armUSDCs (Wintermute USDC Select) Stablecoin Risk Profile

Answer first

What is Wintermute USDC Select (armUSDCs)?

armUSDCs is Wintermute's USDC lending vault on Ethereum; shares redeem at NAV when liquidity is available and bear strategy losses. The static profile records its USDC-denominated NAV accounting mechanism as: ERC-4626 shares accrue lending interest and realize losses against USDC; direct redemption uses idle USDC and a configured liquidity adapter, subject to market liquidity. In-kind deallocation retains underlying lending-position exposure.

Is armUSDCs safe?

armUSDCs holds a C+ Safety Score grade (60/100) in Pharos's latest published rating — a middle-tier grade that meets baseline expectations but carries meaningful weaknesses, so Pharos does not consider it clearly safe. Static metadata says Wintermute USDC Select 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

Wintermute USDC Select (armUSDCs) static profile: governance model CeFi-Dependent; backing model Crypto-Collateralized; peg USDC-denominated NAV.

CeFi-Dependent Crypto-Collateralized USDC-denominated NAV

Variant relationship

Wintermute USDC Select (armUSDCs) 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

Wintermute USDC Select lends USDC through Morpho markets spanning wrapped bitcoin, liquid-staking and principal-token collateral. The strategy converts borrower interest into a rising share-to-USDC rate, with losses borne through the same accounting mechanism. A four-of-six Safe owns the vault, but the signing threshold does not establish independent key custody, and fee-setting actions carry no configured delay.

Collateral: USDC lender positions in six Morpho markets secured by cbBTC, WBTC, wstETH, principal-token (PT-reUSD-10DEC2026, PT-USDat-14JAN2027) and nested Morpho V1 USDC vault-share (v-wmtUSDC) collateral
Peg mechanism: ERC-4626 shares accrue lending interest and realize losses against USDC; direct redemption uses idle USDC and a configured liquidity adapter, subject to market liquidity. In-kind deallocation retains underlying lending-position exposure.
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 armUSDCs Telegram alerts Digest RSS API access

Exact bot target: /subscribe dews,depeg,safety armusdcs-wintermute

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.

armUSDCs quick answers

What is Wintermute USDC Select (armUSDCs)?

Is armUSDCs safe?

What backs armUSDCs?

Pharos classifies armUSDCs backing as Crypto-Collateralized. Collateral, per the static profile: USDC lender positions in six Morpho markets secured by cbBTC, WBTC, wstETH, principal-token (PT-reUSD-10DEC2026, PT-USDat-14JAN2027) and nested Morpho V1 USDC vault-share (v-wmtUSDC) collateral Reserve evidence: live reserve feed configured.

Can armUSDCs 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 armUSDCs, when applicable, appear in the dossier below.

Control evidence

armUSDCs

Mint Authority

Not rated — armUSDCs wraps USDC and inherits its mint risk; no local privileged mint path was found.

Confidence: Manual reviewInherits USDC mint riskControl posture: Wrapper / inherited

Control map

IssuerWrapped / inherited

ControlsWrapperGovernor Safe4/6

SupplyarmUSDCsNo privileged mint path

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 (2)

Wintermute USDC Select asset-backed share contract
Wrapper / Contract
ethereum / 0xa2eaad...7d68cd
MintNone
Wintermute USDC Select owner parameter authority
Governor / Safe
ethereum / 0xb83a77...559e5e
MintParameter-onlySetupSafe, 4/6 thresholdSafe modules/guardNo modules or guards detected

Review notes & sources (14)

Wintermute USDC Select mints USDC-backed deposit shares and may mint fee shares during accrual. Circle USDC issuance is inherited; owner and curator retain strategy parameter powers. The six-market borrower basket also includes nested Morpho V1 USDC vault shares (v-wmtUSDC), separately from PT-reUSD and PT-USDat collateral.

Control posture

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

CeFi-Dependent is the broader governance classification. Control posture describes more precisely where operational authority sits.

Control posture is not a Safety Score input. Economic Control is scored from the reviewed mint authority, oracle and bridge evidence.

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

Reviewed 2026-10-03

armUSDCs

Collateral pricing & liquidation

Opaque / unknown

7 branches price collateral from an undisclosed pricing method.

