Waterline Reservoir USDC V2 on Ethereum
A Morpho V2 vault on Ethereum that lends out USDC deposits, curated by Waterline. Depositors earn 7.08% a year right now after a 5% performance fee.
Data from Morpho's API · updated
Net APY
7.08%
incl. 0.89% in rewards
30-day APY
6.27%
7-day 6.52%, from the share price
Deposits
$11.89M
11.89M USDC
Withdrawable now
$817K
7% of deposits
Performance fee
5%
of the interest earned
Depositors
1,234
largest holds 26.2%
Waterline Reservoir USDC V2 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 |
|---|---|---|
| wsrUSD / USDCLLTV 94.5% | $6.93M | 56.9% |
| aguaUSDCgc / USDCLLTV 91.5% | $5.24M | 43.1% |
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
| wsrUSD | 52.7% |
|---|---|
| aguaUSDCgc | 47.3% |
Returns over time
Net APY actually earned over each period, from the share price: after fees, without token rewards
| Last day | 6.27% |
|---|---|
| Last 7 days | 6.52% |
| Last 30 days | 6.27% |
| Last 90 days | 4.87% |
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 | 7addresses 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 | USDCprice $0.9997 |
|---|---|
| Vault version | Morpho Vault V2 |
| APY before fees | 6.52% |
| Rewards | DAM 0.89% |
| Vault contract | 0xBEeF…6210 |
| USDC token | 0xA0b8…eB48 |
| Network | Ethereum |
The curator's description: "The Reservoir USDC vault aims to optimize yield on USDC lending against a wide range of collateral assets from the Reservoir ecosystem."
Largest depositors
1,234 addresses hold shares in this vault
| Address | Deposit | Share of vault |
|---|---|---|
| 0xC74D…f86D | $3.11M | 26.2% |
| 0x2291…2B3c | $1.44M | 12.1% |
| 0x2703…87F4 | $621K | 5.2% |
| 0xfAa9…5bF7 | $585K | 4.9% |
| 0x39be…705D | $552K | 4.6% |
| 0x5131…2313 | $355K | 3.0% |
| 0x5d16…E514 | $307K | 2.6% |
| 0x9c12…D57A | $248K | 2.1% |
| 0x77fA…af54 | $235K | 2.0% |
| 0xDB75…a45d | $223K | 1.9% |
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 V2
Waterline Reservoir USDC V2 is a Morpho V2 vault on Ethereum, created on January 21, 2026. It takes USDC deposits and lends them to borrowers in 2 Morpho markets. The curator, Waterline, decides which markets it may use and how much can go into each.
It holds $11.89M (11.89M USDC) from 1,234 depositors and pays a net APY of 7.08% after its 5% performance fee. Over the last 30 days depositors actually earned 6.27% a year. About 0.89% of today's rate comes from DAM rewards, which can stop at any time.
Its largest position is wsrUSD / USDC at 57% of its deposits, followed by aguaUSDCgc / USDC (43%). Counting every market, its loans are backed mainly by wsrUSD (53%) and aguaUSDCgc (47%). 7% 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. Morpho's app shows no warnings for this vault.
Waterline Reservoir USDC V2: quick answers
What is the APY of Waterline Reservoir USDC V2 on Ethereum?
Waterline Reservoir USDC V2 pays 7.08% net APY right now, after its fees and including 0.89% of rewards. Measured from the growth of its share price, it paid 6.27% over the last 30 days. The rate changes every day with what its borrowers pay.
What does Waterline Reservoir USDC V2 lend against?
It lends USDC through 2 Morpho markets. The biggest is wsrUSD / USDC with 57% of its deposits. Overall its loans are backed mainly by wsrUSD (53%) and aguaUSDCgc (47%).
Can I withdraw from Waterline Reservoir USDC V2 right now?
About $817K of its $11.89M in deposits (7%) 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 V2 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 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. Adding a market or raising a cap waits behind a timelock of 3 days. This is not advice.
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