KPK USDC Yield RWA on Ethereum
V2A Morpho V2 vault on Ethereum that lends out USDC deposits, curated by KPK. Depositors earn 6.12% a year right now after a 0% performance fee.
Data from Morpho's API · updated
Net APY
6.12%
after fees, paid to depositors
30-day APY
6.23%
7-day 6.62%, from the share price
Deposits
$847K
847.29K USDC
Withdrawable now
$281K
33% of deposits
Performance fee
0%
of the interest earned
Depositors
16
largest holds 59.9%
KPK USDC Yield RWA 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 |
|---|---|---|
| wFalconX / USDCLLTV 91.5% | $286K | 26.3% |
| PT-USD3-17DEC2026 / USDCLLTV 86% | $217K | 20.0% |
| mF-ONE / USDCLLTV 91.5% | $217K | 20.0% |
| USD3 / USDCLLTV 91.5% | $217K | 20.0% |
| AA_FalconXUSDC / USDCLLTV 77% | $148K | 13.7% |
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
| wFalconX | 33.1% |
|---|---|
| PT-USD3-17DEC2026 | 20.1% |
| USD3 | 20.1% |
| mF-ONE | 20.1% |
| AA_FalconXUSDC | 6.7% |
Returns over time
Net APY actually earned over each period, from the share price: after fees, without token rewards
| Last day | 6.04% |
|---|---|
| Last 7 days | 6.62% |
| Last 30 days | 6.23% |
| Last 90 days | 6.64% |
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 | July 27, 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 | 6.12% |
| Vault contract | 0x7a72…DDa1 |
| USDC token | 0xA0b8…eB48 |
| Network | Ethereum |
The curator's description: "A USDC vault with 24h automation lending against KPK-vetted real-world assets. Allocations are continuously rebalanced across RWA markets with strict caps to preserve liquidity and mitigate risk."
Largest depositors
16 addresses hold shares in this vault
| Address | Deposit | Share of vault |
|---|---|---|
| 0xE075…C373 | $507K | 59.9% |
| 0x38F6…3848 | $324K | 38.2% |
| 0x15d8…cCba | $91.9K | 10.9% |
| 0x0295…752D | $69.3K | 8.2% |
| 0xe982…0289 | $46.9K | 5.5% |
| 0x6726…cc15 | $14.3K | 1.7% |
| 0xF7E0…ae14 | $7.7K | 0.9% |
| 0x7F23…3974 | $6.5K | 0.8% |
| 0x653b…e4fE | $6.4K | 0.8% |
| 0x4695…60b0 | $5.3K | 0.6% |
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 Yield RWA
KPK USDC Yield RWA is a Morpho V2 vault on Ethereum, created on July 27, 2026. It takes USDC deposits and lends them to borrowers in 5 Morpho markets. The curator, KPK, decides which markets it may use and how much can go into each.
It holds $847K (847.29K USDC) from 16 depositors and pays a net APY of 6.12% after its 0% performance fee. Over the last 30 days depositors actually earned 6.23% a year.
Its largest position is wFalconX / USDC at 26% of its deposits, followed by PT-USD3-17DEC2026 / USDC (20%) and mF-ONE / USDC (20%). Counting every market, its loans are backed mainly by wFalconX (33%), PT-USD3-17DEC2026 (20%) and USD3 (20%). 33% 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. The owner is a 5-of-8 multisig wallet. Morpho's app shows no warnings for this vault.
KPK USDC Yield RWA: quick answers
What is the APY of KPK USDC Yield RWA on Ethereum?
KPK USDC Yield RWA pays 6.12% net APY right now, after its fees. Measured from the growth of its share price, it paid 6.23% over the last 30 days. The rate changes every day with what its borrowers pay.
What does KPK USDC Yield RWA lend against?
It lends USDC through 5 Morpho markets. The biggest is wFalconX / USDC with 26% of its deposits. Overall its loans are backed mainly by wFalconX (33%), PT-USD3-17DEC2026 (20%) and USD3 (20%).
Can I withdraw from KPK USDC Yield RWA right now?
About $281K of its $847K in deposits (33%) 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 Yield RWA 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 Yield RWA?
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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