MEV CAPITAL USDCV2
A Morpho V2 vault on Ethereum that lends out USDC deposits, curated by MEV Capital. Depositors earn 5.88% a year right now after a 8% performance fee.
Data from Morpho's API · updated
Net APY
5.88%
after fees, paid to depositors
30-day APY
6.13%
7-day 6.28%
Deposits
$288K
288.29K USDC
Withdrawable now
$0
0% of deposits
Performance fee
8%
of the interest earned
Depositors
33
largest holds 41.7%
MEV CAPITAL USDC 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 |
|---|---|---|
| siUSD / USDCLLTV 91.5% | $288K | 100.0% |
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
| siUSD | 51.7% |
|---|---|
| mF-ONE | 25.1% |
| reUSD | 23.2% |
| WBTC | 0.0% |
| Other | 0.0% |
| wstETH | 0.0% |
Returns over time
Net APY actually earned over each period, from the share price
| Last day | 6.15% |
|---|---|
| Last 7 days | 6.28% |
| Last 30 days | 6.13% |
| Since the vault started | 7.85% |
Who controls this vault
| Curator | MEV Capital |
|---|---|
| Owner | 0x38af…82DB2-of-5 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 | None |
| Allocators | 3addresses that move money between markets |
| Sentinels | 0can pull money back or cut caps in an emergency |
| Pending changes | 4IncreaseAbsoluteCap from September 25, 2026; IncreaseRelativeCap from September 25, 2026; IncreaseAbsoluteCap from September 25, 2026 |
| Created | May 7, 2026 |
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 | 6.40% |
| Vault contract | 0x9480…8bbC |
| USDC token | 0xA0b8…eB48 |
| Network | Ethereum |
The curator's description: "The MEV Capital USDC provides a set of liquid collateral markets through automated rebalancing to target an optimized risk-adjusted return."
Largest depositors
33 addresses hold shares in this vault
| Address | Deposit | Share of vault |
|---|---|---|
| 0x38af…82DB | $120K | 41.7% |
| 0x8328…A7A0 | $101K | 34.9% |
| 0xA386…6011 | $8.8K | 3.0% |
| 0x5723…19b2 | $8.0K | 2.8% |
| 0x1d6F…8C7f | $7.5K | 2.6% |
| 0x93ae…0443 | $7.2K | 2.5% |
| 0x2327…0284 | $6.6K | 2.3% |
| 0x688C…b17f | $6.5K | 2.3% |
| 0x7F23…3974 | $6.0K | 2.1% |
| 0x37A8…4729 | $5.4K | 1.9% |
When a few addresses hold most of a vault, one large withdrawal can use up the liquidity that is free right now.
About MEV CAPITAL USDC
MEV CAPITAL USDC is a Morpho V2 vault on Ethereum, created on May 7, 2026. It takes USDC deposits and lends them to borrowers in 1 Morpho market. The curator, MEV Capital, decides which markets it may use and how much can go into each.
It holds $288K (288.29K USDC) from 33 depositors and pays a net APY of 5.88% after its 8% performance fee. Over the last 30 days depositors actually earned 6.13% a year.
Its largest position is siUSD / USDC at 100% of what it lends. Counting every market, its loans are backed mainly by siUSD (52%), mF-ONE (25%) and reUSD (23%). 0% 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 2-of-5 multisig wallet. Morpho's app shows no warnings for this vault.
MEV CAPITAL USDC: quick answers
What is the APY of MEV CAPITAL USDC on Ethereum?
MEV CAPITAL USDC pays 5.88% net APY right now, after its fees. Measured from the growth of its share price, it paid 6.13% over the last 30 days. The rate changes every day with what its borrowers pay.
What does MEV CAPITAL USDC lend against?
It lends USDC through 1 Morpho market. The biggest is siUSD / USDC with 100% of its lending. Overall its loans are backed mainly by siUSD (52%), mF-ONE (25%) and reUSD (23%).
Can I withdraw from MEV CAPITAL USDC right now?
About $0 of its $288K in deposits (0%) 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 MEV CAPITAL USDC and what does it charge?
MEV Capital curates it. It keeps 8% of the interest earned as a performance fee. The net APY shown is after these fees.
What are the risks of MEV CAPITAL 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. 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