC Prime and what does it charge?
KPK 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 KPK USDC Prime?
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