KPK_USDC_Yield (KPK USDC Yield V2) Stablecoin Risk Profile

Answer First

What is KPK USDC Yield V2 (KPK_USDC_Yield)?

KPK USDC Yield V2 is a KPK-curated Morpho V2 USDC lending vault; shares accrue interest, absorb losses, and redeem subject to liquidity. The static profile records its USDC-denominated NAV accounting mechanism as: ERC-4626 deposits exchange USDC for NAV-bearing shares. Borrower interest and configured fee-share accrual change assets per share; realized lending losses can reduce NAV.

Is KPK_USDC_Yield safe?

Pharos does not mark KPK_USDC_Yield as absolutely safe. Static metadata says KPK USDC Yield V2 uses a CeFi-Dependent governance model and Crypto-Collateralized backing, with live reserve feed configured; the main caveat is that freeze exposure is inherited through upstream collateral, custody, or wrapper dependencies. Treat the live peg, liquidity, reserve, dependency, and Safety Score sections below as the current risk read.

Static Profile

Static stablecoin profile

KPK USDC Yield V2 (KPK_USDC_Yield) static profile: governance model CeFi-Dependent; backing model Crypto-Collateralized; peg USDC-denominated NAV.

CeFi-Dependent Crypto-Collateralized USDC-denominated NAV

Variant Relationship

KPK USDC Yield V2 (KPK_USDC_Yield) is modeled as a strategy vault variant of USD Coin (USDC). Pharos treats parent stress, redemption, mint authority, and dependency context as relevant to this variant before interpreting its own live metrics.

Strategy vault variantspUSDC gtUSDCp gtUSDC krUSDC

AI summary / Updated Oct 2, 2026

Collateral: USDC-denominated idle balances and lender positions in KPK-curated Morpho markets. Borrower collateral, valuation and market liquidity vary; the share does not represent cash held solely at the parent issuer.
Peg Mechanism: ERC-4626 deposits exchange USDC for NAV-bearing shares. Borrower interest and configured fee-share accrual change assets per share; realized lending losses can reduce NAV. Withdraw/redeem burns shares for idle USDC and liquidity from the configured adapter; force-deallocation is separate and cannot create liquidity in fully borrowed markets.
Jurisdiction: Not disclosed in the static profile.
Proof Of Reserves: No proof-of-reserves entry in the static profile.
Contracts: 1 deployment tracked across Ethereum.

Next Actions

Compare KPK_USDC_Yield Telegram alerts Digest RSS API access

Exact bot target: /subscribe dews,depeg,safety kpkusdcyield-kpk

Source: checked-in StablecoinMeta profile fields. Live price, supply, reserve, liquidity, event, and safety data load in the interactive dossier below; the summary above was last updated Oct 2, 2026.

KPK_USDC_Yield quick answers

What is KPK USDC Yield V2 (KPK_USDC_Yield)?

Is KPK_USDC_Yield safe?

What backs KPK_USDC_Yield?

Pharos classifies KPK_USDC_Yield backing as Crypto-Collateralized. Collateral, per the static profile: USDC-denominated idle balances and lender positions in KPK-curated Morpho markets. Borrower collateral, valuation and market liquidity vary; the share does not represent cash held solely at the parent issuer. Reserve evidence: live reserve feed configured.

Can KPK_USDC_Yield be frozen or blacklisted?

Based on tracked contract metadata and blacklist coverage, freeze exposure is inherited through upstream collateral, custody, or wrapper dependencies. Live freeze and blacklist events for KPK_USDC_Yield, when applicable, appear in the dossier below.

Waiting for initial data

Peg Data, Liquidity, and 3 more datasets has not populated yet.

KPK_USDC_Yield

KPK USDC Yield V2

KPK USDC Yield V2 is a KPK-curated Morpho V2 USDC lending vault; shares accrue interest, absorb losses, and redeem subject to liquidity.

Compare

KPK USDC Yield V2

KPK_USDC_Yield

Wraps USDC

—

USD-Pegged Crypto-Backed Centralized-Dependent

KPK USDC Yield V2 is a KPK-curated Morpho V2 USDC lending vault; shares accrue interest, absorb losses, and redeem subject to liquidity.

