Waterline Reservoir USDC⚠ Deposit disabled
A Morpho vault on Ethereum that lends out USDC deposits, curated by Waterline. Depositors earn 7.10% a year right now after a 5% performance fee.
Data from Morpho's API · updated
Net APY
7.10%
incl. 1.28% in rewards
30-day APY
6.18%
7-day 6.98%
Deposits
$578K
578.19K USDC
Withdrawable now
$134K
23% of deposits
Performance fee
5%
of the interest earned
Depositors
75
largest holds 57.4%
Warnings from Morpho
- Deposit disabled
Morpho's app flags these. Check the bad debt page and the markets below before depositing.
Waterline Reservoir 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 |
|---|---|---|
| aguaUSDCgc / USDCLLTV 91.5% | $578K | 100.0% |
| Idle cashnot lent out | $0 | 0.0% |
| wsrUSD / USDCLLTV 94.5% | $0 | 0.0% |
| wsrUSD / USDCLLTV 91.5% · not listed in the Morpho app | $0 | 0.0% |
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
| aguaUSDCgc | 100.0% |
|---|---|
| Other | 0.0% |
| wsrUSD | 0.0% |
Returns over time
Net APY actually earned over each period, from the share price
| Last day | 7.04% |
|---|---|
| Last 7 days | 6.98% |
| Last 30 days | 6.18% |
| Last year | 7.08% |
| Since the vault started | 6.24% |
Who controls this vault
| Curator | Waterline |
|---|---|
| Owner | 0xd608…081A5-of-8 multisig |
| Guardian | 0x682F…51E7 |
| Timelock | 7 dayswait before risky changes take effect |
| Allocators | 4addresses that move money between markets |
| Created | November 4, 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 | MetaMorpho (V1) |
| APY before fees | 6.13% |
| Rewards | DAM 1.28% |
| Public allocator | Onborrowers can pull liquidity between this vault's markets |
| Vault contract | 0xbeEF…Aa05 |
| USDC token | 0xA0b8…eB48 |
| Network | Ethereum |
The curator's description: "The Steakhouse Reservoir USDC vault aims to optimize yield on USDC lending against a wide range of collateral assets from the Reservoir ecosystem."
Largest depositors
75 addresses hold shares in this vault
| Address | Deposit | Share of vault |
|---|---|---|
| 0x4C1A…9D0f | $332K | 57.4% |
| 0x3039…639A | $71.8K | 12.4% |
| 0x516d…32AA | $71.3K | 12.3% |
| 0x037D…1e6F | $28.1K | 4.9% |
| 0x3756…4522 | $20.4K | 3.5% |
| 0x16a4…A06A | $16.1K | 2.8% |
| 0x4F69…bF9B | $10.2K | 1.8% |
| 0xe54e…545b | $10.2K | 1.8% |
| 0x1D1f…8952 | $10.0K | 1.7% |
| 0xB20d…7173 | $1.5K | 0.3% |
When a few addresses hold most of a vault, one large withdrawal can use up the liquidity that is free right now.
About Waterline Reservoir USDC
Waterline Reservoir USDC is a MetaMorpho vault (Morpho V1) on Ethereum, created on November 4, 2025. It takes USDC deposits and lends them to borrowers in 1 Morpho market. The curator, Waterline, decides which markets it may use and how much can go into each.
It holds $578K (578.19K USDC) from 75 depositors and pays a net APY of 7.10% after its 5% performance fee. Over the last 30 days depositors actually earned 6.18% a year, and 7.08% over the last year. About 1.28% of today's rate comes from DAM rewards, which can stop at any time.
Its largest position is aguaUSDCgc / USDC at 100% of what it lends. Counting every market, its loans are backed mainly by aguaUSDCgc (100%). 23% of deposits could be withdrawn right now.
Risky changes, such as adding a market, wait behind a 7-day timelock, which gives depositors time to leave first. The owner is a 5-of-8 multisig wallet. Morpho's app shows a warning for this vault: deposit disabled.
Waterline Reservoir USDC: quick answers
What is the APY of Waterline Reservoir USDC on Ethereum?
Waterline Reservoir USDC pays 7.10% net APY right now, after its fees and including 1.28% of rewards. Measured from the growth of its share price, it paid 6.18% over the last 30 days. The rate changes every day with what its borrowers pay.
What does Waterline Reservoir USDC lend against?
It lends USDC through 1 Morpho market. The biggest is aguaUSDCgc / USDC with 100% of its lending. Overall its loans are backed mainly by aguaUSDCgc (100%).
Can I withdraw from Waterline Reservoir USDC right now?
About $134K of its $578K in deposits (23%) 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 Waterline Reservoir 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 Waterline Reservoir 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 7-day timelock. Morpho's app flags: deposit disabled. This is not advice.
Other USDC vaults
The same deposit asset, other curators and networks