Clearstar Core USDC on Katana
V2A Morpho V2 vault on Katana that lends out vbUSDC deposits, curated by Clearstar. Depositors earn 8.00% a year right now after a 0% performance fee.
Data from Morpho's API · updated
Net APY
8.00%
incl. 4.77% in rewards
30-day APY
3.67%
7-day 3.66%, from the share price
Deposits
$740K
740.49K vbUSDC
Withdrawable now
$8.9K
1% of deposits
Performance fee
0%
of the interest earned
Depositors
18
largest holds 72.1%
Clearstar Core 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 |
|---|---|---|
| FXRP / vbUSDCLLTV 77% | $171K | 28.2% |
| vbWBTC / vbUSDCLLTV 86% | $146K | 24.0% |
| yvvbUSDT / vbUSDCLLTV 86% | $88.6K | 14.5% |
| stcUSD / vbUSDCLLTV 86% | $86.7K | 14.2% |
| yvvbWBTC / vbUSDCLLTV 77% | $42.7K | 7.0% |
| yvvbETH / vbUSDCLLTV 77% | $36.9K | 6.1% |
| LBTC / vbUSDCLLTV 86% | $22.4K | 3.7% |
| vbETH / vbUSDCLLTV 86% | $13.7K | 2.3% |
| weETH / vbUSDCLLTV 77% · under $1,000, not tracked here | $417 | 0.1% |
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
| vbWBTC | 25.8% |
|---|---|
| FXRP | 23.4% |
| yvvbETH | 21.8% |
| stcUSD | 12.3% |
| yvvbWBTC | 6.5% |
| yvvbUSDT | 4.2% |
| vbETH | 4.2% |
| LBTC | 1.7% |
Returns over time
Net APY actually earned over each period, from the share price: after fees, without token rewards
| Last day | 3.33% |
|---|---|
| Last 7 days | 3.66% |
| Last 30 days | 3.67% |
| Last 90 days | 2.93% |
Who controls this vault
| Curator | Clearstar |
|---|---|
| Owner | 0xb3CF…2B443-of-6 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 | 1addresses that move money between markets |
| Sentinels | 0can pull money back or cut caps in an emergency |
| Created | December 2, 2025 |
Timelocks give depositors time to leave before a change they dislike takes effect. Morpho risks explained.
Details
| Deposit asset | vbUSDCprice $0.9996 |
|---|---|
| Vault version | Morpho Vault V2 |
| APY before fees | 3.23% |
| Rewards | KAT 4.77% |
| Vault contract | 0x6a31…7ABA |
| vbUSDC token | 0x203A…FD36 |
| Network | Katana |
The curator's description: "Clearstar Core v2 vault allocates to bluechip assets on Katana which have high liquidity and conservative risk profiles."
Largest depositors
18 addresses hold shares in this vault
| Address | Deposit | Share of vault |
|---|---|---|
| 0xEDb7…374B | $534K | 72.1% |
| 0x50B0…bF83 | $45.0K | 6.1% |
| 0x6655…e784 | $19.5K | 2.6% |
| 0x5002…c6a1 | $4.7K | 0.6% |
| 0xDEC2…7621 | $1.9K | 0.3% |
| 0x55A6…D07e | $1.1K | 0.1% |
| 0xCB09…B8bD | $1.0K | 0.1% |
| 0x1b0F…026d | $826 | 0.1% |
| 0xA644…ef32 | $402 | 0.1% |
| 0x1Fa1…8F27 | $302 | 0.0% |
When a few addresses hold most of a vault, one large withdrawal can use up the liquidity that is free right now.
About Clearstar Core USDC
Clearstar Core USDC is a Morpho V2 vault on Katana, created on December 2, 2025. It takes vbUSDC deposits and lends them to borrowers in 9 Morpho markets. The curator, Clearstar, decides which markets it may use and how much can go into each.
It holds $740K (740.49K vbUSDC) from 18 depositors and pays a net APY of 8.00% after its 0% performance fee. Over the last 30 days depositors actually earned 3.67% a year. About 4.77% of today's rate comes from KAT rewards, which can stop at any time.
Its largest position is FXRP / vbUSDC at 28% of its deposits, followed by vbWBTC / vbUSDC (24%) and yvvbUSDT / vbUSDC (15%). Counting every market, its loans are backed mainly by vbWBTC (26%), FXRP (23%) and yvvbETH (22%). 1% 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. The owner is a 3-of-6 multisig wallet. Morpho's app shows no warnings for this vault.
Clearstar Core USDC: quick answers
What is the APY of Clearstar Core USDC on Katana?
Clearstar Core USDC pays 8.00% net APY right now, after its fees and including 4.77% of rewards. Measured from the growth of its share price, it paid 3.67% over the last 30 days. The rate changes every day with what its borrowers pay.
What does Clearstar Core USDC lend against?
It lends vbUSDC through 9 Morpho markets. The biggest is FXRP / vbUSDC with 28% of its deposits. Overall its loans are backed mainly by vbWBTC (26%), FXRP (23%) and yvvbETH (22%).
Can I withdraw from Clearstar Core USDC right now?
About $8.9K of its $740K in deposits (1%) 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 Clearstar Core USDC and what does it charge?
Clearstar 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 Clearstar Core 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 3 days. This is not advice.
Other vbUSDC vaults
The same deposit asset, other curators and networks
| Vault | Net APY |
|---|---|
| Yearn OG USDCV2Yearn · Katana · $2.87M | 2.38% |
| Yearn Degen USDCV2Yearn · Katana · $1.93M | 8.00%incl. 5.97% rewards |
| Steakhouse Prime USDCSteakhouse Financial · Katana · $1.77M | 2.18% |
| Steakhouse Prime USDCV2Steakhouse Financial · Katana · $959K | 2.18% |
| Steakhouse High Yield USDCV2Steakhouse Financial · Katana · $719K | 2.18% |