Yield-Bearing Hybrid

Price

$1.0515

NAV token — no fixed peg

Market Cap

$10.07M

— 24h

Supply

9.57M KPK_USDC_Yield

+1.03% 7d

+12.87% 30d

DEWS

PegNAVToken

Liq

30d Excess

Yield-Bearing HybridUSDC NAV Crypto-Backed Centralized-Dependent

30 Dec 2025

Price

$1.0515

NAV TOKEN — NO FIXED PEG

Market Cap

$10.07M

— 24H

Supply

9.57M KPK_USDC_Yield

+1.03% 7D · +12.87% 30D

30d Excess

—

MechanismProtocol Position MintingWrapped / inherited FreezeUpstream Chains1 JurisdictionNot disclosed Issued2025

MintingWrapped / inherited FreezeUpstream Chains1 JurisdictionNot disclosed Issued2025

KPK-curated USDC lending shares

KPK USDC Yield V2 compounds USDC lending interest through a KPK-curated Morpho V2 strategy. Holders own proportional vault shares whose value can fall when lending losses are recognized, rather than a direct claim on the parent issuer's reserves. The current immediate custody and lender positions are observable on-chain, but independent vault financial assurance, legal segregation and insolvency priority are not established. Ordinary redemptions depend on idle assets and the selected liquidity adapter; permissionless force-deallocation can recover other available market assets but cannot turn borrowed positions into immediately available dollars. The curator Safe has an enabled module whose permissions are not closure-complete, so its nominal signer threshold does not bound every execution path.

Updated October 2, 2026

Policy

CeFi-Dependent|Compare

Key Links

Exact KPK USDC Yield V2 Morpho Vault V2 deployment Docs

Contracts

1 deployment tracked across Ethereum.

Primary contract

Ethereum

0xd5cc...aa13

View on Ethereum explorer

Ethereum0xd5cc...aa13

Context

KPK_USDC_Yield

Dependency Context

Open in Dependency Map

Open the map for the neighborhood list, fullscreen Graph tab, Fit and Zoom controls.

Underlying Asset

USD CoinUSDC

Modeled as a strategy vault variant of USDC.

Strategy

Related tracked variants: spUSDC, gtUSDCp, gtUSDC, krUSDC, arcUSDC, armUSDCs, pendleUSDC, yvUSDC-1, steakUSDC, bbqUSDC, earnUSD, hyperUSDCa, bbqUSDC, CSCBUSDC, steakcUSDC, ethenaUSDC, sparkUSDC, sUSDC, AA_FalconXUSDC, USD3, pUSD, syrupUSDC, yoUSD, autoUSD, eEARN, DUSD, YUSD, stUSD, KPK_USDC_Prime, sirloinUSDC, gUSDCq.

KPK_USDC_Yield

Mint Authority

IssuerWrapped / inherited

ControlsContractSafe5/8Safe2/5

SupplyKPK_USDC_YieldNo privileged mint path

NRConfidence: UnknownInherited from usdc-circle

KPK USDC Yield V2 uses deposit-backed VaultV2 share issuance with configured fee-share accrual; parent USDC issuance remains inherited, while local admins control strategy parameters.

Scoring breakdown

Derived posture Unknown

Component score NR

The mint control posture is not rated because the review is missing, unknown, or unresolved.

Primary controls

Verification gaps

Module role/member/function events and current member pagination are reconstructed; exact permission-storage validation, full executable source correspondence and current unwrap-adapter execution/noninterference remain unverified.

KPK USDC Yield V2 deposit-backed share accounting
Wrapper / Contract
ethereum / 0xd5cce2...aeaa13
MintNone
Deposits require transferred underlying; performance and management fee accrual may mint configured fee shares. No arbitrary owner share-mint entrypoint in reviewed source.
KPK USDC Yield V2 owner parameter authority
Governor / Safe
ethereum / 0x8b884f...f0a537
MintParameter-onlySetupSafe, 5/8 thresholdSafe modules/guardNo modules or guards detected
addAdapter timelock=259201 seconds; performance/management fee setters each 1209601 seconds. Both current fee rates are zero. Module reach and role replacement do not inherit a blanket delay guarantee.
KPK USDC Yield V2 curator parameter authority
Other / Safe
ethereum / 0x7e43df...4e4171
MintParameter-onlySetupSafe, 2/5 thresholdSafe modules/guardModules or guards present
addAdapter timelock=259201 seconds; performance/management fee setters each 1209601 seconds. Both current fee rates are zero. Module reach and role replacement do not inherit a blanket delay guarantee.
KPK USDC Yield allocator 0x331d9c769185ae25233314859d53c2b9203a1204
Governor / Externally owned account
ethereum / 0x331d9c...3a1204
MintParameter-onlyCustodySingle-key address - custody unverifiable
KPK USDC Yield allocator 0xaf150c6d108d0c2c96bbfc3cef9b4848b5d99440
Governor / Externally owned account
ethereum / 0xaf150c...d99440
MintParameter-onlyCustodySingle-key address - custody unverifiable
KPK USDC Yield allocator 0xf0cf1e3ec6264b03241826f5b2abda17b4352a75
Governor / Externally owned account
ethereum / 0xf0cf1e...352a75
MintParameter-onlyCustodySingle-key address - custody unverifiable
KPK USDC Yield Zodiac MORPHO_REBALANCER_AGENT
Governor / Externally owned account
ethereum / 0x7a35f5...53291f
MintParameter-onlyCustodySingle-key address - custody unverifiable
KPK USDC Yield Zodiac MORPHO_SHUTDOWN_AGENT
Governor / Externally owned account
ethereum / 0x769605...af848f
MintParameter-onlyCustodySingle-key address - custody unverifiable
KPK USDC Yield Zodiac MORPHO_MONITORING_AGENT
Governor / Externally owned account
ethereum / 0x393d8d...ff4c9a
MintParameter-onlyCustodySingle-key address - custody unverifiable

