Yearn OG USDCV2
A Morpho V2 vault on Ethereum that lends out USDC deposits, curated by Yearn. Depositors earn 6.27% a year right now after a 10% performance fee.
Data from Morpho's API · updated
Net APY
6.27%
incl. 0.81% in rewards
30-day APY
5.99%
7-day 5.68%
Deposits
$4.09M
4.09M USDC
Withdrawable now
$1.69M
41% of deposits
Performance fee
10%
of the interest earned
Depositors
104
largest holds 17.2%
Yearn OG 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 |
|---|---|---|
| PT-USD3-17DEC2026 / USDCLLTV 86% | $1.56M | 39.4% |
| USD3 / USDCLLTV 91.5% | $1.33M | 33.6% |
| OETH / USDCLLTV 86% | $761K | 19.2% |
| siUSD / USDCLLTV 91.5% | $231K | 5.8% |
| WOUSD / USDCLLTV 91.5% | $76.7K | 1.9% |
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
| PT-USD3-17DEC2026 | 41.3% |
|---|---|
| USD3 | 32.6% |
| OETH | 18.6% |
| siUSD | 5.7% |
| WOUSD | 1.9% |
| cbBTC | 0.0% |
| weETH | 0.0% |
| LBTC | 0.0% |
| Other | 0.0% |
Returns over time
Net APY actually earned over each period, from the share price
| Last day | 6.79% |
|---|---|
| Last 7 days | 5.68% |
| Last 30 days | 5.99% |
| Since the vault started | 76.16% |
Who controls this vault
| Curator | Yearn |
|---|---|
| Owner | 0xe5e2…89c04-of-7 multisig |
| 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 | 3addresses that move money between markets |
| Sentinels | 0can pull money back or cut caps in an emergency |
| Created | November 26, 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 | Morpho Vault V2 |
| APY before fees | 6.09% |
| Rewards | USDC 0.81% |
| Vault contract | 0xB885…B069 |
| USDC token | 0xA0b8…eB48 |
| Network | Ethereum |
The curator's description: "Yearn OG vaults lend underlying assets to markets labeled as moderate risk by the Yearn team. Optimization across markets is handled automatically via an algorithm developed by Yearn. Supply caps are set based on various factors and continuously monitored by the Yearn team as well."
Largest depositors
104 addresses hold shares in this vault
| Address | Deposit | Share of vault |
|---|---|---|
| 0x08d4…0040 | $703K | 17.2% |
| 0x41A9…F1DD | $422K | 10.3% |
| 0xc13C…5b67 | $409K | 10.0% |
| 0xa812…12F6 | $201K | 4.9% |
| 0x5E82…12D3 | $200K | 4.9% |
| 0x7558…0f98 | $198K | 4.8% |
| 0x661e…aa87 | $150K | 3.7% |
| 0x7CDA…9Cc2 | $113K | 2.8% |
| 0x236c…6111 | $100K | 2.4% |
| 0xaED5…8EE6 | $100K | 2.4% |
When a few addresses hold most of a vault, one large withdrawal can use up the liquidity that is free right now.
About Yearn OG USDC V2
Yearn OG USDC V2 is a Morpho V2 vault on Ethereum, created on November 26, 2025. It takes USDC deposits and lends them to borrowers in 5 Morpho markets. The curator, Yearn, decides which markets it may use and how much can go into each.
It holds $4.09M (4.09M USDC) from 104 depositors and pays a net APY of 6.27% after its 10% performance fee. Over the last 30 days depositors actually earned 5.99% a year. About 0.81% of today's rate comes from USDC rewards, which can stop at any time.
Its largest position is PT-USD3-17DEC2026 / USDC at 39% of what it lends, followed by USD3 / USDC (34%) and OETH / USDC (19%). Counting every market, its loans are backed mainly by PT-USD3-17DEC2026 (41%), USD3 (33%) and OETH (19%). 41% 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. The owner is a 4-of-7 multisig wallet. Morpho's app shows no warnings for this vault.
Yearn OG USDC V2: quick answers
What is the APY of Yearn OG USDC V2 on Ethereum?
Yearn OG USDC V2 pays 6.27% net APY right now, after its fees and including 0.81% of rewards. Measured from the growth of its share price, it paid 5.99% over the last 30 days. The rate changes every day with what its borrowers pay.
What does Yearn OG USDC V2 lend against?
It lends USDC through 5 Morpho markets. The biggest is PT-USD3-17DEC2026 / USDC with 39% of its lending. Overall its loans are backed mainly by PT-USD3-17DEC2026 (41%), USD3 (33%) and OETH (19%).
Can I withdraw from Yearn OG USDC V2 right now?
About $1.69M of its $4.09M in deposits (41%) 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 Yearn OG USDC V2 and what does it charge?
Yearn curates it. It keeps 10% of the interest earned as a performance fee. The net APY shown is after these fees.
What are the risks of Yearn OG 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. 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