Reallocation
Rotated funds from AA_FalconXUSDC / USDC into mF-ONE / USDC
0 USDCexotic
U
Clearstar USDC Reactor
CSUSDC
EthereumOn peg1Ethereum
USDC
Morpho official alerts
1 caution alert from Morpho's risk team
- Unrecognized Collateral AssetYELLOWn-st-liUSD4w / USDC
Morpho has flagged the n-st-liUSD4w / USDC market: unrecognized_collateral_asset.
Plain English explanationWritten by vaults.xyz research · model card · last update 2026-05-12
What this vault actually does
The Clearstar USDC Reactor vault maximizes USDC yields while fostering the growth of high-quality collateral assets. By combining strategic asset selection with intelligent routing across efficient lending markets, it creates a flywheel of liquidity and sustainability. This vault has automated reallocation to maximize APR within static risk parameters and also monitors active on-chain risks through the use of Hypernative to reduce exposure to collaterals that might be at risk of suffering exploits
Yield decomposition
What you are actually getting paid for, expressed as a share of net APY.
Hover for source breakdownTotal · 6.72% gross APY
Curator performance fee−10.00%→6.72% net
Borrower lending demand
Structural
Interest paid by borrowers on Morpho Blue markets the vault supplies into.
5.71%85.0% of yield · 571 bps
Protocol incentives
Incentive
Estimated boost from Morpho-side rewards programs and curator rebates active on these markets.
1.01%15.0% of yield · 101 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 87.5%, leaving little idle buffer. Large same-day redemptions may queue behind active loan repayments.
Weighted LLTV across markets is 86.3%. 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.
reUSD
0%
Lending venueCollateral asset in vault allocations.
upUSDC
0%
Lending venueCollateral asset in vault allocations.
PT-reUSD-25JUN2026
0%
Pendle PTCollateral asset in vault allocations.
liUSD-1w
0%
Lending venueCollateral asset in vault allocations.
mAPOLLO
0%
Lending venueCollateral asset in vault allocations.
fxSAVE
3%
Lending venueCollateral asset in vault allocations.
sUSN
76%
Lending venueCollateral asset in vault allocations.
srRoyUSDC
11%
Lending venueCollateral asset in vault allocations.
n-st-liUSD4w
4%
Lending venueCollateral asset in vault allocations.
cbBTC
3%
Lending venueCollateral asset in vault allocations.
stcUSD
0%
Lending venueCollateral asset in vault allocations.
syrupUSDC
0%
StablecoinCollateral asset in vault allocations.
siUSD
0%
Lending venueCollateral asset in vault allocations.
mF-ONE
0%
Lending venueCollateral asset in vault allocations.
AA_FalconXUSDC
4%
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.
Markets15+ idle buffer
sUSN / USDC76.4%
srRoyUSDC / USDC10.7%
n-st-liUSD4w / USDC3.7%
AA_FalconXUSDC / USDC3.6%
cbBTC / USDC2.8%
fxSAVE / USDC2.8%
liUSD-1w / USDC0.0%
reUSD / USDC0.0%
upUSDC / USDC0.0%
PT-reUSD-25JUN2026 / USDC0.0%
mAPOLLO / USDC0.0%
stcUSD / USDC0.0%
syrupUSDC / USDC0.0%
siUSD / USDC0.0%
mF-ONE / USDC0.0%
idle / USDC0.0%
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
computedTail-case: a vulnerability surfaces in Morpho Blue that affects the vault's largest single market (76% of TVL). Modeled at 50% loss on that exposure; full vault is not assumed at risk since markets are isolated.
−50% × 76% (largest market) × 100% pass-through
-38.2%
Recovery patch + governance
76% exposed
Curator misallocation
unlikely
computedCurator routes into a market that develops bad debt or an oracle break. Worst single position is 76.4% of TVL; top-3 concentration is 91%. Modeled at 50% bad-debt recovery on the worst position.
−50% × 76.4% (worst market) × 100% pass-through
-38.2%
Recovery 30–90 days
76% exposed
USDC depeg
unlikely
computedMarch 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
computed83% 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 × 83% (stressed markets only)
-0.8%
Recovery 1–7 days
83% exposed
Activity
Curator and parameter changes detected by VaultScope's snapshot diff. Refreshed every 6 hours.
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 range0.00% – 23.34%
trailing 180d
APY volatility (σ)5.03 pts
standard deviation
Max APY drawdownNaN%
peak-to-trough
APY trend+7.37 pts
180d delta