New vault
U
Clearstar USDC Core
CSUSDCCORE
EthereumOn peg2V2
Morpho official alerts
1 caution alert from Morpho's risk team
- Unrecognized Collateral AssetYELLOWn-st-liUSD4w / USDC
Morpho has flagged the n-st-liUSD4w / USDC market: unrecognized_collateral_asset. Inherited from the V2 → V1 adapter route into Clearstar USDC Reactor.
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 entirely to borrowers who pledge stablecoins and Bitcoin as collateral. The vault operates on Morpho Blue, where interest rates are set by supply and demand—borrowers pay what lenders will accept, with no protocol intermediary setting yields artificially.
Who runs it
Clearstar runs this vault as a stablecoin-focused lender, concentrating 125% of assets in sUSN collateral (meaning the vault levers slightly by borrowing against its own sUSN holdings).
Where the yield comes from
The 6.69% APY comes from borrowing demand against stablecoins (sUSN, srRoyUSDC, n-st-liUSD4w) and Bitcoin (cbBTC), with minimal idle cash—all deployed capital is earning. No separate incentive programs are listed.
What could break it
The vault's main exposure is sUSN (125% allocation), a less-common stablecoin whose depeg behavior is unproven; Morpho has flagged sUSN as unrecognized collateral. Secondary risk is srRoyUSDC (28%), another non-standard stablecoin. If either depeg or lose liquidity, the collateral backing these loans weakens sharply.
Who this is for
Suitable only for allocators comfortable holding unfamiliar stablecoin exposure and accepting the yellow-flag warning on sUSN. Avoid if you require collateral to be major, battle-tested assets.
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
The Clearstar USDC CORE vault dynamically allocates capital between the Clearstar Reactor USDC Morphov1 vault and fixed-rate lending opportunities to maximize depositors risk-adjusted returns. By combining flexible liquidity provisioning with predictable yield strategies it enhances capital efficiency while maintaining robust risk controls. The vault continuously routes funds to the most attractive opportunities within predefined risk parameters leveraging Hypernatives real-time monitoring to mitigate on-chain threats and preserve principal.
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.
Markets16+ idle buffer
sUSN / USDC124.7%
srRoyUSDC / USDC27.5%
cbBTC / USDC13.0%
OETH / USDC6.3%
n-st-liUSD4w / USDC2.8%
AA_FalconXUSDC / USDC2.8%
fxSAVE / USDC2.1%
liUSD-1w / USDC0.0%
reUSD / USDC0.0%
upUSDC / USDC0.0%
PT-reUSD-25JUN2026 / USDC0.0%
mAPOLLO / USDC0.0%
stcUSD / USDC0.0%
syrupUSDC / USDC0.0%
siUSD / USDC0.0%
mF-ONE / 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 V2 that affects the vault's largest single market (58% of TVL). Modeled at 50% loss on that exposure; full vault is not assumed at risk since markets are isolated.
−50% × 58% (largest market) × 100% pass-through
-29.1%
Recovery patch + governance
58% exposed
Curator misallocation
unlikely
computedCurator routes into a market that develops bad debt or an oracle break. Worst single position is 58.2% of TVL; top-3 concentration is 71%. Modeled at 50% bad-debt recovery on the worst position.
−50% × 58.2% (worst market) × 100% pass-through
-29.1%
Recovery 30–90 days
58% 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
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 $1M idle buffer (12% of $8M TVL). $49M of the $50M request queues; the redeemer takes a ~0.57% forced-exit discount weighted across collateral mix plus 12-day TVM cost. $42M of the request exceeds the vault's $8M TVL and cannot be redeemed at all.
queued 98% of $50M × (0.57% forced-exit discount + 0.31% TVM over 12.3 days at 9.4% rate)
-0.9%
Recovery 0–14 days (queue depth)
98% exposed
Redemption queue under stress
possible
computed66% 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 × 66% (stressed markets only)
-0.7%
Recovery 1–7 days
66% 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
0.00%
Fee recipientAddress that collects the performance fee
not configured
Skim recipientReceives stray non-loan-asset tokens swept from the vault
not configured
Deployed8 mos on-chain
Oct 5, 2025
One-click redeem
available
Morpho app
Market parameters (17)
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% – 108.11%
trailing 180d
APY volatility (σ)17.75 pts
standard deviation
Max APY drawdown-100.0%
peak-to-trough
APY trend-0.44 pts
180d delta