New vault
U
Universal USDC
uUSDC
BaseOn peg1Base
USDC
Morpho official alerts
1 critical alert from Morpho's risk team
- Deposits disabledREDVault-level
Morpho has flagged this vault as not accepting deposits. Existing positions remain on-chain but new capital is being turned away — usually a curator-initiated wind-down or response to an active issue.
AI vault read
Plain-English summary of this vault — what it does, who runs it, where the yield comes from, and what could break it. Generated from the same deterministic inputs shown elsewhere on this page; the numbers are the source, this is just the explanation.
What this vault does
Depositors put USDC into this vault and it sits entirely uninvested — none of the cash is being lent out to borrowers. The vault currently earns 0% because there are no active lending markets and no borrowing demand to generate interest.
Who runs it
RE7 Labs runs this vault as a stablecoin-only book with no active deployment.
Where the yield comes from
There is no yield. All deposits are idle cash with zero borrowing activity against them.
What could break it
The risk score of 70/100 and the protocol's RED warning (deposits disabled) indicate the vault is not currently operating normally. USDC itself shows healthy depeg signals, but the vault structure itself is flagged as problematic by Morpho.
Who this is for
Avoid — deposits are disabled and the vault generates no returns. Not suitable for any yield objective.
USDC 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 peg1/100
Spot (market)$0.99973 bps below peg · CoinGecko
Oracle (Chainlink)$0.99973 bps below peg · What Morpho liquidates against
Spot ↔ oracle gap0 bpsSources agree
Score · 1/100
max(price, vault health) · saturates at 200 bps
Risk decomposition
How the composite risk score breaks down. Every number traces to an explicit input — /methodology documents each factor's formula.
high70/100
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 Universal USDC vault supplies USDC against assets issued by Universal, a wrapped asset protocol designed to enable trading for any token, on any chain.
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.
Primary loan or collateral asset is a stablecoin. A sustained depeg below 99 cents impacts NAV and disables liquidation routing for non-USD collateral.
Every market relies on an external price feed. A stale or manipulated feed can mis-price collateral and produce unrecoverable bad debt.
Hidden exposure map
What this vault is actually exposed to — including dependencies that are not visible from the strategy name.
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.
Markets0+ idle buffer
idle / USDC100.0%
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.
USDC depeg 12%
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
L2 sequencer halt 48h
unlikely
computedSequencer halt on Base blocks liquidations and redemptions for 48 hours. Without per-allocation buffers we apply a baseline 0.5% liquidity discount scaled by chain severity (1.0×).
−0.50% (chain severity 1.0× on a 0.5% baseline forced-exit discount during a 48h halt; allocation detail not yet available for V2 vaults)
-0.5%
Recovery 48 hours + 1–3 day catch-up
100% exposed
$50M same-day redemption
possible
computedVault has $0M idle buffer (100% of $0M TVL). $50M of the $50M request queues; the redeemer takes a ~0.50% forced-exit discount weighted across collateral mix plus 0-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 + 0.00% TVM over 0.0 days at 5.0% rate)
-0.5%
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
Base
CuratorRisk team setting market allocations
OwnerCan change curator, guardian, and timelock (after delay)
GuardianCan pause and revoke allocations if compromised
not configured
TimelockDelay before owner-initiated parameter changes take effect
3 days
Performance feeCurator's cut of generated yield
10.00%
Fee recipientAddress that collects the performance fee
Skim recipientReceives stray non-loan-asset tokens swept from the vault
Deployed20 mos on-chain
Oct 2, 2024
One-click redeem
available
Morpho app
Market parameters (1)
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% – 28.66%
trailing 180d
APY volatility (σ)6.72 pts
standard deviation
Max APY drawdown-100.0%
peak-to-trough
APY trend-2.51 pts
180d delta