USDC
Morpho · Curated by Steakhouse · Mainnet
Frequently Asked Questions
What is the current APY for USDC?
The current spot APY for USDC on Morpho (Mainnet) is 3.13%. The 30-day average APY is 3.58%. All figures exclude external token rewards and are calculated from on-chain exchange rates only.
How much total value is locked in USDC?
The total value locked (TVL) in USDC is $118.6M. TVL measures the total USDC assets currently deposited in this vault.
Does the USDC yield include token rewards?
No. Earnbase tracks on-chain APY only, derived from the vault's exchange rate changes over time. External incentives, token rewards, points programs, and liquidity mining bonuses are not included in the reported APY.
Who curates USDC?
USDC is curated by Steakhouse. Curators set the risk parameters, asset allocations, and rebalancing strategy for the vault. They are responsible for selecting which lending markets or protocols receive deposits. You can view all strategies curated by Steakhouse on the Steakhouse curator page on Earnbase.
Compare with Other USDC Strategies
| Strategy | Platform | Network | APY | TVL |
|---|---|---|---|---|
| Syntropia Boosted | Lagoon | Ethereum | 16.05% | $345.2K |
| 722Capital USDC | Lagoon | Base | 15.52% | $1.2M |
| Bitcoin Dollar USDC | IPOR Fusion | Ethereum | 15.49% | $312.7K |
| Hyperithm (Private Credit) | Wildcat | Mainnet | 15.00% | $30.0M |
| mHYPER Looping | IPOR Fusion | Ethereum | 14.56% | $124.0K |
| USDC Vault | 40 Acres | Base | 13.74% | $8.1M |
| Coinshift Conservative USPC | Lagoon | Ethereum | 13.33% | $193.5K |
| 40 Acres Autocompounder | Harvest | Base | 12.25% | $2.0M |
| Hub Capital USDC vault | Lagoon | Ethereum | 12.16% | $993.0K |
| Earn - avUSDC | Avantis | Base | 11.97% | $45.3M |
More Morpho Strategies
USDC
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Yield Overview
USDC is a USDC yield strategy on Morpho, curated by Steakhouse. It currently generates 3.13% APY (24h) with a 30-day average of 3.58%. The vault holds $118.6M in total value locked. APY is derived from the vault's on-chain exchange rate and does not include external incentives.
Curated by Steakhouse · Mainnet
Market Benchmarking
Within the USDC ecosystem, this product ranks #109 out of 155 strategies. Its 3.13% yield is 34.2% lower than the market average of 4.76%.
How USDC Compares
Ecosystem Context
Positioned within the Mainnet ecosystem, this product's yield is 26.4% lower than the network average for USDC strategies. This strategy is curated by Steakhouse, with 9 Steakhouse strategies tracked on Earnbase across 3 networks. Within Morpho, it competes against 61 other USDC strategies. By TVL, this product ranks #4 of 52 USDC strategies on Mainnet.
About Morpho
Morpho is a decentralized lending protocol that enables the creation of isolated lending markets and curated vaults. Earnbase tracks 62 strategies on Morpho.
USDC on Mainnet#36 of 52
Yield Sustainability
Current yield of 3.13% shows a 12.6% variance from the 30-day average, well within normal operating bands.
Yield Trajectory
USDC recorded a 24h APY of 3.13% in the most recent data point. Over the past 30 days, the product delivered positive yields on 30 out of 30 days. Week-over-week, yields have declined by 8.4%. The strongest 7-day period was May 05–May 11 averaging 3.75%, while the weakest was Apr 28–May 04 at 3.43%. Current 24h APY of 3.13% is 11.9% below the product's own 30-day average.
Weekly yields have declined for 1 consecutive week. The most recent 7-day average stands at 3.44%.
Weekly Breakdown
Historical APY Statistics
Over the past 164 days, USDC's yield has shown a downward trend, with yields compressing from 3.66% to 3.19%, a 12.8% decline. The sustainability score of 85/100 aligns with a period of relative yield stability.
Historical TVL Statistics
Over the past 164 days, USDC's total value locked has experienced a contraction, declining from $409.9M to $163.2M, a 60.2% reduction.
History
FAQ
Yield & Performance
USDC on Morpho offers a 24-hour APY of 3.13%, a 30-day average of 3.58% on USDC. Yields are variable and update daily based on protocol activity.
USDC ranks #109 out of 155 monitored USDC strategies. Its current yield of 3.13% is 34.2% below the market average of 4.76%.
Earnbase rates the yield sustainability of USDC at 85/100, classified as "Stable". Current yield of 3.13% shows a 12.6% variance from the 30-day average, well within normal operating bands.
Over the past 164 days, USDC has shown a downward yield trajectory. The average APY moved from 3.66% to 3.19%.
USDC has a yield volatility rating of "Moderate" (standard deviation: 0.69pp over 164 days). The APY has ranged from 1.85% to 5.03% in the tracked period, with an average of 3.30%.
Liquidity & TVL
USDC currently has a total value locked (TVL) of $118.6M in USDC deposits.
USDC holds $118.6M in USDC deposits. Across all 155 tracked USDC strategies, deposits range widely depending on the protocol and curator reputation. This vault's TVL of $118.6M places it within the broader spectrum of USDC opportunities tracked on Earnbase.
By total value locked, USDC ranks #4 of 52 USDC strategies on Mainnet. It currently holds $118.6M.
USDC's TVL is currently declining. Over the past 164 days, TVL moved from $409.9M to $163.2M, a -60.2% change. The 30-day high was $508.9M and the 30-day low was $114.7M.
Despite rising yields, capital has been flowing out. This may indicate concerns about sustainability or broader market rotation. In general, rising TVL in a lending vault can compress yields as more capital competes for the same borrow demand.
Over the past 30 days, USDC had 11 days of inflows and 18 days of outflows. The largest single-day inflow was +$10.1M (May 01, 2026) and the largest outflow was -$35.7M (Apr 25, 2026). Net 30-day TVL change: -40.1%.
Strategy & Access
USDC operates on the Mainnet network and is managed by Morpho. It accepts USDC deposits. The strategy is curated by Steakhouse.
To deposit into USDC, you need USDC tokens on the Mainnet network. Visit the Morpho platform directly to connect your wallet and make a deposit.
USDC ranks among 52 monitored USDC strategies on Mainnet. Its yield of 3.13% is 26.4% below the Mainnet average of 4.25%.
USDC is deployed on Morpho's vault infrastructure. Fee structures are set at the protocol and curator level. Consult the vault directly for current performance and management fee rates.
Morpho is the DeFi protocol infrastructure that USDC operates on. It provides the smart contract layer for deposits, withdrawals, and strategy execution on the Mainnet network.
For illustrative purposes only. Based on the current 3.13% on-chain APY for USDC. Does not include external incentives. Past performance does not guarantee future results. Actual returns may vary.
This page provides informational data aggregated from on-chain sources and is not financial advice. Always verify data directly with Morpho before depositing.
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