Tenbin USDCV2
A Morpho V2 vault on Ethereum that lends out USDC deposits, curated by Waterline. Depositors earn 0.00% a year right now after a 5% performance fee.
Data from Morpho's API · updated
Net APY
0.00%
after fees, paid to depositors
30-day APY
<0.01%
7-day 0.00%
Deposits
$301K
301.12K USDC
Withdrawable now
$150K
50% of deposits
Performance fee
5%
of the interest earned
Depositors
5
largest holds 99.7%
Tenbin USDC 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 |
|---|---|---|
| stBRL / USDCLLTV 86% | $150K | 49.8% |
| stMXN / USDCLLTV 86% | $150K | 49.8% |
| stGLD / USDCLLTV 86% | $1.1K | 0.4% |
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
| stBRL | 49.8% |
|---|---|
| stMXN | 49.8% |
| stGLD | 0.4% |
| weETH | 0.0% |
| WETH | 0.0% |
| cbBTC | 0.0% |
| wstETH | 0.0% |
| WBTC | 0.0% |
Returns over time
Net APY actually earned over each period, from the share price
| Last day | 0.00% |
|---|---|
| Last 7 days | 0.00% |
| Last 30 days | <0.01% |
| Since the vault started | 0.75% |
Who controls this vault
| Curator | Waterline |
|---|---|
| Owner | 0x5c48…92FC |
| 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 | 6addresses that move money between markets |
| Sentinels | 1can pull money back or cut caps in an emergency |
| Created | July 10, 2026 |
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 | 0.00% |
| Vault contract | 0x7d47…2FF7 |
| USDC token | 0xA0b8…eB48 |
| Network | Ethereum |
The curator's description: "The Tenbin USDC vault aims to optimize yield on USDC lending against a wide range of collateral assets from the Tenbin ecosystem."
Largest depositors
5 addresses hold shares in this vault
| Address | Deposit | Share of vault |
|---|---|---|
| 0x552F…45A3 | $300K | 99.7% |
| 0x2c56…9b6F | $1.0K | 0.3% |
| 0x255c…085a | $6.00 | <0.01% |
| 0x0000…dEaD | $1.00 | <0.01% |
| 0xfeed…3C9a | $0 | 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 Tenbin USDC
Tenbin USDC is a Morpho V2 vault on Ethereum, created on July 10, 2026. It takes USDC deposits and lends them to borrowers in 3 Morpho markets. The curator, Waterline, decides which markets it may use and how much can go into each.
It holds $301K (301.12K USDC) from 5 depositors and pays a net APY of 0.00% after its 5% performance fee. Over the last 30 days depositors actually earned 0.00% a year.
Its largest position is stBRL / USDC at 50% of what it lends, followed by stMXN / USDC (50%) and stGLD / USDC (0%). Counting every market, its loans are backed mainly by stBRL (50%), stMXN (50%) and stGLD (0%). 50% 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. Morpho's app shows no warnings for this vault.
Tenbin USDC: quick answers
What is the APY of Tenbin USDC on Ethereum?
Tenbin USDC pays 0.00% net APY right now, after its fees. Measured from the growth of its share price, it paid 0.00% over the last 30 days. The rate changes every day with what its borrowers pay.
What does Tenbin USDC lend against?
It lends USDC through 3 Morpho markets. The biggest is stBRL / USDC with 50% of its lending. Overall its loans are backed mainly by stBRL (50%), stMXN (50%) and stGLD (0%).
Can I withdraw from Tenbin USDC right now?
About $150K of its $301K in deposits (50%) 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 Tenbin USDC and what does it charge?
Waterline curates it. It keeps 5% of the interest earned as a performance fee. The net APY shown is after these fees.
What are the risks of Tenbin USDC?
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