Unified Labs USDC RWAV2
A Morpho V2 vault on Monad that lends out USDC deposits, curated by Unified Labs. Depositors earn 4.60% a year right now after a 0% performance fee.
Data from Morpho's API · updated
Net APY
4.60%
incl. 1.64% in rewards
30-day APY
2.97%
7-day 2.95%
Deposits
$193K
193.38K USDC
Withdrawable now
$18.5K
10% of deposits
Performance fee
0%
of the interest earned
Depositors
8
largest holds 52.2%
Unified Labs USDC RWA 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 |
|---|---|---|
| FUSDLP / USDCLLTV 96.5% | $186K | 96.0% |
| FUSDLP / USDCLLTV 91.5% | $7.8K | 4.0% |
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
| FUSDLP | 100.0% |
|---|---|
| WETH | 0.0% |
| WBTC | 0.0% |
Returns over time
Net APY actually earned over each period, from the share price
| Last day | 4.59% |
|---|---|
| Last 7 days | 2.95% |
| Last 30 days | 2.97% |
| Since the vault started | 4.21% |
Who controls this vault
| Curator | Unified Labs |
|---|---|
| Owner | 0x75B3…23733-of-5 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 |
| Pending changes | 2IncreaseAbsoluteCap from September 13, 2026; IncreaseAbsoluteCap from September 13, 2026 |
| Created | April 14, 2026 |
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 | 2.96% |
| Rewards | WMON 1.64% |
| Vault contract | 0x0ED3…09FC |
| USDC token | 0x7547…b603 |
| Network | Monad |
The curator's description: "Institutional-grade RWA lending vault curated by Unified Labs, Asia's first Risk Curator focused on RWA lending on Morpho. Lending against professionally vetted, tokenized real-world asset collaterals with conservative risk parameters."
Largest depositors
8 addresses hold shares in this vault
| Address | Deposit | Share of vault |
|---|---|---|
| 0xDf2f…E38f | $101K | 52.2% |
| 0x66a8…54EA | $92.4K | 47.8% |
| 0xF03E…25D9 | $77.00 | 0.0% |
| 0x3FF3…48F8 | $9.00 | <0.01% |
| 0x0000…dEaD | $1.00 | <0.01% |
| 0x6bD2…6d95 | $0 | 0.0% |
| 0xBA39…b111 | $0 | 0.0% |
| 0x188d…Ea8e | $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 Unified Labs USDC RWA
Unified Labs USDC RWA is a Morpho V2 vault on Monad, created on April 14, 2026. It takes USDC deposits and lends them to borrowers in 2 Morpho markets. The curator, Unified Labs, decides which markets it may use and how much can go into each.
It holds $193K (193.38K USDC) from 8 depositors and pays a net APY of 4.60% after its 0% performance fee. Over the last 30 days depositors actually earned 2.97% a year. About 1.64% of today's rate comes from WMON rewards, which can stop at any time.
Its largest position is FUSDLP / USDC at 96% of what it lends, followed by FUSDLP / USDC (4%). Counting every market, its loans are backed mainly by FUSDLP (100%). 10% 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 3-of-5 multisig wallet. Morpho's app shows no warnings for this vault.
Unified Labs USDC RWA: quick answers
What is the APY of Unified Labs USDC RWA on Monad?
Unified Labs USDC RWA pays 4.60% net APY right now, after its fees and including 1.64% of rewards. Measured from the growth of its share price, it paid 2.97% over the last 30 days. The rate changes every day with what its borrowers pay.
What does Unified Labs USDC RWA lend against?
It lends USDC through 2 Morpho markets. The biggest is FUSDLP / USDC with 96% of its lending. Overall its loans are backed mainly by FUSDLP (100%).
Can I withdraw from Unified Labs USDC RWA right now?
About $18.5K of its $193K in deposits (10%) 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 Unified Labs USDC RWA and what does it charge?
Unified Labs 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 Unified Labs USDC RWA?
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