Methodology v10.01View methodology Version history →Reviewed 2026-10-03

KPK_USDC_Yield

Reserve quality

Opaque exit

1 reviewed reserve slice — no published exit timeline for any of the basket.

Asset mix

Time to liquidate

Unknown100%

Unresolved reserve exposure0%

As of2026-10-02

Slices1

ConfidenceProbable

Obligor names or classes recorded in the reserve slices; a class does not identify its individual counterparties.

USDC deposited into KPK-curated Morpho lending markets: KPK-curated Morpho lending markets and their borrowers (100%)

Slice detail & risk factors

Pinned full adapter census and underlying-asset denomination

Parent denomination and current positions are identified. Borrower collateral custody and recovery protections, independent vault financial assurance and legal segregation remain unproven.

USDC deposited into KPK-curated Morpho lending markets · 100% · Protocol positions · Unknown · High risk
Obligor: KPK-curated Morpho lending markets and their borrowers
Risk factors: credit · liquidity · counterparty · smart contract · market · concentration

Reviewed 2026-10-02

KPK_USDC_Yield

Collateral pricing & liquidation

Opaque / unknown

Prices the collateral behind KPK_USDC_Yield and drives liquidations. A wrong or stale price leaves debt undercollateralized, so this is core solvency machinery.

Vault share NAV uses internal asset/share accounting; underlying active Morpho borrower markets require collateral pricing. Exact market/oracle identities and LLTVs are inventoried, including nonzero dust; underlying feed administrators, update/staleness safeguards and complete fallback topology remain unverified. API…

