TVL$4.25B

APY4.01%

VAULTS107

Back to vault universe

0xF9bd…DBEc49

U

Yearn OG USDC

ymvOG-USDC

EthereumOn peg1

Curated by Yearn·Inception 2025-06-08·Guardian 0xFEB4acf3df3cDEA7399794D0869ef76A6EfAff52

Ethereum

USDC

Net APY4.53%

+0.30%30d 4.22%

TVL$3.76M

-42.95%Capacity $5.64M

Utilization86%

Healthy

Risk score

12

Low

Market 36

·Loan demand 83

Complexity46Standard strategy

Liquidity34/100

Instant redemption available

Performance fee5%Below median

Plain English explanationWritten by vaults.xyz research · model card · last update 2026-05-12

What this vault actually does

Yearn OG vaults lend underlying assets to markets labeled as moderate risk (-2) by the Yearn team. Optimization across markets is handled automatically via an algorithm developed by Yearn. Supply caps are set based on various factors and continuously monitored by the Yearn team as well.

Yield decomposition

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

Hover for source breakdownTotal · 4.53% gross APY

Curator performance fee−5.00%→4.53% net

Borrower lending demand

Structural

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

3.85%85.0% of yield · 385 bps

Protocol incentives

Incentive

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

0.68%15.0% of yield · 68 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 86.0%, leaving little idle buffer. Large same-day redemptions may queue behind active loan repayments.

Weighted LLTV across markets is 86.9%. 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.

PT-cUSD-23JUL2026

2%

Pendle PTCollateral asset in vault allocations.

WOUSD

0%

Lending venueCollateral asset in vault allocations.

syrupUSDC

0%

StablecoinCollateral asset in vault allocations.

siUSD

16%

Lending venueCollateral asset in vault allocations.

PT-stcUSD-23JUL2026

1%

Pendle PTCollateral asset in vault allocations.

weETH

0%

Liquid restakingCollateral asset in vault allocations.

YFI

2%

Lending venueCollateral asset in vault allocations.

PT-iUSD-25JUN2026

0%

Pendle PTCollateral asset in vault allocations.

OETH

80%

Lending venueCollateral asset in vault allocations.

stcUSD

0%

Lending venueCollateral asset in vault allocations.

LBTC

0%

Lending venueCollateral asset in vault allocations.

yvUSDC-1

0%

Lending venueCollateral asset in vault allocations.

tBTC

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.

