Yearn OG USDT V2 on Katana
A Morpho V2 vault on Katana that lends out vbUSDT deposits, curated by Yearn. Depositors earn 2.50% a year right now after a 10% performance fee.
Data from Morpho's API · updated
Net APY
2.50%
after fees, paid to depositors
30-day APY
2.48%
7-day 2.49%, from the share price
Deposits
$1.22M
1.22M vbUSDT
Withdrawable now
$51.4K
4% of deposits
Performance fee
10%
of the interest earned
Depositors
9
largest holds 100.1%
Yearn OG USDT 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 |
|---|---|---|
| yvvbUSDC / vbUSDTLLTV 86% | $759K | 62.0% |
| weETH / vbUSDTLLTV 86% | $250K | 20.5% |
| vbWBTC / vbUSDTLLTV 86% | $102K | 8.4% |
| vbETH / vbUSDTLLTV 86% | $17.1K | 1.4% |
| avKAT / vbUSDTLLTV 62.5% | $2.0K | 0.2% |
| Idle cashnot lent out | $93.3K | 7.6% |
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
| yvvbUSDC | 65.2% |
|---|---|
| weETH | 24.4% |
| vbWBTC | 8.8% |
| vbETH | 1.5% |
| avKAT | 0.2% |
Returns over time
Net APY actually earned over each period, from the share price: after fees, without token rewards
| Last day | 2.50% |
|---|---|
| Last 7 days | 2.49% |
| Last 30 days | 2.48% |
| Last 90 days | 3.36% |
Who controls this vault
| Curator | Yearn |
|---|---|
| Owner | 0x518C…01494-of-7 multisig |
| Timelock to raise a cap | 3 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 | 4addresses that move money between markets |
| Sentinels | 1can pull money back or cut caps in an emergency |
| Created | April 24, 2026 |
Timelocks give depositors time to leave before a change they dislike takes effect. Morpho risks explained.
Details
| Deposit asset | vbUSDTprice $0.9992 |
|---|---|
| Vault version | Morpho Vault V2 |
| APY before fees | 2.78% |
| Vault contract | 0x4284…B249 |
| vbUSDT token | 0x2DCa…D2F2 |
| Network | Katana |
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
9 addresses hold shares in this vault
| Address | Deposit | Share of vault |
|---|---|---|
| 0xC7f8…B9a6 | $1.22M | 100.1% |
| 0xc81F…097d | $4.6K | 0.4% |
| 0x518C…0149 | $150 | 0.0% |
| 0x9fD4…BEEa | $6.00 | <0.01% |
| 0x9dC5…3Ee8 | $5.00 | <0.01% |
| 0xa701…7c68 | $1.00 | <0.01% |
| 0x0000…dEaD | $1.00 | <0.01% |
| 0x66FA…2f7a | $1.00 | <0.01% |
| 0xDDd0…F358 | $0 | 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 Yearn OG USDT V2
Yearn OG USDT V2 is a Morpho V2 vault on Katana, created on April 24, 2026. It takes vbUSDT 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 $1.22M (1.22M vbUSDT) from 9 depositors and pays a net APY of 2.50% after its 10% performance fee. Over the last 30 days depositors actually earned 2.48% a year.
Its largest position is yvvbUSDC / vbUSDT at 62% of its deposits, followed by weETH / vbUSDT (20%) and vbWBTC / vbUSDT (8%). 8% sits idle, not lent out. Counting every market, its loans are backed mainly by yvvbUSDC (65%), weETH (24%) and vbWBTC (9%). 4% 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 4-of-7 multisig wallet. Morpho's app shows no warnings for this vault.
Yearn OG USDT V2: quick answers
What is the APY of Yearn OG USDT V2 on Katana?
Yearn OG USDT V2 pays 2.50% net APY right now, after its fees. Measured from the growth of its share price, it paid 2.48% over the last 30 days. The rate changes every day with what its borrowers pay.
What does Yearn OG USDT V2 lend against?
It lends vbUSDT through 5 Morpho markets. The biggest is yvvbUSDC / vbUSDT with 62% of its deposits. 8% sits idle. Overall its loans are backed mainly by yvvbUSDC (65%), weETH (24%) and vbWBTC (9%).
Can I withdraw from Yearn OG USDT V2 right now?
About $51.4K of its $1.22M in deposits (4%) 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 USDT 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 USDT 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.
Other vbUSDT vaults
The same deposit asset, other curators and networks
| Vault | Net APY |
|---|---|
| Gauntlet USDT⚠ Deposits switched offGauntlet · Katana · $108K | 0.00% |
