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Beta·March 2026·Join Early Access→
TVL $69MAPY 4.70%medium riskUpdated Feb 1, 2025

Morpho USDC / siUSD

Isolated lending market on Morpho Blue where USDC suppliers earn yield from borrowers using Savings sUSD as collateral from the Synthetix ecosystem.

ProtocolMorpho
Networkethereum
SymbolUSDC/SIUSD
CategoryMoney Markets
Underlying Assets
USDCsiUSD
Contract Address0xbbf7ce1b40d32d3e3048f5cf27eeaa6de8cb27b80194690aab191a63381d8c99

What is Morpho USDC / siUSD?

Morpho USDC / siUSD is an isolated lending market where USDC is the loan asset and siUSD (Savings sUSD from Synthetix) serves as collateral. This market enables holders of Synthetix yield-bearing stablecoins to access USDC liquidity without exiting their yield position.

How This Market Works

The market connects Circle stablecoins with Synthetix ecosystem:

  1. USDC suppliers earn yield from borrowers
  2. Borrowers pledge siUSD as collateral
  3. Interest adjusts based on utilization
  4. Liquidations protect lenders when ratios fall
Yield-Bearing Collateral: siUSD earns Synthetix protocol yields, creating leverage opportunities for borrowers.

What Assets Are Involved

Supply Asset: USDC (USD Coin) - Circle's regulated stablecoin Collateral Asset: siUSD (Savings sUSD) - yield-bearing Synthetix stablecoin Market Type: Stablecoin lending with DeFi yield collateral

siUSD characteristics:

  • Staked version of sUSD (Synthetix USD)
  • Earns Synthetix protocol yields
  • Part of Synthetix V3 ecosystem
  • Accrues value while maintaining dollar peg

Synthetix Ecosystem Integration

siUSD provides exposure to:

  • Synthetix protocol fee revenue
  • SNX staking rewards distribution
  • Perpetual futures trading fees
  • Cross-chain Synthetix deployments

Use Cases

Borrowers use this market for:

  • Accessing USDC without selling siUSD
  • Leveraging Synthetix yield exposure
  • Arbitraging between siUSD yields and USDC costs
  • DeFi composability across protocols

Risk Disclosures

Smart Contract Risk: Exposure to Morpho Blue, USDC, and Synthetix contracts. Synthetix Protocol Risk: siUSD value tied to Synthetix protocol health. Oracle Risk: siUSD/USD pricing must accurately reflect value. Depeg Risk: siUSD could trade at discount during Synthetix stress events. Utilization Risk: High demand may temporarily limit USDC withdrawals. Complex Collateral: siUSD has more complexity than simple stablecoins. SNX Dependency: Synthetix protocol health affects siUSD backing. Newer Asset Risk: siUSD has limited DeFi history compared to major stablecoins.

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Disclaimer: APY and TVL figures are based on on-chain data and may fluctuate. Past performance does not guarantee future results. DeFi investments carry smart contract, market, and liquidity risks. This content is for informational purposes only and does not constitute financial advice. Always conduct your own research before investing.

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