Branches8

Feeds23

Max LTV91.5%

ConfidenceProbable

weETH / USDC
Morpho API identifies weETH collateral 0xcd5fe23c85820f7b72d0926fc9b05b43e359b7ee, market 0x34377fc4f617c51818e92c79df31ff270c6a91bc94ad32e367fdf59b9f4ac5dd, oracle 0xa3a7a3cefee206f9d7fe00ec3c83324ed4228411, type ChainlinkOracleV2. Current nonzero supply exposure is established; upstream feed/admin/staleness and per-oracle fallback controls remain unverified. Independently read Morpho 0xbbbbbbbbbb9cc5e90e3b3af64bdaf62c37eeffcb idToMarketParams(bytes32) at block 26110242 confirmed the exact oracle and LLTV; price() returned raw 2960620043535041308419566336. A returned price proves callability of pricing at this block, not feed freshness, liquidator execution or safe topology. Current Morpho oracleByAddress publishes baseFeedOne=0x4270e1817576bba4b640466be79a408ef128f828, baseFeedTwo=0xc0053f3fbccd593758258334dfce24c2a9a673ad, quoteFeedOne=0xc3866d726c204c0836e0677a31973c649888973d. This improves the exact feed inventory; heartbeat/staleness enforcement, conversion-leg controls and complete privileged/manual update powers have not been established.
siUSD / USDC
Morpho API identifies siUSD collateral 0xdbdc1ef57537e34680b898e1febd3d68c7389bcb, market 0xbbf7ce1b40d32d3e3048f5cf27eeaa6de8cb27b80194690aab191a63381d8c99, oracle 0xd2cc46b9b2d761502ef933320ecf0268ec0dfa6d, type ChainlinkOracleV2. Current nonzero supply exposure is established; upstream feed/admin/staleness and per-oracle fallback controls remain unverified. Independently read Morpho 0xbbbbbbbbbb9cc5e90e3b3af64bdaf62c37eeffcb idToMarketParams(bytes32) at block 26110242 confirmed the exact oracle and LLTV; price() returned raw 1092471270000000000000000. A returned price proves callability of pricing at this block, not feed freshness, liquidator execution or safe topology. Current Morpho oracleByAddress publishes baseFeedOne=0xf81aa28a4f68124683afada81e8ebbf6e2867067, quoteFeedOne=0xc3866d726c204c0836e0677a31973c649888973d, baseOracleVault=0xdbdc1ef57537e34680b898e1febd3d68c7389bcb. This improves the exact feed inventory; heartbeat/staleness enforcement, conversion-leg controls and complete privileged/manual update powers have not been established.
srNUSD / USDC
Morpho API identifies srNUSD collateral 0x65a44528e8868166401ea08b549e19552af589db, market 0x0ff9c1f2b9cb037ecb14029cbacd3a94470458cf5c6884f09c46ae354765d789, oracle 0x9e1031d287416b45c89d62780768d35df24df4be, type Unknown. Current nonzero supply exposure is established; upstream feed/admin/staleness and per-oracle fallback controls remain unverified. Independently read Morpho 0xbbbbbbbbbb9cc5e90e3b3af64bdaf62c37eeffcb idToMarketParams(bytes32) at block 26110242 confirmed the exact oracle and LLTV; price() returned raw 1239711522681028678000000. A returned price proves callability of pricing at this block, not feed freshness, liquidator execution or safe topology. Morpho oracleByAddress returned no structured upstream feed/vault topology for this oracle, so API disclosure does not close this branch.
savUSD / USDC
Morpho API identifies savUSD collateral 0xb8d89678e75a973e74698c976716308abb8a46a4, market 0xe07d416323a1afbfe0bf2fe27ffb549ff565cf5c86d21b79fc60664038e597c9, oracle 0x839940de5043e7c6edaf063714afe7f20de5ff12, type ChainlinkOracleV2. Current nonzero supply exposure is established; upstream feed/admin/staleness and per-oracle fallback controls remain unverified. Independently read Morpho 0xbbbbbbbbbb9cc5e90e3b3af64bdaf62c37eeffcb idToMarketParams(bytes32) at block 26110242 confirmed the exact oracle and LLTV; price() returned raw 1205614824672297253000000. A returned price proves callability of pricing at this block, not feed freshness, liquidator execution or safe topology. Current Morpho oracleByAddress publishes baseFeedOne=0x9fbb7d07ae32b3f75c2a5805c2153243a2532589. This improves the exact feed inventory; heartbeat/staleness enforcement, conversion-leg controls and complete privileged/manual update powers have not been established.
srRoyUSDC / USDC
Morpho API identifies srRoyUSDC collateral 0xcd9f5907f92818bc06c9ad70217f089e190d2a32, market 0xacc49fbf58feb1ac971acce68f8adc177c43682d6a7087bbd4991a05cb7a2c67, oracle 0x86a807dc5e689f78e280b18413001ca0c2426ab0, type ChainlinkOracleV2. Current nonzero supply exposure is established; upstream feed/admin/staleness and per-oracle fallback controls remain unverified. Independently read Morpho 0xbbbbbbbbbb9cc5e90e3b3af64bdaf62c37eeffcb idToMarketParams(bytes32) at block 26110242 confirmed the exact oracle and LLTV; price() returned raw 1030741860000000000000000000000000000. A returned price proves callability of pricing at this block, not feed freshness, liquidator execution or safe topology. Current Morpho oracleByAddress publishes baseOracleVault=0xcd9f5907f92818bc06c9ad70217f089e190d2a32. This improves the exact feed inventory; heartbeat/staleness enforcement, conversion-leg controls and complete privileged/manual update powers have not been established.
YFI / USDC
Morpho API identifies YFI collateral 0x0bc529c00c6401aef6d220be8c6ea1667f6ad93e, market 0x973e9dd45799efe8775417bcc420a3ab84a583587b2108985746e2fe201d0c83, oracle 0x637060c43e0bf6ab68ab59e7ad72cee45ce84ad5, type ChainlinkOracleV2. Current nonzero supply exposure is established; upstream feed/admin/staleness and per-oracle fallback controls remain unverified. Independently read Morpho 0xbbbbbbbbbb9cc5e90e3b3af64bdaf62c37eeffcb idToMarketParams(bytes32) at block 26110242 confirmed the exact oracle and LLTV; price() returned raw 2647783823933107006387554322. A returned price proves callability of pricing at this block, not feed freshness, liquidator execution or safe topology. Current Morpho oracleByAddress publishes baseFeedOne=0xa027702dbb89fbd58938e4324ac03b58d812b0e1, quoteFeedOne=0x8fffffd4afb6115b954bd326cbe7b4ba576818f6. This improves the exact feed inventory; heartbeat/staleness enforcement, conversion-leg controls and complete privileged/manual update powers have not been established.

