M1 USDC on Ethereum
V2A Morpho V2 vault on Ethereum that lends out USDC deposits, curated by Waterline. Depositors earn 7.73% a year right now after a 5% performance fee.
Data from Morpho's API · updated
Net APY
7.73%
after fees, paid to depositors
30-day APY
7.47%
7-day 8.25%, from the share price
Deposits
$8.62M
8.62M USDC
Withdrawable now
$860K
10% of deposits
Performance fee
5%
of the interest earned
Depositors
12
largest holds 53.3%
M1 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 |
|---|---|---|
| mM1-USD / USDCLLTV 86% | $8.61M | 100.0% |
| cbBTC / USDCLLTV 86% | $849 | <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
| mM1-USD | 100.0% |
|---|
Returns over time
Net APY actually earned over each period, from the share price: after fees, without token rewards
| Last day | 7.88% |
|---|---|
| Last 7 days | 8.25% |
| Last 30 days | 7.47% |
| Last 90 days | 7.58% |
Who controls this vault
| Curator | Waterline |
|---|---|
| Owner | 0x5c48…92FC |
| Timelock to raise a cap | 7 dayswait before more can go into a market |
| Timelock to add an adapter | 7 dayswait before a new kind of investment |
| Timelock to raise fees | None |
| Allocators | 3addresses that move money between markets |
| Sentinels | 3can pull money back or cut caps in an emergency |
| Pending changes | 1SetSendAssetsGate from July 3, 2026 |
| Created | June 19, 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 | 8.15% |
| Vault contract | 0xAb59…616C |
| USDC token | 0xA0b8…eB48 |
| Network | Ethereum |
The curator's description: "The M1 USDC vault is designed to provide liquidity against M1-related collateral assets. Deposits are restricted to allowlisted participants."
Largest depositors
12 addresses hold shares in this vault
| Address | Deposit | Share of vault |
|---|---|---|
| 0xB60E…700c | $4.59M | 53.3% |
| 0x53E4…a4B5 | $3.44M | 39.8% |
| 0xc9eA…82D2 | $535K | 6.2% |
| 0x815D…210a | $24.4K | 0.3% |
| 0x255c…085a | $10.3K | 0.1% |
| 0xFc44…2cA8 | $6.4K | 0.1% |
| 0xF198…8E5E | $2.9K | 0.0% |
| 0x45Cd…3fE3 | $1.1K | 0.0% |
| 0x120b…9A2B | $905 | 0.0% |
| 0x4215…7549 | $565 | <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 M1 USDC
M1 USDC is a Morpho V2 vault on Ethereum, created on June 19, 2026. It takes USDC deposits and lends them to borrowers in 2 Morpho markets. The curator, Waterline, decides which markets it may use and how much can go into each.
It holds $8.62M (8.62M USDC) from 12 depositors and pays a net APY of 7.73% after its 5% performance fee. Over the last 30 days depositors actually earned 7.47% a year.
Its largest position is mM1-USD / USDC at 100% of its deposits, followed by cbBTC / USDC (<0.01%). Counting every market, its loans are backed mainly by mM1-USD (100%). 10% of deposits could be withdrawn right now.
Adding a market or raising how much can go into one waits behind a timelock of 7 days, which gives depositors time to leave first. Morpho's app shows no warnings for this vault.
M1 USDC: quick answers
What is the APY of M1 USDC on Ethereum?
M1 USDC pays 7.73% net APY right now, after its fees. Measured from the growth of its share price, it paid 7.47% over the last 30 days. The rate changes every day with what its borrowers pay.
What does M1 USDC lend against?
It lends USDC through 2 Morpho markets. The biggest is mM1-USD / USDC with 100% of its deposits. Overall its loans are backed mainly by mM1-USD (100%).
Can I withdraw from M1 USDC right now?
About $860K of its $8.62M in deposits (10%) 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 M1 USDC and what does it charge?
Waterline 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 M1 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 7 days. This is not advice.
Other USDC vaults
The same deposit asset, other curators and networks
