USDC MORPHO
About USDC MORPHO
USDC MORPHO is a high-frequency rebalancing vault on Base with USDC as its underlying token, in which the yield is distributed. It sources yield from across several Morpho markets, among others and actively reallocates liquidity to the best-performing sources, keeping users positioned to the optimal yield available at any given time.
Allocations are handled by an optimisation engine powered by IPOR Labs AG and executed transparently onchain, within predefined boundaries. The engine rebalances between sub-vaults based on sustained rate trends, gas costs, and liquidity depth, and ignores short rate spikes when chasing them would cost more than it earns.
Live since September 2025. Currently indexed at $72K TVL across 91 holders, with a 5.37% 24-hour APY and 20.27% across the trailing 30 days.
Performance Overview
Historical indexer data. Past onchain performance is not a predictive forecast.
Market benchmarking
USDC 40 Acres
Base11.54%$1.9M#2USDC LendBase9.03%$110K#3USDC Alpha Prime V2
Ethereum7.30%$16K#14USDC KPK Yield V2Ethereum5.46%$314USDC MORPHOYou are hereBase5.37%$72KUSDC Felix
HyperEVM5.31%$5#54USDC OpenEdenEthereum0.08%$51Among the 54 USDC strategies we currently monitor, this product ranks #15. Its 5.37% yield runs 22.0% lower than the cohort average of 6.88%. On a $1,000 position, that's ~$1.26 per month lower than the cohort average. 14 strategies in the cohort are currently delivering higher APY; 39 are delivering lower. It currently holds $72K in TVL, ranking #7 of 54 by TVL.
Ecosystem context
On Base, this product's yield runs 23.8% lower than the network average across the USDC strategies we monitor. By APY it ranks #8 of 22 in that set. Yields on Base for USDC have averaged 7.04% in our index.
USDC on Base#8 of 22See all 22 USDC strategies on BaseBy TVL, this product ranks #6 of 22 USDC strategies on Base in our index.
Yield trajectory
Historical indexer data. Past onchain performance is not a predictive forecast.
Strategy stability
Based on APY volatility over the last 30 days. Higher scores indicate steadier yields.
USDCLong-term performance
- Share price has compounded at an annualized rate of 5.48% over 319 days, growing from 1.0000 to 1.0477. This represents a gain of ~0.048 USDC per 1 USDC supplied at launch.
- TVL experienced a 81% drawdown from its $378K peak, bottoming at $72K over 259 days. It currently stands at $72K, 19% of the peak value.
- Best performing month was July 2026 at 20.79% average APY; weakest was March 2026 at 6.35%. The spread between best and worst months represents ~$12 per $1,000 per month.
Historical statistics
Over the past 319 days, this vault's APY has moved from an early average of 12.74% to a recent average of 14.32%, a 12.4% increase. At the start of the window, $1,000 would have earned ~$11/mo at then-current rates; at recent rates, ~$12/mo.
Total value locked currently sits at $72K, which is 19% of its all-time peak of $378K reached on November 2025.
APY
| 30D Low | 9.59% |
|---|---|
| 30D High | 30.23% |
| 30D Average | 20.27% |
| Lifetime avg (319d) | 11.22% |
| Median APY | 20.19% |
| Best day | 30.23% · Jul 11 |
| Worst day | 9.59% · Jun 27 |
| Volatility | ±3.31% |
| APY range | 20.64pp |
TVL
| 30D Low | $72K |
|---|---|
| 30D High | $94K |
| 30D Average | $86K |
| Lifetime avg (319d) | $108K |
| Median TVL | $92K |
| Best day | $94K · Jul 11 |
| Worst day | $72K · Jul 21 |
| Current TVL | $72K |
| Largest daily change | $21K |
Historical Data
Download CSV| Date | APY |
|---|---|
| Jul 25, 2026 | 22.28% |
| Jul 24, 2026 | 21.61% |
| Jul 23, 2026 | 19.56% |
| Jul 22, 2026 | 21.19% |
| Jul 21, 2026 | 21.71% |
| Jul 20, 2026 | 19.19% |
| Jul 19, 2026 | 19.27% |
Strategy details
Frequently Asked Questions
What's the current APY for USDC MORPHO?
USDC MORPHO is showing a 24-hour APY of 5.37%, with a 30-day average of 20.27%. Rates are variable and move with market conditions, liquidity, and the underlying protocols' incentives. The figures reflect the realised yield over the trailing window; they are not a forward guarantee.
How does the Autopilot rebalance allocations?
The strategy uses an optimisation engine built by IPOR Labs AG that reallocates between sub-vaults multiple times a day. Allocation decisions factor in sustained rate trends, gas costs, and liquidity depth. Short-lived rate spikes are deliberately ignored when chasing them would cost more than they earn. Reallocations happen onchain within predefined boundaries.
Can I withdraw at any time?
There are no withdrawal periods or lockups. If the underlying strategy holds enough liquidity to satisfy the request, exits are instant. During periods of liquidity stress in the underlying sub-vaults, withdrawal capacity can be limited until liquidity returns. See the risk page for details on how this works.
Where does the yield come from?
The Autopilot sources yield from across several Morpho markets, among others. The income stream is a combination of lending interest paid by borrowers in those markets and protocol-level reward emissions where applicable. The mix shifts over time as the engine rebalances to the best-performing sources.
How stable has the APY been?
Over the last 30 days, this vault's APY has ranged from 9.59% to 30.23%, averaging 20.27%, with measured volatility of ±3.31%. The Strategy stability section above shows where this falls on the scale from very volatile to very consistent.
How much is currently in the vault?
The vault currently holds $72K in TVL across 91 holders. The Historical statistics section above shows how this compares to the vault's 30-day range and lifetime peak.
What are the risks?
Like any onchain yield strategy, this vault is exposed to smart contract risk in both the Harvest contracts and the underlying sub-vaults, market risk in the lending venues it routes to, and protocol-specific risks of the assets it interacts with. Harvest's core vault infrastructure was audited by Halborn in January 2025, and the Autopilot engine has been audited twice. Audits reduce but do not eliminate risk.
Other USDC opportunities
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Harvest is an onchain yield index. Performance data reflects historical onchain activity and is not a forecast. See the methodology, risk framework, terms, and disclosures for details on how data is calculated and the risks associated with onchain yield strategies.