+ 2 more branches in the breakdown below

Feeds, parameters & failure behavior

PT-cUSD-23JUL2026 / USDC
Morpho API identifies PT-cUSD-23JUL2026 collateral 0x928fb6ed39100a92b2480f5cbb93453f98d9f4ce, market 0x702b7ec7628de2622e51e1bb34a7e6ad9e95f3a25a2ed361e4ce621f23f5e642, oracle 0x25b30502467639e8fa118451105269e9b9813dd2, type ChainlinkOracleV2. Current nonzero supply exposure is established; upstream feed/admin/staleness and per-oracle fallback controls remain unverified. Independently read Morpho 0xbbbbbbbbbb9cc5e90e3b3af64bdaf62c37eeffcb idToMarketParams(bytes32) at block 26110242 confirmed the exact oracle and LLTV; price() returned raw 999979777876677051090364. A returned price proves callability of pricing at this block, not feed freshness, liquidator execution or safe topology. Current Morpho oracleByAddress publishes baseFeedOne=0xf0aeb0e394833e5b320fec5b16cb7668616ca5c4, baseFeedTwo=0x9a5a3c3ed0361505cc1d4e824b3854de5724434a, quoteFeedOne=0xeef31c7d9f2e82e8a497b140cc60cc082be4b94e. This improves the exact feed inventory; heartbeat/staleness enforcement, conversion-leg controls and complete privileged/manual update powers have not been established.
ftUSD / USDC
Morpho API identifies ftUSD collateral 0xf7d85ec4e7710f71992752eac2111312e73e9c9c, market 0x88ab06d43b089e574bbe312deee6cdb292702c3a2e765059492c34b1cd298acf, oracle 0x7887afbe7581eb01b3d91d80c198b0275feab779, type ChainlinkOracleV2. Current nonzero supply exposure is established; upstream feed/admin/staleness and per-oracle fallback controls remain unverified. Independently read Morpho 0xbbbbbbbbbb9cc5e90e3b3af64bdaf62c37eeffcb idToMarketParams(bytes32) at block 26110242 confirmed the exact oracle and LLTV; price() returned raw 999116701302684070589132509895258511. A returned price proves callability of pricing at this block, not feed freshness, liquidator execution or safe topology. Current Morpho oracleByAddress publishes baseFeedOne=0xa69f7a38b6c91a4bc2477f097dc8a1f16daadff8, quoteFeedOne=0x37be050e75c7f0a80f0e8abbfc2c4ff826728caa. This improves the exact feed inventory; heartbeat/staleness enforcement, conversion-leg controls and complete privileged/manual update powers have not been established.

weETH / USDC

Collateral/USDC price() for market 0x34377fc4f617c51818e92c79df31ff270c6a91bc94ad32e367fdf59b9f4ac5dd · Morpho market oracle (ChainlinkOracleV2 API classification; upstream topology unverified) · ethereum

baseFeedOne of 0xa3a7a3cefee206f9d7fe00ec3c83324ed4228411 ; API decimals=18 · Chainlink-compatible composite leg (provider/admin/update policy unverified) · ethereum

baseFeedTwo of 0xa3a7a3cefee206f9d7fe00ec3c83324ed4228411 ; API decimals=8 · Chainlink-compatible composite leg (provider/admin/update policy unverified) · ethereum

quoteFeedOne of 0xa3a7a3cefee206f9d7fe00ec3c83324ed4228411 ; API decimals=12 · Chainlink-compatible composite leg (provider/admin/update policy unverified) · ethereum

weETH · max LTV 77% · Immutable market liquidation loan-to-value from Morpho API, not vault utilization or a liquidation execution guarantee.

Any external liquidator may repay debt and receive collateral when oracle-valued LTV exceeds LLTV. Actual callability and stressed sale execution on this exact feed were not measured.

The reviewed code/documentation establishes permissionless incentivized liquidation; no funded exact-market recovery backstop was established.

Morpho core invokes the configured market oracle price(); no alternate core oracle is selected. Any fallback or staleness rejection inside this exact oracle remains unverified.

