New vault
U
UltraYield USDT
edgeUSDT
EthereumOn peg6Ethereum
USDT
Morpho official alerts
1 caution alert from Morpho's risk team
- Realized bad debtYELLOWWETH / USDT
Liquidations completed without recovering the full debt. Loss has been socialized to suppliers and is already reflected in vault NAV.
USDT is trading within normal range. Both market spot and Chainlink agree this vault's loan asset is on peg — no peg risk affecting NAV right now.
On peg6/100
Spot (market)$0.998812 bps below peg · CoinGecko
Oracle (Chainlink)$0.99919 bps below peg · What Morpho liquidates against
Spot ↔ oracle gap3 bpsSources agree
Score · 6/100
max(price, vault health) · saturates at 200 bps
Issuer-side vault health · USDTOn peg0/100
Tether USDT contract is operational — no pause flag set.
Source: TetherPause state: operationalcomposite severity healthy
Risk decomposition
How the composite risk score breaks down. Every number traces to an explicit input — /methodology documents each factor's formula.
critical90/100
Warning floorfloor
Hard min from Morpho's own flags on the vault or its active markets.
Structuralweight 28%
Share-weighted collateral quality + LLTV buffer adequacy. Correlation-aware.
Liquidationweight 20%
Headroom (1 − LLTV) measured in σ-units of 30d realized vol, amplified by utilization.
Yield anomalyweight 20%
Peer-cohort z-score plus absolute-yield band. Excess yield is risk you may not yet model.
Concentrationweight 12%
Market HHI + asset-class HHI + curator's universe TVL share.
Liquidityweight 10%
Util curve position, share locked above 95%, idle buffer.
Maturityweight 10%
Vintage + TVL-time integral. V2 vaults carry an opacity surcharge.
Depeg floorfloor
Hard min from active depeg signal on the loan asset.
Composite = max(Σ weighted + floors). Warning and depeg floors are hard minimums; the weighted sum of the structural factors is the base. A floor highlighted in amber means it is what determines the final score — the protocol or peg signals are louder than our structural model.
Plain English explanationWritten by VaultScanner research · model card · last update 2026-05-12
What this vault actually does
The UltraYield USDT vault curated by the UltraYield team provides diversified exposure to various Morpho markets by lending USDT to achieve an optimized risk-adjusted return.
Yield decomposition
What you are actually getting paid for, expressed as a share of net APY.
Hover for source breakdownTotal · 3.03% gross APY
Borrower lending demand
Structural
Interest paid by borrowers on Morpho Blue markets the vault supplies into.
2.88%95.0% of yield · 288 bps
Protocol incentives
Incentive
Estimated boost from Morpho-side rewards programs and curator rebates active on these markets.
0.15%5.0% of yield · 15 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.
Weighted LLTV across markets is 91.5%. Sharp collateral drawdowns can trigger cascading liquidations faster than vault parameters can be adjusted.
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.
WETH
0%
Lending venueCollateral asset in vault allocations.
sUSDe
100%
StablecoinCollateral asset in vault allocations.
WBTC
0%
Lending venueCollateral asset in vault allocations.
wstETH
0%
Liquid stakingCollateral asset in vault allocations.
sUSDS
0%
StablecoinCollateral asset in vault allocations.
USDT
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.
Markets5+ idle buffer
sUSDe / USDT100.0%
WETH / USDT0.0%
WBTC / USDT0.0%
wstETH / USDT0.0%
sUSDS / USDT0.0%
idle / USDT0.0%
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 contract vulnerability
rare
computedTail-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
computedCurator 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
USDT reserve / depeg 5%
possible
computedTether has repeatedly traded <$0.95 (Oct 2018, May 2022). Recovery is slower than USDC. Mark-to-market loss on 100% of vault TVL (the loan asset is USDT).
−5% × 100% exposed × 100% pass-through (loan-asset shock)
-5.0%
Recovery 14–30 days
100% exposed
$50M same-day redemption
possible
computedVault has $0M idle buffer (34% of $0M TVL). $50M of the $50M request queues; the redeemer takes a ~0.50% forced-exit discount weighted across collateral mix plus 9-day TVM cost. $50M of the request exceeds the vault's $0M TVL and cannot be redeemed at all.
queued 100% of $50M × (0.50% forced-exit discount + 0.21% TVM over 9.3 days at 8.3% rate)
-0.7%
Recovery 0–14 days (queue depth)
100% exposed
Governance & configuration
On-chain contracts, control surface, and per-market parameters. The diligence checklist surface — every value here is what an allocator needs to copy into a memo before sizing a deposit.
Vault contractMetaMorpho v1 on Morpho Blue
Chain
Ethereum
CuratorRisk team setting market allocations
OwnerCan change curator, guardian, and timelock (after delay)
GuardianCan pause and revoke allocations if compromised
TimelockDelay before owner-initiated parameter changes take effect
3 days
Performance feeCurator's cut of generated yield
0.00%
Fee recipientAddress that collects the performance fee
Skim recipientReceives stray non-loan-asset tokens swept from the vault
not configured
Deployed10 mos on-chain
Jul 23, 2025
One-click redeem
available
Morpho app
Market parameters (6)
Oracle, IRM, and LLTV per Morpho Blue market the vault routes into. Click an address to inspect the contract on a block explorer.Activity
Curator and parameter changes detected by VaultScanner'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% – 4.75%
trailing 180d
APY volatility (σ)1.06 pts
standard deviation
Max APY drawdownNaN%
peak-to-trough
APY trend+3.78 pts
180d delta