Reallocation
Rotated funds from PT-srUSDe-2APR2026 / USDC into (idle) / USDC
0 USDCexotic
U
Gauntlet USDC Core
gtUSDCcore
EthereumOn peg1Ethereum
USDC
Plain English explanationWritten by vaults.xyz research · model card · last update 2026-05-12
What this vault actually does
The USDC Core Vault will list a range of liquid collateral markets and continuously optimize risk-adjusted yield across those markets. This vault targets a higher risk level than Gauntlet's Prime Vaults.
Yield decomposition
What you are actually getting paid for, expressed as a share of net APY.
Hover for source breakdownTotal · 3.52% gross APY
Curator performance fee−5.00%→3.52% net
Borrower lending demand
Structural
Interest paid by borrowers on Morpho Blue markets the vault supplies into.
3.34%94.9% of yield · 334 bps
Protocol incentives
Incentive
Estimated boost from Morpho-side rewards programs and curator rebates active on these markets.
0.18%5.1% of yield · 18 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.
Vault has meaningful collateral exposure to liquid restaking tokens. A discount to ETH (>2%) propagates directly through liquidation cascades.
Primary loan or collateral asset is a stablecoin. A sustained depeg below 99 cents impacts NAV and disables liquidation routing for non-USD collateral.
Hidden exposure map
What this vault is actually exposed to — including dependencies that are not visible from the strategy name.
syrupUSDC
0%
StablecoinCollateral asset in vault allocations.
tBTC
5%
Lending venueCollateral asset in vault allocations.
LBTC
32%
Lending venueCollateral asset in vault allocations.
WBTC
0%
Lending venueCollateral asset in vault allocations.
siUSD
0%
Lending venueCollateral asset in vault allocations.
stcUSD
25%
Lending venueCollateral asset in vault allocations.
AA_FalconXUSDC
25%
Lending venueCollateral asset in vault allocations.
weETH
12%
Liquid restakingCollateral asset in vault allocations.
cbBTC
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.
Markets9+ idle buffer
LBTC / USDC32.4%
AA_FalconXUSDC / USDC25.0%
stcUSD / USDC25.0%
weETH / USDC12.3%
tBTC / USDC5.3%
cbBTC / USDC0.0%
WBTC / USDC0.0%
syrupUSDC / USDC0.0%
siUSD / 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 (32% of TVL). Modeled at 50% loss on that exposure; full vault is not assumed at risk since markets are isolated.
−50% × 32% (largest market) × 100% pass-through
-16.2%
Recovery patch + governance
32% exposed
Curator misallocation
unlikely
computedCurator routes into a market that develops bad debt or an oracle break. Worst single position is 32.4% of TVL; top-3 concentration is 82%. Modeled at 50% bad-debt recovery on the worst position.
−50% × 32.4% (worst market) × 100% pass-through
-16.2%
Recovery 30–90 days
32% 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
Exotic / tranche collateral shock
possible
computedThese collateral types absorb first-loss in their underlying strategies; failures in the strategy show up here first. 25.0% of TVL is in exotic / tranche (RLP, Upshift wrappers, etc.) markets (weighted LLTV 77%). A 25% collateral shock translates to ~0.27% NAV loss after the 23-pt LLTV buffer absorbs liquidation-clearable price moves.
−25% × 25.0% exposed × 4% pass-through (LLTV 77%)
-0.3%
Recovery 30–180 days
25% exposed
LRT / restaking event
unlikely
computedAn operator slashing or AVS misbehavior creates a discount in the LRT collateral. 12.3% of TVL is in liquid restaking token (LRT) markets (weighted LLTV 86%). A 20% collateral shock translates to ~0.18% NAV loss after the 14-pt LLTV buffer absorbs liquidation-clearable price moves.
−20% × 12.3% exposed × 7% pass-through (LLTV 86%)
-0.2%
Recovery 30–90 days
12% 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 range1.31% – 31.40%
trailing 180d
APY volatility (σ)7.04 pts
standard deviation
Max APY drawdown-88.4%
peak-to-trough
APY trend+2.32 pts
180d delta