Paypal USD Main on Ethereum
V2A Morpho V2 vault on Ethereum that lends out PYUSD deposits, curated by Sentora. Depositors earn 5.49% a year right now after a 0% performance fee and a 1.0% yearly management fee.
Data from Morpho's API · updated
Net APY
5.49%
incl. 3.16% in rewards
30-day APY
2.38%
7-day 2.30%, from the share price
Deposits
$355.5M
355.73M PYUSD
Withdrawable now
$38.40M
11% of deposits
Performance fee
0%
plus 1.0% a year
Depositors
510
largest holds 55.3%
Paypal USD Main 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 |
|---|---|---|
| kBTC / PYUSDLLTV 86% | $126.4M | 34.5% |
| sUSDe / PYUSDLLTV 91.5% | $111.5M | 30.5% |
| syrupUSDC / PYUSDLLTV 91.5% | $62.63M | 17.1% |
| weETH / PYUSDLLTV 86% | $14.60M | 4.0% |
| cbBTC / PYUSDLLTV 86% | $1.69M | 0.5% |
| WBTC / PYUSDLLTV 86% | $1.19M | 0.3% |
| LBTC / PYUSDLLTV 86% | $2.4K | <0.01% |
| Idle cashnot lent out | $47.89M | 13.1% |
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
| sUSDe | 36.3% |
|---|---|
| kBTC | 33.3% |
| syrupUSDC | 20.6% |
| weETH | 9.0% |
| cbBTC | 0.5% |
| WBTC | 0.4% |
Returns over time
Net APY actually earned over each period, from the share price: after fees, without token rewards
| Last day | 2.32% |
|---|---|
| Last 7 days | 2.30% |
| Last 30 days | 2.38% |
| Last 90 days | 2.59% |
Who controls this vault
| Curator | Sentora |
|---|---|
| Owner | 0xe8C9…80081-of-1 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 | 2can pull money back or cut caps in an emergency |
| Created | December 16, 2025 |
Timelocks give depositors time to leave before a change they dislike takes effect. Morpho risks explained.
Details
| Deposit asset | PYUSDprice $0.9997 |
|---|---|
| Vault version | Morpho Vault V2 |
| APY before fees | 3.36% |
| Rewards | PYUSD 3.16% |
| Vault contract | 0xb576…9FB2 |
| PYUSD token | 0x6c3e…A0e8 |
| Network | Ethereum |
The curator's description: "Sentora Vault provides superior risk-adjusted returns by lending against top-tier collaterals from Bitcoin wrappers to staked ETH and yield-bearing stablecoin derivatives with strong risk management."
Largest depositors
510 addresses hold shares in this vault
| Address | Deposit | Share of vault |
|---|---|---|
| 0x2Bf5…F67c | $196.5M | 55.3% |
| 0x4DD1…8C2F | $40.86M | 11.5% |
| 0x10cE…E46F | $11.89M | 3.3% |
| 0xbf87…9b36 | $10.05M | 2.8% |
| 0xE928…9C1d | $9.06M | 2.5% |
| 0x0b2f…DFe9 | $6.55M | 1.8% |
| 0xD6D3…933B | $5.46M | 1.5% |
| 0xD065…E06B | $5.04M | 1.4% |
| 0x1676…0D9A | $4.47M | 1.3% |
| 0xA14e…c552 | $4.00M | 1.1% |
When a few addresses hold most of a vault, one large withdrawal can use up the liquidity that is free right now.
About Paypal USD Main
Paypal USD Main is a Morpho V2 vault on Ethereum, created on December 16, 2025. It takes PYUSD deposits and lends them to borrowers in 7 Morpho markets. The curator, Sentora, decides which markets it may use and how much can go into each.
It holds $355.5M (355.73M PYUSD) from 510 depositors and pays a net APY of 5.49% after its 0% performance fee and 1.0% yearly management fee. Over the last 30 days depositors actually earned 2.38% a year. About 3.16% of today's rate comes from PYUSD rewards, which can stop at any time.
Its largest position is kBTC / PYUSD at 35% of its deposits, followed by sUSDe / PYUSD (30%) and syrupUSDC / PYUSD (17%). 13% sits idle, not lent out. Counting every market, its loans are backed mainly by sUSDe (36%), kBTC (33%) and syrupUSDC (21%). 11% 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 1-of-1 multisig wallet. Morpho's app shows no warnings for this vault.
Paypal USD Main: quick answers
What is the APY of Paypal USD Main on Ethereum?
Paypal USD Main pays 5.49% net APY right now, after its fees and including 3.16% of rewards. Measured from the growth of its share price, it paid 2.38% over the last 30 days. The rate changes every day with what its borrowers pay.
What does Paypal USD Main lend against?
It lends PYUSD through 7 Morpho markets. The biggest is kBTC / PYUSD with 35% of its deposits. 13% sits idle. Overall its loans are backed mainly by sUSDe (36%), kBTC (33%) and syrupUSDC (21%).
Can I withdraw from Paypal USD Main right now?
About $38.40M of its $355.5M in deposits (11%) 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 Paypal USD Main and what does it charge?
Sentora curates it. It keeps 0% of the interest earned as a performance fee and charges 1.0% a year as a management fee. The net APY shown is after these fees.
What are the risks of Paypal USD Main?
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.
Other PYUSD vaults
The same deposit asset, other curators and networks
| Vault | Net APY |
|---|---|
| Sentora PRIME MainV2Sentora · Ethereum · $187.2M | 7.27%incl. 2.16% rewards |
| Sentora Huma PST MainV2Sentora · Ethereum · $86.05M | 7.54%incl. 1.99% rewards |
| StableEarn Prime PYUSDV2Galaxy Curation · Stable · $15.32M | 9.00%incl. 6.84% rewards |
| Sentora mWIN MainV2Sentora · Ethereum · $902K | 2.04% |
| Steakhouse Prime InstantV2Steakhouse Financial · Ethereum · $335K | 5.71% |