Morpho losses reduce the adapter claim; VaultV2 accrual realizes reduced realAssets as proportional share-price depreciation. No exact-market funded shutdown recovery or legal priority is established.

siUSD / USDC

Collateral/USDC price() for market 0xbbf7ce1b40d32d3e3048f5cf27eeaa6de8cb27b80194690aab191a63381d8c99 · Morpho market oracle (ChainlinkOracleV2 API classification; upstream topology unverified) · ethereum

baseFeedOne of 0xd2cc46b9b2d761502ef933320ecf0268ec0dfa6d ; API decimals=18 · Chainlink-compatible composite leg (provider/admin/update policy unverified) · ethereum

quoteFeedOne of 0xd2cc46b9b2d761502ef933320ecf0268ec0dfa6d ; API decimals=12 · Chainlink-compatible composite leg (provider/admin/update policy unverified) · ethereum

baseOracleVault of 0xd2cc46b9b2d761502ef933320ecf0268ec0dfa6d · ERC-4626 conversion leg (exact controls unverified) · ethereum

siUSD · max LTV 91.5% · Immutable market liquidation loan-to-value from Morpho API, not vault utilization or a liquidation execution guarantee.

Any external liquidator may repay debt and receive collateral when oracle-valued LTV exceeds LLTV. Actual callability and stressed sale execution on this exact feed were not measured.

The reviewed code/documentation establishes permissionless incentivized liquidation; no funded exact-market recovery backstop was established.

Morpho core invokes the configured market oracle price(); no alternate core oracle is selected. Any fallback or staleness rejection inside this exact oracle remains unverified.

srNUSD / USDC

Collateral/USDC price() for market 0x0ff9c1f2b9cb037ecb14029cbacd3a94470458cf5c6884f09c46ae354765d789 · Morpho market oracle (Unknown API classification; upstream topology unverified) · ethereum

srNUSD · max LTV 91.5% · Immutable market liquidation loan-to-value from Morpho API, not vault utilization or a liquidation execution guarantee.

Any external liquidator may repay debt and receive collateral when oracle-valued LTV exceeds LLTV. Actual callability and stressed sale execution on this exact feed were not measured.

The reviewed code/documentation establishes permissionless incentivized liquidation; no funded exact-market recovery backstop was established.

Morpho core invokes the configured market oracle price(); no alternate core oracle is selected. Any fallback or staleness rejection inside this exact oracle remains unverified.

savUSD / USDC

Collateral/USDC price() for market 0xe07d416323a1afbfe0bf2fe27ffb549ff565cf5c86d21b79fc60664038e597c9 · Morpho market oracle (ChainlinkOracleV2 API classification; upstream topology unverified) · ethereum

baseFeedOne of 0x839940de5043e7c6edaf063714afe7f20de5ff12 ; API decimals=18 · Chainlink-compatible composite leg (provider/admin/update policy unverified) · ethereum

savUSD · max LTV 91.5% · Immutable market liquidation loan-to-value from Morpho API, not vault utilization or a liquidation execution guarantee.

Any external liquidator may repay debt and receive collateral when oracle-valued LTV exceeds LLTV. Actual callability and stressed sale execution on this exact feed were not measured.

The reviewed code/documentation establishes permissionless incentivized liquidation; no funded exact-market recovery backstop was established.

Morpho core invokes the configured market oracle price(); no alternate core oracle is selected. Any fallback or staleness rejection inside this exact oracle remains unverified.

srRoyUSDC / USDC

Collateral/USDC price() for market 0xacc49fbf58feb1ac971acce68f8adc177c43682d6a7087bbd4991a05cb7a2c67 · Morpho market oracle (ChainlinkOracleV2 API classification; upstream topology unverified) · ethereum

baseOracleVault of 0x86a807dc5e689f78e280b18413001ca0c2426ab0 · ERC-4626 conversion leg (exact controls unverified) · ethereum

srRoyUSDC · max LTV 91.5% · Immutable market liquidation loan-to-value from Morpho API, not vault utilization or a liquidation execution guarantee.

Any external liquidator may repay debt and receive collateral when oracle-valued LTV exceeds LLTV. Actual callability and stressed sale execution on this exact feed were not measured.

The reviewed code/documentation establishes permissionless incentivized liquidation; no funded exact-market recovery backstop was established.

Morpho core invokes the configured market oracle price(); no alternate core oracle is selected. Any fallback or staleness rejection inside this exact oracle remains unverified.

