Wintermute USDT SelectV2
A Morpho V2 vault on Ethereum that lends out USDT deposits, curated by Armitage by Wintermute. Depositors earn 5.40% a year right now after a 0% performance fee.
Data from Morpho's API · updated
Net APY
5.40%
after fees, paid to depositors
30-day APY
5.09%
7-day 5.80%
Deposits
$8.73M
8.73M USDT
Withdrawable now
$2.27M
26% of deposits
Performance fee
0%
of the interest earned
Depositors
23
largest holds 69.0%
Wintermute USDT Select 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 |
|---|---|---|
| v-wmtUSDT / USDTLLTV 86% | $3.50M | 40.1% |
| wstETH / USDTLLTV 86% | $2.27M | 26.0% |
| WBTC / USDTLLTV 86% | $1.24M | 14.2% |
| PT-reUSD-10DEC2026 / USDTLLTV 91.5% | $1.14M | 13.0% |
| cbBTC / USDTLLTV 86% | $444K | 5.1% |
| XAUt / USDTLLTV 77% | $133K | 1.5% |
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
| v-wmtUSDT | 40.1% |
|---|---|
| wstETH | 26.0% |
| WBTC | 14.2% |
| PT-reUSD-10DEC2026 | 13.0% |
| cbBTC | 5.1% |
| XAUt | 1.5% |
Returns over time
Net APY actually earned over each period, from the share price
| Last day | 5.34% |
|---|---|
| Last 7 days | 5.80% |
| Last 30 days | 5.09% |
| Since the vault started | 4.92% |
Who controls this vault
| Curator | Armitage by Wintermute |
|---|---|
| Owner | 0xB83A…9E5e4-of-6 multisig |
| Timelock to raise a cap | 7 dayswait before more can go into a market |
| Timelock to add an adapter | 7 dayswait before a new kind of investment |
| Timelock to raise fees | None |
| Allocators | 3addresses that move money between markets |
| Sentinels | 1can pull money back or cut caps in an emergency |
| Pending changes | 4IncreaseRelativeCap from September 29, 2026; IncreaseAbsoluteCap from September 29, 2026; IncreaseRelativeCap from September 29, 2026 |
| Created | August 24, 2026 |
Timelocks give depositors time to leave before a change they dislike takes effect. Morpho risks explained.
Details
| Deposit asset | USDTprice $0.9998 |
|---|---|
| Vault version | Morpho Vault V2 |
| APY before fees | 5.40% |
| Vault contract | 0x500a…930D |
| USDT token | 0xdAC1…1ec7 |
| Network | Ethereum |
The curator's description: "Armitage Select vaults consist of existing blue-chip high-TVL markets expanded by a few select higher-yield opportunities. It provides a higher yield compared to Prime while maintaining balanced risk."
Largest depositors
23 addresses hold shares in this vault
| Address | Deposit | Share of vault |
|---|---|---|
| 0x01fB…C384 | $6.02M | 69.0% |
| 0x4e89…bd52 | $1.31M | 15.0% |
| 0x65FF…b3D7 | $902K | 10.3% |
| 0xBd35…8Bfe | $116K | 1.3% |
| 0xEd90…7644 | $100K | 1.1% |
| 0x1E7d…dC79 | $84.3K | 1.0% |
| 0xed0A…C854 | $52.6K | 0.6% |
| 0x2710…374D | $51.5K | 0.6% |
| 0xfd20…1e12 | $36.3K | 0.4% |
| 0xbaC6…f50B | $30.1K | 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 Wintermute USDT Select
Wintermute USDT Select is a Morpho V2 vault on Ethereum, created on August 24, 2026. It takes USDT deposits and lends them to borrowers in 6 Morpho markets. The curator, Armitage by Wintermute, decides which markets it may use and how much can go into each.
It holds $8.73M (8.73M USDT) from 23 depositors and pays a net APY of 5.40% after its 0% performance fee. Over the last 30 days depositors actually earned 5.09% a year.
Its largest position is v-wmtUSDT / USDT at 40% of what it lends, followed by wstETH / USDT (26%) and WBTC / USDT (14%). Counting every market, its loans are backed mainly by v-wmtUSDT (40%), wstETH (26%) and WBTC (14%). 26% of deposits could be withdrawn right now.
Risky changes, such as adding a market, wait behind a 7-day timelock on raising caps, which gives depositors time to leave first. The owner is a 4-of-6 multisig wallet. Morpho's app shows no warnings for this vault.
Wintermute USDT Select: quick answers
What is the APY of Wintermute USDT Select on Ethereum?
Wintermute USDT Select pays 5.40% net APY right now, after its fees. Measured from the growth of its share price, it paid 5.09% over the last 30 days. The rate changes every day with what its borrowers pay.
What does Wintermute USDT Select lend against?
It lends USDT through 6 Morpho markets. The biggest is v-wmtUSDT / USDT with 40% of its lending. Overall its loans are backed mainly by v-wmtUSDT (40%), wstETH (26%) and WBTC (14%).
Can I withdraw from Wintermute USDT Select right now?
About $2.27M of its $8.73M in deposits (26%) 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 Wintermute USDT Select and what does it charge?
Armitage by Wintermute curates it. It keeps 0% of the interest earned as a performance fee. The net APY shown is after these fees.
What are the risks of Wintermute USDT Select?
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 on raising caps. This is not advice.
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