sky.money USDS Risk Capital on Ethereum
V2A Morpho V2 vault on Ethereum that lends out USDS deposits, curated by Sky Money. Depositors earn 3.81% a year right now after a 0% performance fee.
Data from Morpho's API · updated
Net APY
3.81%
after fees, paid to depositors
30-day APY
3.78%
7-day 3.82%, from the share price
Deposits
$1.00M
1.00M USDS
Withdrawable now
$99.8K
10% of deposits
Performance fee
0%
of the interest earned
Depositors
42
largest holds 69.2%
sky.money USDS Risk Capital 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 |
|---|---|---|
| stUSDS / USDSLLTV 86% | $999K | 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
| stUSDS | 100.0% |
|---|
Returns over time
Net APY actually earned over each period, from the share price: after fees, without token rewards
| Last day | 4.15% |
|---|---|
| Last 7 days | 3.82% |
| Last 30 days | 3.78% |
| Last 90 days | 4.14% |
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 | January 21, 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 | 3.81% |
| Vault contract | 0xf42b…82d4 |
| USDS token | 0xdC03…384F |
| Network | Ethereum |
The curator's description: "sky.money USDS Risk Capital vault accepts USDS deposits and deploys them exclusively into the stUSDS-USDS Morpho market."
Largest depositors
42 addresses hold shares in this vault
| Address | Deposit | Share of vault |
|---|---|---|
| 0x61b4…f422 | $692K | 69.2% |
| 0x2291…2B3c | $104K | 10.4% |
| 0x9f38…53cF | $50.7K | 5.1% |
| 0xe8f0…2A88 | $47.5K | 4.7% |
| 0x8362…0280 | $31.1K | 3.1% |
| 0x8535…d0EB | $25.6K | 2.6% |
| 0x7a48…911C | $14.4K | 1.4% |
| 0xf3Ff…A8Af | $14.3K | 1.4% |
| 0xd332…24F2 | $10.4K | 1.0% |
| 0xb362…b29c | $3.7K | 0.4% |
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 Risk Capital
sky.money USDS Risk Capital is a Morpho V2 vault on Ethereum, created on January 21, 2026. It takes USDS deposits and lends them to borrowers in 1 Morpho market. The curator, Sky Money, decides which markets it may use and how much can go into each.
It holds $1.00M (1.00M USDS) from 42 depositors and pays a net APY of 3.81% after its 0% performance fee. Over the last 30 days depositors actually earned 3.78% a year.
Its largest position is stUSDS / USDS at 100% of its deposits. Counting every market, its loans are backed mainly by stUSDS (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 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 Risk Capital: quick answers
What is the APY of sky.money USDS Risk Capital on Ethereum?
sky.money USDS Risk Capital pays 3.81% net APY right now, after its fees. Measured from the growth of its share price, it paid 3.78% over the last 30 days. The rate changes every day with what its borrowers pay.
What does sky.money USDS Risk Capital lend against?
It lends USDS through 1 Morpho market. The biggest is stUSDS / USDS with 100% of its deposits. Overall its loans are backed mainly by stUSDS (100%).
Can I withdraw from sky.money USDS Risk Capital right now?
About $99.8K of its $1.00M 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 sky.money USDS Risk Capital 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 Risk Capital?
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 FlagshipV2Sky Money · Ethereum · $27.63M | 5.57%incl. 4.26% rewards |