YFI / USDC

Collateral/USDC price() for market 0x973e9dd45799efe8775417bcc420a3ab84a583587b2108985746e2fe201d0c83 · Morpho market oracle (ChainlinkOracleV2 API classification; upstream topology unverified) · ethereum

baseFeedOne of 0x637060c43e0bf6ab68ab59e7ad72cee45ce84ad5 ; API decimals=8 · Chainlink-compatible composite leg (provider/admin/update policy unverified) · ethereum

quoteFeedOne of 0x637060c43e0bf6ab68ab59e7ad72cee45ce84ad5 ; API decimals=8 · Chainlink-compatible composite leg (provider/admin/update policy unverified) · ethereum

YFI · max LTV 77% · Immutable market liquidation loan-to-value from Morpho API, not vault utilization or a liquidation execution guarantee.

Any external liquidator may repay debt and receive collateral when oracle-valued LTV exceeds LLTV. Actual callability and stressed sale execution on this exact feed were not measured.

The reviewed code/documentation establishes permissionless incentivized liquidation; no funded exact-market recovery backstop was established.

Morpho core invokes the configured market oracle price(); no alternate core oracle is selected. Any fallback or staleness rejection inside this exact oracle remains unverified.

PT-cUSD-23JUL2026 / USDC

Collateral/USDC price() for market 0x702b7ec7628de2622e51e1bb34a7e6ad9e95f3a25a2ed361e4ce621f23f5e642 · Morpho market oracle (ChainlinkOracleV2 API classification; upstream topology unverified) · ethereum

baseFeedOne of 0x25b30502467639e8fa118451105269e9b9813dd2 ; API decimals=18 · Chainlink-compatible composite leg (provider/admin/update policy unverified) · ethereum

baseFeedTwo of 0x25b30502467639e8fa118451105269e9b9813dd2 ; API decimals=8 · Chainlink-compatible composite leg (provider/admin/update policy unverified) · ethereum

quoteFeedOne of 0x25b30502467639e8fa118451105269e9b9813dd2 ; API decimals=8 · Chainlink-compatible composite leg (provider/admin/update policy unverified) · ethereum

PT-cUSD-23JUL2026 · max LTV 91.5% · Immutable market liquidation loan-to-value from Morpho API, not vault utilization or a liquidation execution guarantee.

Any external liquidator may repay debt and receive collateral when oracle-valued LTV exceeds LLTV. Actual callability and stressed sale execution on this exact feed were not measured.

The reviewed code/documentation establishes permissionless incentivized liquidation; no funded exact-market recovery backstop was established.

Morpho core invokes the configured market oracle price(); no alternate core oracle is selected. Any fallback or staleness rejection inside this exact oracle remains unverified.

ftUSD / USDC

Collateral/USDC price() for market 0x88ab06d43b089e574bbe312deee6cdb292702c3a2e765059492c34b1cd298acf · Morpho market oracle (ChainlinkOracleV2 API classification; upstream topology unverified) · ethereum

baseFeedOne of 0x7887afbe7581eb01b3d91d80c198b0275feab779 ; API decimals=8 · Chainlink-compatible composite leg (provider/admin/update policy unverified) · ethereum

quoteFeedOne of 0x7887afbe7581eb01b3d91d80c198b0275feab779 ; API decimals=8 · Chainlink-compatible composite leg (provider/admin/update policy unverified) · ethereum

ftUSD · max LTV 86% · Immutable market liquidation loan-to-value from Morpho API, not vault utilization or a liquidation execution guarantee.

Any external liquidator may repay debt and receive collateral when oracle-valued LTV exceeds LLTV. Actual callability and stressed sale execution on this exact feed were not measured.

The reviewed code/documentation establishes permissionless incentivized liquidation; no funded exact-market recovery backstop was established.

Morpho core invokes the configured market oracle price(); no alternate core oracle is selected. Any fallback or staleness rejection inside this exact oracle remains unverified.

Reviewed 2026-10-03

Mechanism review

Protocol Position LiabilityReviewed 2026-10-02

At Ethereum block 26107704, asset()=0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48, totalSupply()=9792630120840452584390720 raw 18-decimal shares and totalAssets()=10295065635649 raw 6-decimal USDC. One adapter 0x4f74895557bea2de5d51d8c06e944da92dbc8550 enumerates 5 current market IDs; summed…

How protocol position liability stablecoins work

Backing mechanics

Reviewed gaps (2)

Encumbrance and allocation
Not disclosed
Default recovery
Not disclosed

Reviewed 2026-10-02

Bridging

Single-chain / native

One exact native Ethereum vault-share deployment; no token-specific bridge representation is authored. Parent and borrower collateral bridge risks remain separate.

