New vault
U
Hyperithm USDC Core
hyperUSDCc
EthereumOn peg1Ethereum
USDC
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, which lends it out on Morpho Blue against borrowers posting wstETH (liquid staking tokens) and syrupUSDC as collateral. The vault earns interest from borrower demand; rates are set algorithmically by the Morpho protocol based on supply and demand, not by a fixed schedule.
Who runs it
Hyperithm runs this vault and focuses on liquid staking collateral—88% of capital is deployed against wstETH borrowers.
Where the yield comes from
The 3.00% APY breaks down to 2.55% from borrowers' interest payments (driven by wstETH and syrupUSDC demand) and 0.45% from Morpho protocol incentives. All capital is deployed; there is no idle cash buffer.
What could break it
The vault is almost entirely exposed to wstETH price moves—88% of lending sits on wstETH collateral at 86% loan-to-liquidation-value, meaning collateral gets seized if wstETH falls ~14%. The 12% syrupUSDC tranche faces similar liquidation risk at 92% LLTV. The deterministic risk score is 25/100 (low); USDC itself shows no depeg signals.
Who this is for
Good fit for an allocator comfortable with liquid staking collateral volatility and seeking modest stablecoin yield on Morpho; avoid if LST correlation or single-collateral concentration is a concern.
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.
mainstream25/100
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
Hyperithm USDC Core vault provides liquidity to conservative collateral markets aiming to generate stable income while maintaining prudent risk management for sustainable performance.
Yield decomposition
What you are actually getting paid for, expressed as a share of net APY.
Hover for source breakdownTotal · 3.00% gross APY
Curator performance fee−5.00%→3.00% net
Borrower lending demand
Structural
Interest paid by borrowers on Morpho Blue markets the vault supplies into.
2.55%85.0% of yield · 255 bps
Protocol incentives
Incentive
Estimated boost from Morpho-side rewards programs and curator rebates active on these markets.
0.45%15.0% of yield · 45 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 85.6%, leaving little idle buffer. Large same-day redemptions may queue behind active loan repayments.
Weighted LLTV across markets is 86.7%. 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.
cbBTC
0%
Lending venueCollateral asset in vault allocations.
WBTC
0%
Lending venueCollateral asset in vault allocations.
wstETH
88%
Liquid stakingCollateral asset in vault allocations.
syrupUSDC
12%
StablecoinCollateral 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.
Markets4+ idle buffer
wstETH / USDC88.0%
syrupUSDC / USDC12.0%
cbBTC / USDC0.0%
WBTC / 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 contract vulnerability
rare
computedTail-case: a vulnerability surfaces in Morpho Blue that affects the vault's largest single market (88% of TVL). Modeled at 50% loss on that exposure; full vault is not assumed at risk since markets are isolated.
−50% × 88% (largest market) × 100% pass-through
-44.0%
Recovery patch + governance
88% exposed
Curator misallocation
unlikely
computedCurator routes into a market that develops bad debt or an oracle break. Worst single position is 88.0% of TVL; top-3 concentration is 100%. Modeled at 50% bad-debt recovery on the worst position.
−50% × 88.0% (worst market) × 100% pass-through
-44.0%
Recovery 30–90 days
88% exposed
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
$50M same-day redemption
possible
computedVault has $0M idle buffer (14% of $0M TVL). $50M of the $50M request queues; the redeemer takes a ~0.94% forced-exit discount weighted across collateral mix plus 12-day TVM cost. $50M of the request exceeds the vault's $0M TVL and cannot be redeemed at all.
queued 100% of $50M × (0.94% forced-exit discount + 0.30% TVM over 12.0 days at 9.3% rate)
-1.2%
Recovery 0–14 days (queue depth)
100% exposed
Redemption queue under stress
possible
computed88% 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 × 88% (stressed markets only)
-0.9%
Recovery 1–7 days
88% 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
not configured
TimelockDelay before owner-initiated parameter changes take effect
3 days
Performance feeCurator's cut of generated yield
5.00%
Fee recipientAddress that collects the performance fee
Skim recipientReceives stray non-loan-asset tokens swept from the vault
not configured
Deployed9 mos on-chain
Aug 19, 2025
One-click redeem
available
Morpho app
Market parameters (5)
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 range3.07% – 5.90%
trailing 180d
APY volatility (σ)0.70 pts
standard deviation
Max APY drawdown-48.0%
peak-to-trough
APY trend-0.17 pts
180d delta