The underlying market’s indexed state showed only about 255 $OUSD supplied and 4.51 $OUSD borrowed. Those are market-wide balances, distinct from the much larger vault balance awaiting deployment.
Morpho’s vault data displayed an annualized net yield of about 3.6%, including rewards. Its average net yield excluding rewards was effectively zero.
According to Sentora, Open USD launched Sept. 30 across Ethereum, Base, Solana and Tempo, is issued through Stripe’s Bridge, and attracted more than $1 billion in liquidity commitments from founding partners including Coinbase, Mastercard, Stripe and Visa. Those commitments describe the stablecoin’s launch, not funding specifically committed to this vault.
Who Bears the Lending Risk?
The market’s configuration sets a liquidation loan-to-value threshold of 86%. A borrower becomes eligible for liquidation when debt exceeds 86% of the collateral’s oracle-assessed value, whether because cbBTC falls or interest increases the debt.
The configuration identifies a specific oracle contract and Morpho’s Adaptive Curve interest-rate model. Sentora identifies Chainlink and RedStone as the market’s oracle providers. The oracle determines the collateral value used to assess whether a loan can be liquidated.
Sentora’s role is to curate the vault’s exposures. Under Morpho’s Vault V2 rules, the curator selects permitted yield sources and sets allocation caps, with increases subject to timelocks. The underlying Blue market’s collateral, liquidation threshold, oracle address and interest-rate-model address are immutable; changing those means selecting a different market rather than editing this one.
Liquidation is not a guarantee against losses. Morpho’s documentation says outside liquidators repay unhealthy loans in exchange for collateral plus a bonus. If bad debt reduces the value of a Vault V2 investment, that loss is distributed proportionally across shareholders through a lower share price.
