Waterline Reservoir USDC on Ethereum
⚠ Deposits switched offA Morpho vault on Ethereum that lends out USDC deposits, curated by Waterline. Depositors earn 4.78% a year right now after a 5% performance fee.
Data from Morpho's API · updated
Net APY
4.78%
after fees, paid to depositors
30-day APY
7.54%
7-day 6.56%, from the share price
Deposits
$498K
498.60K USDC
Withdrawable now
$498K
100% of deposits
Performance fee
5%
of the interest earned
Depositors
75
largest holds 66.9%
Warnings from Morpho
- Deposits switched off
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, 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 |
|---|---|---|
| aguaUSDCgc / USDCLLTV 91.5% | $436K | 75.1% |
| wsrUSD / USDCLLTV 94.5% | $145K | 24.9% |
| wsrUSD / USDCLLTV 91.5% | $0 | 0.0% |
| Idle cashnot lent out | $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
| wsrUSD | 100.0% |
|---|
Returns over time
Net APY actually earned over each period, from the share price: after fees, without token rewards
| Last day | 5.04% |
|---|---|
| Last 7 days | 6.56% |
| Last 30 days | 7.54% |
| Last 90 days | 5.27% |
| Last year | 7.38% |
Who controls this vault
| Curator | Waterline |
|---|---|
| Owner | 0xd608…081A5-of-10 multisig |
| Guardian | 0x682F…51E7 |
| Timelock | 7 dayswait before risky changes take effect |
| Allocators | 5addresses 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 $0.9997 |
|---|---|
| Vault version | MetaMorpho (V1) |
| APY before fees | 5.04% |
| 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 | $334K | 66.9% |
| 0x3039…639A | $72.2K | 14.5% |
| 0x516d…32AA | $71.7K | 14.4% |
| 0x037D…1e6F | $28.2K | 5.7% |
| 0x3756…4522 | $20.6K | 4.1% |
| 0x16a4…A06A | $16.2K | 3.3% |
| 0x4F69…bF9B | $10.3K | 2.1% |
| 0xe54e…545b | $10.2K | 2.1% |
| 0x1D1f…8952 | $10.1K | 2.0% |
| 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 2 Morpho markets. The curator, Waterline, decides which markets it may use and how much can go into each.
It holds $498K (498.60K USDC) from 75 depositors and pays a net APY of 4.78% after its 5% performance fee. Over the last 30 days depositors actually earned 7.54% a year, and 7.38% over the last year.
Its largest position is aguaUSDCgc / USDC at 75% of its deposits, followed by wsrUSD / USDC (25%). Counting every market, its loans are backed mainly by wsrUSD (100%). 100% of deposits could be withdrawn right now.
Adding a market or raising how much can go into one waits behind a timelock of 7 days, which gives depositors time to leave first. The owner is a 5-of-10 multisig wallet. Morpho's app shows a warning for this vault: deposits switched off.
Waterline Reservoir USDC: quick answers
What is the APY of Waterline Reservoir USDC on Ethereum?
Waterline Reservoir USDC pays 4.78% net APY right now, after its fees. Measured from the growth of its share price, it paid 7.54% 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 2 Morpho markets. The biggest is aguaUSDCgc / USDC with 75% of its deposits. Overall its loans are backed mainly by wsrUSD (100%).
Can I withdraw from Waterline Reservoir USDC right now?
Yes: all of its $498K 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 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. Adding a market or raising a cap waits behind a timelock of 7 days. Morpho's app flags: deposits switched off. This is not advice.
Other USDC vaults
The same deposit asset, other curators and networks
