mUSDCReal-World Asset

Morpho USDC Vault

Value of backing: $38M
0D change: -
Yield · 30-day trailing APY: 6.75%
NAV: 1.0000
Management fees: 0.10%
Minimum: $1K
Redemption: Daily
Launched: 01 Jan 2023

Field coverage 96%Primary-source or on-chain verified 0% of tracked metrics0/1 source documents analyst-verifiedLast reconciled 08 Oct 2026

Overview

What this product is

Tokenized representation of Morpho USDC Vault.

Underlying asset: Underlying Asset Pool
Asset class: Money Market Fund
Product structure: Security Token
Legal structure: US Reg D / 3(c)(7) Fund
Issuer jurisdiction: United States
Fund domicile: United States
Base currency: USD
Launched: 01 Jan 2023

Peer set

Comparable products

Products in the same asset class and currency. Yields are quoted on different bases, so check each one before comparing.


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MPL-CASH	5.15%	0.50%	$100K	$45M

Issuer

Who runs it

Morpho LabsRemote

Decentralized lending protocol.

Portfolio

Composition

Primary Asset100.0%

Weighted average maturity

30 days

Backing

Attestation

Asset backing

What each token represents in physical terms.

Primary Asset100.0%

No on-chain history has been recorded for this product yet. Its value outstanding comes from issuer disclosure rather than a contract read.

AUM

$38M

Assets under management

No on-chain history recorded for this series yet.

Yield

6.75%

Yield history. 30-day trailing APY

No on-chain history recorded for this series yet.

NAV

1.0000

NAV per token (stable $1.00)

This fund maintains a constant NAV of USD 1.00 and distributes yield through token supply rather than price. NAV history is therefore flat by construction; monitor supply and yield instead.

No on-chain history recorded for this series yet.

Movement

Recent daily movement

No on-chain history recorded for this product yet.

Redemption

Terms

Contractual terms

Redemption frequency: Daily
Dealing cut-off: 24/7
Settlement: T+1
Redemption fee: None
Secondary venues: Uniswap
Transfer restrictions: KYC/AML required

These are contractual terms from the offering documents. Observed settlement performance and any discretionary accommodation by the manager are explicitly out of scope.

Assessment

Liquidity profile

Primary redemption

Daily · T+1

Off-hours exit

Available continuously

Secondary market

Uniswap

Transferability

Allow-listed wallets only

Exit fee

No redemption fee

Relationship graph

Operational dependency network

Every firm and system this product relies on. Select any of them to open its profile.

Every counterparty and system this product depends on to function. Each card links to that entity's own profile: the question worth asking of each is what happens to your position if it stops working.

Open in Ecosystem Graph →

Issuance & legal

Who is legally on the hook for this product.

Issued byMorphoRemotederived Administered byMorphoRemotederived

Custody

Where the backing assets actually sit.

Custodied bySmart ContractsDecentralizedderived

Markets & settlement

Where it trades and how value moves between venues and chains.

Deployed onEthereumpublic l1 · 100% of supplyderived

Edges marked derived are inferred from a structured field on this product that carries its own source; they are not independent confirmation of it. Edges without that mark were sourced separately from a disclosure naming both parties.

Deployments

Registry

Networks and contracts

		Contract / asset id
EthereumPrimary	public l1		100.0%

Counterparties

Service providers

If any of these has a problem, this product is affected.

Custodian: Smart Contracts· Decentralized
Administrator: Morpho· Remote
Transfer agent: Not disclosed
Tokenization platform: Morpho· Remote
Oracle / attestation: chainlink

Access

Classification

Who may hold this

RetailNot eligible

AccreditedEligible

ProfessionalNot eligible

InstitutionalEligible

Minimum investment: $1,000
Allow-list required: Yes
Transfer restrictions: KYC/AML required

Geography

Where it is available

United StatesAvailable

European UnionNot available

SingaporeAvailable

United KingdomAvailable

SwitzerlandAvailable

Hong Kong SARNot available

United Arab EmiratesNot available

Explicit prohibitions

Availability is limited to the jurisdictions in the coverage boundary. Absence here means not covered, not necessarily prohibited. This is a classification of the offering documents, not legal advice.

Structure

Legal and regulatory

Legal structure: US Reg D / 3(c)(7) Fund
Product structure: Security Token
Fund domicile: United States
Issuer jurisdiction: United States
Transfer agent: Not disclosed

The domicile of the fund and the jurisdiction of its manager are frequently different. Both are recorded separately because they drive different questions: tax and insolvency follow the domicile, supervision follows the manager.

Source documents

Offering documentation

The documents behind the figures on this page. Anything marked verified has been checked by an analyst.

Morpho USDC Vault Factsheetfactsheet · 01 Oct 2023Queued↗

Related intelligence

2 events reference this product

10 Nov 2026Market Structure

Coinbase Integrates Morpho to Launch Gold-Backed Loans via Tokenized PAXG

Coinbase integrates the Morpho protocol to facilitate gold-backed lending markets using tokenized PAXG as collateral.

The integration of Morpho into Coinbase's architecture for PAXG-backed loans introduces modular, highly efficient credit markets that bypass traditional over-collateralized monoliths. This move validates decentralized lending primitives for institutional-grade RWAs, setting a precedent for how yield and credit desks can safely leverage commodity-backed tokens across institutional interfaces.

09 Nov 2026Infrastructure

Coinbase Taps Morpho to Offer Gold-Backed USDC Loans - Fintech Singapore

Coinbase integrates with Morpho protocol infrastructure to provide lending facilities utilizing gold-backed tokens and USDC.

Integrating Morpho's modular lending primitives with institutional-grade wrappers bridges real-world commodity collateral directly into decentralized credit markets. This unlocks capital efficiency for tokenized gold holders while establishing a scalable framework for institutional credit deployment without standard legacy banking friction.