KPK USDT Prime on Ethereum
V2A Morpho V2 vault on Ethereum that lends out USDT deposits, curated by KPK. Depositors earn 3.42% a year right now after a 0% performance fee.
Data from Morpho's API · updated
Net APY
3.42%
after fees, paid to depositors
30-day APY
4.39%
7-day 4.72%, from the share price
Deposits
$615K
616.05K USDT
Withdrawable now
$182K
30% of deposits
Performance fee
0%
of the interest earned
Depositors
23
largest holds 83.0%
KPK USDT Prime 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 |
|---|---|---|
| XAUt / USDTLLTV 77% | $302K | 44.6% |
| wstETH / USDTLLTV 86% | $263K | 38.8% |
| WBTC / USDTLLTV 86% | $85.6K | 12.7% |
| weETH / USDTLLTV 86% | $23.9K | 3.5% |
| syrupUSDT / USDTLLTV 91.5% | $2.7K | 0.4% |
| sUSDS / USDTLLTV 96.5% | $330 | 0.0% |
| cbBTC / USDTLLTV 86% | $30.00 | <0.01% |
| Idle cashnot lent out | $29.00 | <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
| XAUt | 43.9% |
|---|---|
| WBTC | 29.1% |
| wstETH | 24.5% |
| weETH | 1.9% |
| sUSDS | 0.6% |
Returns over time
Net APY actually earned over each period, from the share price: after fees, without token rewards
| Last day | 3.45% |
|---|---|
| Last 7 days | 4.72% |
| Last 30 days | 4.39% |
| Last 90 days | 3.55% |
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 | March 11, 2026 |
Timelocks give depositors time to leave before a change they dislike takes effect. Morpho risks explained.
Details
| Deposit asset | USDTprice $0.9990 |
|---|---|
| Vault version | Morpho Vault V2 |
| APY before fees | 3.42% |
| Vault contract | 0x870F…C8A8 |
| USDT token | 0xdAC1…1ec7 |
| Network | Ethereum |
The curator's description: "A low-risk USDT vault with 24h automation. Allocations are continuously rebalanced across liquid markets with strict collateral filters to preserve liquidity and mitigate risk."
Largest depositors
23 addresses hold shares in this vault
| Address | Deposit | Share of vault |
|---|---|---|
| 0x17bC…44b7 | $511K | 83.0% |
| 0x236c…6111 | $98.3K | 16.0% |
| 0x38F6…3848 | $60.8K | 9.9% |
| 0xd0B3…B14d | $3.0K | 0.5% |
| 0x5949…97C0 | $2.0K | 0.3% |
| 0xB730…f7Be | $1.7K | 0.3% |
| 0x3979…ac43 | $301 | 0.0% |
| 0xbA13…9bA9 | $5.00 | <0.01% |
| 0x3FF1…2Fe9 | $1.00 | <0.01% |
| 0x0000…dEaD | $1.00 | <0.01% |
When a few addresses hold most of a vault, one large withdrawal can use up the liquidity that is free right now.
About KPK USDT Prime
KPK USDT Prime is a Morpho V2 vault on Ethereum, created on March 11, 2026. It takes USDT 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 $615K (616.05K USDT) from 23 depositors and pays a net APY of 3.42% after its 0% performance fee. Over the last 30 days depositors actually earned 4.39% a year.
Its largest position is XAUt / USDT at 45% of its deposits, followed by wstETH / USDT (39%) and WBTC / USDT (13%). Counting every market, its loans are backed mainly by XAUt (44%), WBTC (29%) and wstETH (25%). 30% 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 USDT Prime: quick answers
What is the APY of KPK USDT Prime on Ethereum?
KPK USDT Prime pays 3.42% net APY right now, after its fees. Measured from the growth of its share price, it paid 4.39% over the last 30 days. The rate changes every day with what its borrowers pay.
What does KPK USDT Prime lend against?
It lends USDT through 7 Morpho markets. The biggest is XAUt / USDT with 45% of its deposits. Overall its loans are backed mainly by XAUt (44%), WBTC (29%) and wstETH (25%).
Can I withdraw from KPK USDT Prime right now?
About $182K of its $615K in deposits (30%) 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 USDT 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 USDT 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. Adding a market or raising a cap waits behind a timelock of 3 days. This is not advice.
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