New vault
U
Alpha USDC Prime V2
alphaUSDCPrimeV2
EthereumOn peg2V2
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
You deposit USDC and the vault lends it out to borrowers using stablecoin-related collateral—mostly Pendle fixed-yield stablecoin tokens (PT-apxUSD, PT-apyUSD), msY (a liquid staking yield token), USP (a stablecoin), and muBOND. The interest rate you earn is set by supply and demand; currently the vault is deployed at 85–91% utilization across five markets, meaning most of your capital is being borrowed.
Who runs it
AlphaPing runs the vault and appears to operate a pure stablecoin collateral book with no volatile asset exposure.
Where the yield comes from
The 7.57% APY comes from borrowing demand against stablecoin and stablecoin-like collateral, with nearly 100% of deposits already deployed (zero idle cash). No incentive programs are listed.
What could break it
The vault is concentrated in Pendle fixed-yield tokens (39% combined across two PT tranches maturing June 2026) and msY (36%); if either token's value deteriorates or its liquidity dries up, borrowers may face liquidation cascades. All five markets sit at 86% liquidation thresholds with 85–91% utilization, leaving thin margin for collateral price swings.
Who this is for
Good fit for an allocator seeking stablecoin yield with moderate complexity if comfortable holding Pendle PT exposure for the next 18 months; avoid if you need daily liquidity or cannot tolerate basis risk on fixed-yield tokens.
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 peg2/100
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 · 2/100
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.
elevated40/100
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
Alpha USDC Prime V2 is a USDC-denominated vault that allocates capital across selected lending markets and strategies within the AlphaPing ecosystem. The vault focuses on capital efficiency liquidity and disciplined risk management while dynamically adjusting allocations as market conditions evolve.
Where the yield comes from
Morpho V2 vault — wraps downstream Morpho markets and V1 vaults via adapters.
Why they may not
Some V2 adapters point at Morpho Blue markets directly; their underlying market detail isn't resolvable in the universe-level fetch, so this vault carries a V2 opacity surcharge in the risk model.
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.
Markets5+ idle buffer
msY / USDC35.5%
PT-apxUSD-18JUN2026 / USDC25.0%
USP / USDC17.8%
PT-apyUSD-18JUN2026 / USDC14.2%
muBOND / USDC7.4%
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
V2 adapter routing failure
rare
computedV2 vaults route through adapters into downstream venues. A misbehaving adapter (paused, drained, or pointing at a compromised target) can lock or mismark a portion of the vault until governance acts.
−4% × 100% (adapter-stack-wide assumption; refined when per-adapter shares are available)
-4.0%
Recovery operational
100% exposed
$50M same-day redemption
possible
computedVault has $3M idle buffer (100% of $3M TVL). $47M of the $50M request queues; the redeemer takes a ~0.50% forced-exit discount weighted across collateral mix plus 0-day TVM cost. $47M of the request exceeds the vault's $3M TVL and cannot be redeemed at all.
queued 94% 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)
94% 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
none
Performance feeCurator's cut of generated yield
10.00%
Fee recipientAddress that collects the performance fee
not configured
Skim recipientReceives stray non-loan-asset tokens swept from the vault
not configured
Deployed4 mos on-chain
Jan 21, 2026
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 range0.00% – 20.69%
trailing 180d
APY volatility (σ)4.78 pts
standard deviation
Max APY drawdownNaN%
peak-to-trough
APY trend+0.00 pts
180d delta