sky.money USDS FlagshipV2
A Morpho V2 vault on Ethereum that lends out USDS deposits, curated by Sky Money. Depositors earn 5.26% a year right now after a 0% performance fee.
Data from Morpho's API · updated
Net APY
5.26%
incl. 4.29% in rewards
30-day APY
0.65%
7-day 0.64%
Deposits
$36.17M
36.18M USDS
Withdrawable now
$28.72M
79% of deposits
Performance fee
0%
of the interest earned
Depositors
225
largest holds 12.9%
sky.money USDS Flagship 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 |
|---|---|---|
| cbBTC / USDSLLTV 86% | $3.68M | 49.4% |
| PT-sUSDS-26NOV2026 / USDSLLTV 91.5% | $2.33M | 31.3% |
| wstETH / USDSLLTV 86% | $1.44M | 19.3% |
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
| cbBTC | 49.4% |
|---|---|
| PT-sUSDS-26NOV2026 | 31.3% |
| wstETH | 19.3% |
| WETH | 0.0% |
Returns over time
Net APY actually earned over each period, from the share price
| Last day | 4.95% |
|---|---|
| Last 7 days | 0.64% |
| Last 30 days | 0.65% |
| Since the vault started | 4.48% |
Who controls this vault
| Curator | Sky Money |
|---|---|
| Owner | 0x3F32…1Bba2-of-3 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 | 1addresses that move money between markets |
| Sentinels | 1can pull money back or cut caps in an emergency |
| Created | February 12, 2026 |
Timelocks give depositors time to leave before a change they dislike takes effect. Morpho risks explained.
Details
| Deposit asset | USDSprice $0.9997 |
|---|---|
| Vault version | Morpho Vault V2 |
| APY before fees | 0.97% |
| Rewards | USDS 4.29% |
| Vault contract | 0xE15f…11E0 |
| USDS token | 0xdC03…384F |
| Network | Ethereum |
The curator's description: "[sky.money](https://sky.money/) USDS Flagship vault accepts USDS deposits. It keeps 80 pct in the vault and allocates 20 pct to 3 markets exposed to cbBTC - wstETH - PT-sUSDS."
Largest depositors
225 addresses hold shares in this vault
| Address | Deposit | Share of vault |
|---|---|---|
| 0xE52E…fcc3 | $4.67M | 12.9% |
| 0x1676…0D9A | $3.32M | 9.2% |
| 0x31F4…a07b | $3.17M | 8.8% |
| 0xdf2C…a9f7 | $3.00M | 8.3% |
| 0xDe1B…4535 | $2.61M | 7.2% |
| 0x2291…2B3c | $2.20M | 6.1% |
| 0x954D…8fc1 | $2.05M | 5.7% |
| 0x6E96…7fF0 | $2.00M | 5.5% |
| 0x9F8C…EF7b | $1.06M | 2.9% |
| 0x997a…2Ae9 | $1.05M | 2.9% |
When a few addresses hold most of a vault, one large withdrawal can use up the liquidity that is free right now.
About sky.money USDS Flagship
sky.money USDS Flagship is a Morpho V2 vault on Ethereum, created on February 12, 2026. It takes USDS deposits and lends them to borrowers in 3 Morpho markets. The curator, Sky Money, decides which markets it may use and how much can go into each.
It holds $36.17M (36.18M USDS) from 225 depositors and pays a net APY of 5.26% after its 0% performance fee. Over the last 30 days depositors actually earned 0.65% a year. About 4.29% of today's rate comes from USDS rewards, which can stop at any time.
Its largest position is cbBTC / USDS at 49% of what it lends, followed by PT-sUSDS-26NOV2026 / USDS (31%) and wstETH / USDS (19%). Counting every market, its loans are backed mainly by cbBTC (49%), PT-sUSDS-26NOV2026 (31%) and wstETH (19%). 79% 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-3 multisig wallet. Morpho's app shows no warnings for this vault.
sky.money USDS Flagship: quick answers
What is the APY of sky.money USDS Flagship on Ethereum?
sky.money USDS Flagship pays 5.26% net APY right now, after its fees and including 4.29% of rewards. Measured from the growth of its share price, it paid 0.65% over the last 30 days. The rate changes every day with what its borrowers pay.
What does sky.money USDS Flagship lend against?
It lends USDS through 3 Morpho markets. The biggest is cbBTC / USDS with 49% of its lending. Overall its loans are backed mainly by cbBTC (49%), PT-sUSDS-26NOV2026 (31%) and wstETH (19%).
Can I withdraw from sky.money USDS Flagship right now?
About $28.72M of its $36.17M in deposits (79%) 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 sky.money USDS Flagship and what does it charge?
Sky Money 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 sky.money USDS Flagship?
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 USDS vaults
The same deposit asset, other curators and networks
| Vault | Net APY |
|---|---|
| sky.money USDS Risk CapitalV2Sky Money · Ethereum · $1.03M | 4.18% |