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Pangolins USDC

pUSDC
BaseOn peg1
Curated by Pangolins·Inception 2025-11-13·Guardian 0xd222408eb42589Db5D2e0bE3CEE6a4aaf2952c1A
Base
USDC
Open on Morpho
Net APY4.64%
+0.26%30d 4.38%
Trend up
TVL$34.09M
+15.84%Capacity $51.14M
Trend up
Utilization90%
Redemptions may queue
Risk score
17
Low
Market 37
·Loan demand 83
Complexity2Easy to explain
Liquidity30/100
Instant redemption available
Performance fee0%No curator cut
Plain English explanationWritten by vaults.xyz research · model card · last update 2026-05-12
What this vault actually does

Pangolins curate top-tier DeFi protocols uncover optimal participation methods and execute automated risk control enabling users to earn yield safely and simply.

Yield decomposition

What you are actually getting paid for, expressed as a share of net APY.

Hover for source breakdownTotal · 4.64% gross APY
Borrower lending demand
Structural

Interest paid by borrowers on Morpho Blue markets the vault supplies into.

3.94%84.9% of yield · 394 bps
Protocol incentives
Incentive

Estimated boost from Morpho-side rewards programs and curator rebates active on these markets.

0.70%15.1% of yield · 70 bps
What breaks this vault

The honest version. Every structural failure mode this vault is exposed to, ranked by severity. If you want to know whether to invest, start here.

Cap-weighted utilization is 90.3%, leaving little idle buffer. Large same-day redemptions may queue behind active loan repayments.

Weighted LLTV across markets is 86.0%. Sharp collateral drawdowns can trigger cascading liquidations faster than vault parameters can be adjusted.

Hidden exposure map

What this vault is actually exposed to — including dependencies that are not visible from the strategy name.

cbBTC
100%
Lending venueCollateral asset in vault allocations.
WETH
0%
Lending venueCollateral asset in vault allocations.
USDC
100%
StablecoinLoan asset supplied by the vault.
Reading this map. Direct exposures are the assets the vault holds or lends against. Indirect dependencies (Tab 3) include the protocols that mint those assets, the oracles pricing them, and the bridges that move them. An incident at any indirect dependency can damage the vault even when the direct collateral looks healthy.
Allocation breakdown

Every market the vault has supplied into, with current LTV, LLTV, oracle, and IRM. Idle balances are listed explicitly.

Markets2+ idle buffer
cbBTC / USDC100.0%
WETH / USDC0.0%
idle / USDC0.0%
MarketProtocolAllocationLTV / LLTVUtilizationOracleIRM
cbBTC / USDCMorpho Blue
100.0%$34.09M
73% / 86.0%12.9 pts headroom
90%0x663BECd1…0x46415998…
idle / USDCMorpho Blue
0.0%$0
——0x00000000…0x00000000…
WETH / USDCMorpho Blue
0.0%$0
73% / 86.0%12.9 pts headroom
90%0xFEa2D58c…0x46415998…
Stress scenarios

Modeled NAV impact under historical and hypothetical tail events. Each impact = − (shock magnitude) × (vault exposure) × (pass-through). Hover the calculator icon for the per-scenario formula.

Morpho Blue contract vulnerability
rare
computed

Tail-case: a vulnerability surfaces in Morpho Blue that affects the vault's largest single market (100% of TVL). Modeled at 50% loss on that exposure; full vault is not assumed at risk since markets are isolated.

−50% × 100% (largest market) × 100% pass-through
-50.0%
Recovery patch + governance
100% exposed
Curator misallocation
unlikely
computed

Curator routes into a market that develops bad debt or an oracle break. Worst single position is 100.0% of TVL; top-3 concentration is 100%. Modeled at 50% bad-debt recovery on the worst position.

−50% × 100.0% (worst market) × 100% pass-through
-50.0%
Recovery 30–90 days
100% exposed
USDC depeg
unlikely
computed

March 2023 SVB episode: USDC traded as low as $0.88 before banking exposure was clarified. Mark-to-market loss on 100% of vault TVL (the loan asset is USDC).

−12% × 100% exposed × 100% pass-through (loan-asset shock)
-12.0%
Recovery 7–14 days
100% exposed
Redemption queue under stress
possible
computed

100% of TVL is in markets running >85% utilization. Redemption requests on that slice queue until borrowers repay; remaining LPs absorb a small forced-exit discount.

~1% forced-exit discount × 100% (stressed markets only)
-1.0%
Recovery 1–7 days
100% exposed
Activity

Curator and parameter changes detected by VaultScope's snapshot diff. Refreshed every 6 hours.

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Historical analytics

180 trailing days. APY, TVL, utilization, and an APY drawdown view to show how the vault has actually behaved — not just where it sits today.

APY range2.96% – 6.09%
trailing 180d
APY volatility (σ)0.80 pts
standard deviation
Max APY drawdown-51.5%
peak-to-trough
APY trend-1.38 pts
180d delta