Markets13+ idle buffer

OETH / USDC80.0%

siUSD / USDC15.9%

PT-cUSD-23JUL2026 / USDC2.0%

YFI / USDC1.6%

PT-stcUSD-23JUL2026 / USDC0.6%

WOUSD / USDC0.0%

syrupUSDC / USDC0.0%

weETH / USDC0.0%

PT-iUSD-25JUN2026 / USDC0.0%

stcUSD / USDC0.0%

LBTC / USDC0.0%

yvUSDC-1 / USDC0.0%

tBTC / USDC0.0%

idle / USDC0.0%

Market	Protocol	Allocation	LTV / LLTV	Utilization	Oracle	IRM
PT-cUSD-23JUL2026 / USDC	Morpho Blue	2.0%$75.24K	78% / 91.5%13.7 pts headroom	84%	0x25b30502…	0x870aC11D…
WOUSD / USDC	Morpho Blue	0.0%$66	78% / 91.5%13.7 pts headroom	90%	0x7c65985C…	0x870aC11D…
syrupUSDC / USDC	Morpho Blue	0.0%$0	78% / 91.5%13.7 pts headroom	79%	0x80032f4c…	0x870aC11D…
siUSD / USDC	Morpho Blue	15.9%$596.3K	78% / 91.5%13.7 pts headroom	88%	0xd2cC46b9…	0x870aC11D…
PT-stcUSD-23JUL2026 / USDC	Morpho Blue	0.6%$23.07K	78% / 91.5%13.7 pts headroom	85%	0x11aEFbf0…	0x870aC11D…
weETH / USDC	Morpho Blue	0.0%$0	73% / 86.0%12.9 pts headroom	82%	0x5635a2F3…	0x870aC11D…
YFI / USDC	Morpho Blue	1.6%$58.81K	65% / 77.0%11.6 pts headroom	81%	0x637060c4…	0x870aC11D…
PT-iUSD-25JUN2026 / USDC	Morpho Blue	0.0%$0	78% / 91.5%13.7 pts headroom	85%	0x4cE17658…	0x870aC11D…
OETH / USDC	Morpho Blue	80.0%$3.01M	73% / 86.0%12.9 pts headroom	86%	0xE8aDfF91…	0x870aC11D…
idle / USDC	Morpho Blue	0.0%$0	—	—	0x00000000…	0x00000000…
stcUSD / USDC	Morpho Blue	0.0%$0	78% / 91.5%13.7 pts headroom	90%	0x8E3386B2…	0x870aC11D…
LBTC / USDC	Morpho Blue	0.0%$0	73% / 86.0%12.9 pts headroom	84%	0xDCc04fFa…	0x870aC11D…
yvUSDC-1 / USDC	Morpho Blue	0.0%$0	78% / 91.5%13.7 pts headroom	90%	0x5fAfC7A5…	0x870aC11D…
tBTC / USDC	Morpho Blue	0.0%$0	65% / 77.0%11.6 pts headroom	81%	0x57bfdF6a…	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 (80% of TVL). Modeled at 50% loss on that exposure; full vault is not assumed at risk since markets are isolated.

−50% × 80% (largest market) × 100% pass-through

-40.0%

Recovery patch + governance

80% exposed

Curator misallocation

unlikely

computed

Curator routes into a market that develops bad debt or an oracle break. Worst single position is 80.0% of TVL; top-3 concentration is 98%. Modeled at 50% bad-debt recovery on the worst position.

−50% × 80.0% (worst market) × 100% pass-through

-40.0%

Recovery 30–90 days

80% 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

Redemption queue under stress

possible

computed

96% 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 × 96% (stressed markets only)

-1.0%

Recovery 1–7 days

96% exposed

Activity

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

Capacity change

Yearn @yearnogusdc·16h

Cut vault capacity

$5.56M → $5.03M

Allocation shift

Yearn @yearnogusdc·16h

Raised OETH / USDC allocation

70.2% → 77.5%+7.3pp

Allocation shift

Yearn @yearnogusdc·16h

Cut stcUSD / USDC allocation

8.6% → 0.0%−8.6pp

Reallocation

Yearn @yearnogusdc·Apr 30

Reallocated across 3 markets

8.0k USDC2 → 1exotic

Reallocation

Yearn @yearnogusdc·Apr 30

Reallocated across 6 markets

289.2k USDC2 → 4exotic

Reallocation

Yearn @yearnogusdc·Apr 30

Rotated funds from OETH / USDC into WOUSD / USDC

629 USDC

Reallocation

Yearn @yearnogusdc·Apr 30

Reallocated across 8 markets

1.1k USDC4 → 4exotic

Reallocation

Yearn @yearnogusdc·Apr 30

Reallocated across 9 markets

36.9k USDC4 → 5exotic

Reallocation

Yearn @yearnogusdc·Apr 30

Reallocated across 12 markets

94.1k USDC9 → 3exotic

Reallocation

Yearn @yearnogusdc·Apr 30

Rotated funds from OETH / USDC into WOUSD / USDC

1.0k USDC

Reallocation

Yearn @yearnogusdc·Apr 29

Reallocated across 11 markets

160.5k USDC6 → 5exotic

Reallocation

Yearn @yearnogusdc·Apr 28

Reallocated across 10 markets

169.4k USDC4 → 6exotic

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 range3.02% – 9.42%

trailing 180d

APY volatility (σ)1.73 pts

standard deviation

Max APY drawdown-67.9%

peak-to-trough

APY trend+3.77 pts

180d delta