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KPK USDT Prime
KPK_USDT_Prime
EthereumOn peg5V2
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
KPK USDT Prime lends out USDT deposited by users and earns interest by lending it to borrowers who put up crypto collateral — mainly liquid staking tokens like weETH and wstETH, plus smaller positions in WBTC, synthetic USDT (syrupUSDT), and gold-backed XAUt. The interest rate floats based on demand to borrow against each collateral type, with no idle cash sitting around.
Who runs it
KPK runs a focused stablecoin lending book concentrated in liquid staking collateral and synthetic assets, with tight risk parameters (LLTV ranging 77–92%).
Where the yield comes from
The 2.99% APY comes entirely from borrowing demand across the five collateral markets, with weETH and syrupUSDT each representing 41% of deployed capital at 76–84% utilization rates.
What could break it
The vault is tightly hedged to stablecoin-on-crypto lending: 41% of the book is syrupUSDT (a synthetic asset), and 49% is liquid staking tokens (weETH, wstETH). If LST de-pegs or syrupUSDT fails, collateral haircuts could hit hard; the risk score of 28/100 reflects these concentrated bets despite high LLTVs.
Who this is for
Good fit for allocators seeking simple stablecoin yield on Ethereum if they're comfortable with LST and synthetic asset concentration; avoid if you need broad collateral diversification or fear stablecoin basis risk.
USDT 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 peg5/100
Spot (market)$0.999010 bps below peg · CoinGecko
Oracle (Chainlink)$0.99919 bps below peg · What Morpho liquidates against
Spot ↔ oracle gap1 bpsSources agree
Score · 5/100
max(price, vault health) · saturates at 200 bps
Issuer-side vault health · USDTOn peg0/100
Tether USDT contract is operational — no pause flag set.
Source: TetherPause state: operationalcomposite severity healthy
Risk decomposition
How the composite risk score breaks down. Every number traces to an explicit input — /methodology documents each factor's formula.
mainstream28/100
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
A low-risk USDT vault with 24h automation. Allocations are continuously rebalanced across liquid markets with strict collateral filters to preserve liquidity and mitigate risk.
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.
USDT
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.
Markets7+ idle buffer
weETH / USDT41.4%
syrupUSDT / USDT40.9%
wstETH / USDT8.0%
WBTC / USDT7.0%
XAUt / USDT1.4%
sUSDS / USDT0.6%
cbBTC / USDT0.6%
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.
USDT reserve / depeg 5%
possible
computedTether has repeatedly traded <$0.95 (Oct 2018, May 2022). Recovery is slower than USDC. Mark-to-market loss on 100% of vault TVL (the loan asset is USDT).
−5% × 100% exposed × 100% pass-through (loan-asset shock)
-5.0%
Recovery 14–30 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 (100% of $1M TVL). $49M of the $50M request queues; the redeemer takes a ~0.50% forced-exit discount weighted across collateral mix plus 0-day TVM cost. $49M of the request exceeds the vault's $1M TVL and cannot be redeemed at all.
queued 99% 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)
99% 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
Deployed2 mos on-chain
Mar 11, 2026
One-click redeem
available
Morpho app
Market parameters (7)
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% – 8.24%
trailing 180d
APY volatility (σ)1.36 pts
standard deviation
Max APY drawdown-100.0%
peak-to-trough
APY trend-0.37 pts
180d delta