Stake DAO USDC v2V2
A Morpho V2 vault on Ethereum that lends out USDC deposits, curated by Stake DAO. Depositors earn 6.03% a year right now after a 10% performance fee.
Data from Morpho's API · updated
Net APY
6.03%
after fees, paid to depositors
30-day APY
5.37%
7-day 5.45%
Deposits
$613K
612.57K USDC
Withdrawable now
$613K
100% of deposits
Performance fee
10%
of the interest earned
Depositors
24
largest holds 43.2%
Stake DAO USDC v2 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 |
|---|---|---|
| mF-ONE / USDCLLTV 91.5% | $612K | 100.0% |
| sDOLA / USDCLLTV 91.5% · not listed in the Morpho app | $1.00 | <0.01% |
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
| mF-ONE | 100.0% |
|---|---|
| Other | <0.01% |
| PT-reUSD-25JUN2026 | 0.0% |
Returns over time
Net APY actually earned over each period, from the share price
| Last day | 5.55% |
|---|---|
| Last 7 days | 5.45% |
| Last 30 days | 5.37% |
| Since the vault started | 70.55% |
Who controls this vault
| Curator | Stake DAO |
|---|---|
| Owner | 0xB055…C7653-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 | 3 days |
| Allocators | 1addresses that move money between markets |
| Sentinels | 2can pull money back or cut caps in an emergency |
| Created | November 5, 2025 |
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 | 6.73% |
| Vault contract | 0x8EDC…9E6f |
| USDC token | 0xA0b8…eB48 |
| Network | Ethereum |
The curator's description: "The Stake DAO USDC vault aims to optimize yields by lending USDC against selected Stake DAO LP token collaterals with a cautious risk approach or other blue chip collaterals depending on market conditions."
Largest depositors
24 addresses hold shares in this vault
| Address | Deposit | Share of vault |
|---|---|---|
| 0x0f1b…fe53 | $264K | 43.2% |
| 0xF930…3063 | $163K | 26.7% |
| 0x49E5…2e43 | $128K | 21.0% |
| 0xfb09…955E | $39.1K | 6.4% |
| 0xDDe6…cE64 | $8.9K | 1.4% |
| 0x6caf…65f6 | $5.0K | 0.8% |
| 0x3a11…1f95 | $2.1K | 0.3% |
| 0x2666…66B7 | $821 | 0.1% |
| 0x5DA0…6c17 | $224 | 0.0% |
| 0x2f2d…4A07 | $102 | 0.0% |
When a few addresses hold most of a vault, one large withdrawal can use up the liquidity that is free right now.
About Stake DAO USDC v2 V2
Stake DAO USDC v2 V2 is a Morpho V2 vault on Ethereum, created on November 5, 2025. It takes USDC deposits and lends them to borrowers in 2 Morpho markets. The curator, Stake DAO, decides which markets it may use and how much can go into each.
It holds $613K (612.57K USDC) from 24 depositors and pays a net APY of 6.03% after its 10% performance fee. Over the last 30 days depositors actually earned 5.37% a year.
Its largest position is mF-ONE / USDC at 100% of what it lends, followed by sDOLA / USDC (<0.01%). Counting every market, its loans are backed mainly by mF-ONE (100%) and Other (<0.01%). 100% 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 3-of-5 multisig wallet. Morpho's app shows no warnings for this vault.
Stake DAO USDC v2 V2: quick answers
What is the APY of Stake DAO USDC v2 V2 on Ethereum?
Stake DAO USDC v2 V2 pays 6.03% net APY right now, after its fees. Measured from the growth of its share price, it paid 5.37% over the last 30 days. The rate changes every day with what its borrowers pay.
What does Stake DAO USDC v2 V2 lend against?
It lends USDC through 2 Morpho markets. The biggest is mF-ONE / USDC with 100% of its lending. Overall its loans are backed mainly by mF-ONE (100%) and Other (<0.01%).
Can I withdraw from Stake DAO USDC v2 V2 right now?
Yes: all of its $613K in deposits could be withdrawn immediately, because the markets it lends to have enough unborrowed USDC left. That can change quickly when borrowing picks up.
Who runs Stake DAO USDC v2 V2 and what does it charge?
Stake DAO curates it. It keeps 10% of the interest earned as a performance fee. The net APY shown is after these fees.
What are the risks of Stake DAO USDC v2 V2?
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