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0xb0f0…504BA9
U

ALPHA USDC Core

aUSDC
EthereumOn peg1
Curated by AlphaPing·Inception 2025-04-02·Guardian 0x8cF8AA7805dd315372D5B9899554E5F1C4E35540
Ethereum
USDC
Open on Morpho
Net APY5.59%
-0.82%30d 6.42%
Trend down
TVL$2.13M
-82.56%Capacity $3.19M
Trend up
Utilization82%
Healthy
Risk score
23
Low
Market 45
·Loan demand 83
Complexity62Multiple moving parts
Liquidity38/100
Instant redemption available
Performance fee10%Above median
Plain English explanationWritten by vaults.xyz research · model card · last update 2026-05-12
What this vault actually does

ALPHA USDC Core is a performance-driven vault focused on maximizing risk-adjusted returns for USDC. By allocating capital to high-conviction strategies and supporting the creation of deep, tradable markets, the vault serves as a foundation for sustainable liquidity growth and long-term yield optimization.

Yield decomposition

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

Hover for source breakdownTotal · 5.59% gross APY
Curator performance fee−10.00%→5.59% net
Borrower lending demand
Structural

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

5.31%95.0% of yield · 531 bps
Protocol incentives
Incentive

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

0.28%5.0% of yield · 28 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.

savUSD
6%
Lending venueCollateral asset in vault allocations.
PT-savUSD-14MAY2026
94%
Pendle PTCollateral 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
PT-savUSD-14MAY2026 / USDC94.5%
savUSD / USDC5.5%
idle / USDC0.0%
MarketProtocolAllocationLTV / LLTVUtilizationOracleIRM
idle / USDCMorpho Blue
0.0%$0
——0x00000000…0x00000000…
savUSD / USDCMorpho Blue
5.5%$117.83K
78% / 91.5%13.7 pts headroom
88%0x839940de…0x870aC11D…
PT-savUSD-14MAY2026 / USDCMorpho Blue
94.5%$2.01M
78% / 91.5%13.7 pts headroom
82%0xe4697081…0x870aC11D…
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 (94% of TVL). Modeled at 50% loss on that exposure; full vault is not assumed at risk since markets are isolated.

−50% × 94% (largest market) × 100% pass-through
-47.2%
Recovery patch + governance
94% exposed
Curator misallocation
unlikely
computed

Curator routes into a market that develops bad debt or an oracle break. Worst single position is 94.5% of TVL; top-3 concentration is 100%. Modeled at 50% bad-debt recovery on the worst position.

−50% × 94.5% (worst market) × 100% pass-through
-47.2%
Recovery 30–90 days
94% 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
Pendle PT dislocation
possible
computed

PT collateral can trade at unexpected discounts before maturity if implied yield diverges from the underlying. 94.5% of TVL is in Pendle PT markets (weighted LLTV 92%). A 15% collateral shock translates to ~1.04% NAV loss after the 8-pt LLTV buffer absorbs liquidation-clearable price moves.

−15% × 94.5% exposed × 7% pass-through (LLTV 92%)
-1.0%
Recovery until maturity
94% exposed
Activity

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

Full feed →
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 range3.45% – 16.56%
trailing 180d
APY volatility (σ)2.23 pts
standard deviation
Max APY drawdown-79.1%
peak-to-trough
APY trend-5.45 pts
180d delta