sky.money USDS Flagship on Ethereum
V2A Morpho V2 vault on Ethereum that lends out USDS deposits, curated by Sky Money. Depositors earn 5.57% a year right now after a 0% performance fee.
Data from Morpho's API · updated
Net APY
5.57%
incl. 4.26% in rewards
30-day APY
0.81%
7-day 0.97%, from the share price
Deposits
$27.63M
27.64M USDS
Withdrawable now
$20.78M
75% of deposits
Performance fee
0%
of the interest earned
Depositors
223
largest holds 14.7%
sky.money USDS Flagship 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 |
|---|---|---|
| PT-sUSDS-26NOV2026 / USDSLLTV 91.5% | $4.30M | 11.0% |
| cbBTC / USDSLLTV 86% | $2.43M | 6.2% |
| wstETH / USDSLLTV 86% | $627K | 1.6% |
| Idle cashnot lent out | $31.80M | 81.2% |
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
| PT-sUSDS-26NOV2026 | 62.8% |
|---|---|
| cbBTC | 28.3% |
| wstETH | 8.9% |
Returns over time
Net APY actually earned over each period, from the share price: after fees, without token rewards
| Last day | 1.26% |
|---|---|
| Last 7 days | 0.97% |
| Last 30 days | 0.81% |
| Last 90 days | 0.67% |
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 | 1.31% |
| Rewards | USDS 4.26% |
| 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
223 addresses hold shares in this vault
| Address | Deposit | Share of vault |
|---|---|---|
| 0xE52E…fcc3 | $4.07M | 14.7% |
| 0x56E7…6784 | $4.00M | 14.5% |
| 0x1676…0D9A | $3.34M | 12.1% |
| 0x31F4…a07b | $3.19M | 11.5% |
| 0xdf2C…a9f7 | $3.00M | 10.9% |
| 0x2291…2B3c | $2.21M | 8.0% |
| 0xDe1B…4535 | $2.11M | 7.6% |
| 0x6E96…7fF0 | $2.00M | 7.2% |
| 0x77Dc…60d3 | $2.00M | 7.2% |
| 0x9F8C…EF7b | $1.07M | 3.9% |
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 $27.63M (27.64M USDS) from 223 depositors and pays a net APY of 5.57% after its 0% performance fee. Over the last 30 days depositors actually earned 0.81% a year. About 4.26% of today's rate comes from USDS rewards, which can stop at any time.
Its largest position is PT-sUSDS-26NOV2026 / USDS at 11% of its deposits, followed by cbBTC / USDS (6%) and wstETH / USDS (2%). 81% sits idle, not lent out. Counting every market, its loans are backed mainly by PT-sUSDS-26NOV2026 (63%), cbBTC (28%) and wstETH (9%). 75% 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 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 5.57% net APY right now, after its fees and including 4.26% of rewards. Measured from the growth of its share price, it paid 0.81% 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 PT-sUSDS-26NOV2026 / USDS with 11% of its deposits. 81% sits idle. Overall its loans are backed mainly by PT-sUSDS-26NOV2026 (63%), cbBTC (28%) and wstETH (9%).
Can I withdraw from sky.money USDS Flagship right now?
About $20.78M of its $27.63M in deposits (75%) 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. Adding a market or raising a cap waits behind a timelock of 3 days. 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 · $1.00M | 3.81% |