Routes1

Chains1

ConfidenceProbable

Reviewed 2026-10-02

Control posture

Wrapper / inherited

Code

DAO

Multisig

Regulated

Operator

Wrapper

PostureWrapper / inherited

TaxonomyCEFI-DEP

ScopeINHERITED

Scoring roleDESCRIPTIVE

KPK_USDC_Yield control posture: Wrapper / inherited. This classification is descriptive; V10 Economic Control is scored through mint, oracle, and bridge evidence.

Classification details

The token is classified primarily as a wrapper whose control posture depends on an underlying asset or parent system.

The CEFI-DEP taxonomy is the broader protocol classification from flags.governance. Control posture is the finer description of where operational authority sits.

Control posture is not a Safety Score input. Mint Authority and the applicable oracle and bridge evidence provide the reviewed facts used by V10 Economic Control.

KPK_USDC_Yield is a tracked variant of USD Coin (USDC); this posture describes wrapper-level control inherited from that parent relationship.

View methodology

Freeze & seizure

Inherited

Freeze power sits upstream with USD Coin rather than in this token's own contract.

At Ethereum block 26107704, sendSharesGate, receiveSharesGate and receiveAssetsGate are zero and their setter selectors are permanently abdicated.…

Freeze powerInherited

BasisSourced review

UpstreamUSD Coin

Reviewed 2026-10-02

Market

KPK_USDC_Yield

Price Transparency

$1.0515single-sourceSources 0/3

0 used· Updated 11m ago

Methodology v6.31View methodology Version history →

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Taxonomy

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KPK_USDC_Yield quick answers

What is KPK USDC Yield V2 (KPK_USDC_Yield)?

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Answer First

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Static Profile

Static stablecoin profile

KPK USDC Yield V2 (KPK_USDC_Yield) static profile: governance model CeFi-Dependent; backing model Crypto-Collateralized; peg USDC-denominated NAV.

CeFi-Dependent Crypto-Collateralized USDC-denominated NAV

Variant Relationship

Strategy vault variantspUSDC gtUSDCp gtUSDC krUSDC

AI summary / Updated Oct 2, 2026

Collateral: USDC-denominated idle balances and lender positions in KPK-curated Morpho markets. Borrower collateral, valuation and market liquidity vary; the share does not represent cash held solely at the parent issuer.
Peg Mechanism: ERC-4626 deposits exchange USDC for NAV-bearing shares. Borrower interest and configured fee-share accrual change assets per share; realized lending losses can reduce NAV. Withdraw/redeem burns shares for idle USDC and liquidity from the configured adapter; force-deallocation is separate and cannot create liquidity in fully borrowed markets.
Jurisdiction: Not disclosed in the static profile.
Proof Of Reserves: No proof-of-reserves entry in the static profile.
Contracts: 1 deployment tracked across Ethereum.

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Exact bot target: /subscribe dews,depeg,safety kpkusdcyield-kpk

Source: checked-in StablecoinMeta profile fields. Live price, supply, reserve, liquidity, event, and safety data load in the interactive dossier below; the summary above was last updated Oct 2, 2026.

KPK_USDC_Yield quick answers

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What backs KPK_USDC_Yield?

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KPK USDC Yield V2 (KPK_USDC_Yield) stablecoin analytics

What is KPK USDC Yield V2 (KPK_USDC_Yield)?

Is KPK_USDC_Yield safe?

Static stablecoin profile

KPK_USDC_Yield quick answers

KPK USDC Yield V2 (KPK_USDC_Yield) stablecoin analytics

KPK USDC Yield V2

KPK USDC Yield V2

KPK-curated USDC lending shares

Key Links

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Dependency Context

Underlying Asset

Mint Authority

Reserve quality

Collateral pricing & liquidation

Mechanism review

Backing mechanics

Reviewed gaps (2)

Bridging

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Freeze & seizure

Price Transparency

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KPK_USDC_Yield quick answers

What is KPK USDC Yield V2 (KPK_USDC_Yield)?

Is KPK_USDC_Yield safe?

Static stablecoin profile

KPK_USDC_Yield quick answers

KPK USDC Yield V2

KPK USDC Yield V2

KPK-curated USDC lending shares

Peg Stability

Key Links

Contracts

Reserve Composition

Dependency Context

Underlying Asset

Mint Authority

Reserve quality

Collateral pricing & liquidation

Mechanism review

Backing mechanics

Reviewed gaps (2)

Bridging

Control posture

Freeze & seizure

Supply by Chain

Liquidity by Protocol

Price Transparency

Yield Intelligence

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KPK_USDC_Yield quick answers

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