Confidence: Limited

Max LTV91.5%

Pricing path

SourcesChainlinkOracleV2 adapter (Morpho API classification; feed operator/custody not independently established)ChainlinkOracle adapter (Morpho API classification; feed operator/custody not independently established)MetaOracleDeviationTimelock clone; primary and backup identities pinned+1 more

AggregatorOpaque / unknown10 feeds · 7 branches

ConsumerLiquidation engine

Branches

First 5 of 7 · debt shares not measured

cbBTC collateral market 0x64d65c9aPricing tier: Single-source / laggyMax LTV 86%
WBTC collateral market 0x3a85e619Pricing tier: Opaque / unknownMax LTV 86%
PT-reUSD-10DEC2026 collateral market 0x1e9d6146Pricing tier: Opaque / unknownMax LTV 91.5%
v-wmtUSDC collateral market 0x1d09bf97Pricing tier: Opaque / unknownMax LTV 86%
PT-USDat-14JAN2027 collateral market 0xc7e49dd4Pricing tier: Opaque / unknownMax LTV 91.5%

+ 2 more branches under Feeds, parameters & failure behavior

Feeds, parameters & failure behavior

Feeds

baseFeedOne of 0xa6d6950c9f177f1de7f7757fb33539e3ec60182a for market 0x64d65c9a2d91c36d56fbc42d69e979335320169b3df63bf92789e2c8883fcc64 · ChainlinkOracleV2 adapter (Morpho API classification; feed operator/custody not independently established) · Ethereum
baseFeedOne of 0xdddd770badd886df3864029e4b377b5f6a2b6b83 for market 0x3a85e619751152991742810df6ec69ce473daef99e28a64ab2340d7b7ccfee49 · ChainlinkOracle adapter (Morpho API classification; feed operator/custody not independently established) · Ethereum
baseFeedTwo of 0xdddd770badd886df3864029e4b377b5f6a2b6b83 for market 0x3a85e619751152991742810df6ec69ce473daef99e28a64ab2340d7b7ccfee49 · ChainlinkOracle adapter (Morpho API classification; feed operator/custody not independently established) · Ethereum
quoteFeedOne of 0xdddd770badd886df3864029e4b377b5f6a2b6b83 for market 0x3a85e619751152991742810df6ec69ce473daef99e28a64ab2340d7b7ccfee49 · ChainlinkOracle adapter (Morpho API classification; feed operator/custody not independently established) · Ethereum
baseFeedOne of 0x217d6ddcdb95112c51657f6270e8c079cfdb51f0 for market 0x1e9d614631a7df0ec07fb05b2c8cb2491575fd1a63a33bf187a6afb295a4fc64 · ChainlinkOracleV2 adapter (Morpho API classification; feed operator/custody not independently established) · Ethereum
baseFeedOne of 0x6969a0296d9fec77e794651469e362105d2307e8 for market 0x1d09bf979a167075f5608686642fd3cdb458de742a234175892fa03f23693f6b · ChainlinkOracleV2 adapter (Morpho API classification; feed operator/custody not independently established) · Ethereum
IOracle.price() at 0x034f45accb8949e55366bec6d4023d1c1e372dad; primary/current 0xe61cd215d2724e7eb0dfbb719efe72996b300c8a, backup 0x4e7d88e65e1ae85d216deadef807ebcbf862b178 at block 26154200 · MetaOracleDeviationTimelock clone; primary and backup identities pinned · Ethereum
baseFeedOne of 0x48f7e36eb6b826b2df4b2e630b62cd25e89e40e2 for market 0xb323495f7e4148be5643a4ea4a8221eef163e4bccfdedc2a6f4696baacbc86cc · ChainlinkOracle adapter (Morpho API classification; feed operator/custody not independently established) · Ethereum
quoteFeedOne of 0x48f7e36eb6b826b2df4b2e630b62cd25e89e40e2 for market 0xb323495f7e4148be5643a4ea4a8221eef163e4bccfdedc2a6f4696baacbc86cc · ChainlinkOracle adapter (Morpho API classification; feed operator/custody not independently established) · Ethereum
Morpho oracle 0x68b4c2b2b2e245ab54a3bd55dfd5a9d84f029c06 BASE_VAULT.convertToAssets(1000000) · 3Jane USD3 ERC-4626 conversion rate · Ethereum

wstETH collateral market 0xb323495fPricing tier: Opaque / unknownMax LTV 86%
3Jane USD3 collateral market 0xe3df58f9Pricing tier: Opaque / unknownMax LTV 91.5%

cbBTC collateral market 0x64d65c9a

0xcbb7c0000ab88b473b1f5afd9ef808440eed33bf · max LTV 86% · Immutable market LLTV per Morpho marketById; this is loan-to-liquidation value, not a vault share mint cap.

Exact creation/runtime-matched Morpho Blue liquidate checks oracle-valued health against immutable LLTV, transfers seized collateral and requires loan-token repayment. Independent kind evidence verifies mechanics, not nested feed correctness or executable liquidation availability.

No exact-market funded insurance or discretionary rescue commitment was verified in the cited inventory; that fact remains unknown.

Exact-match source calls latestRoundData on the sole nonzero feed, rejects negative answers, and discards the returned timestamps. It has no alternate-feed or age-rejection path; a reverting feed propagates the revert. A zero optional input returns one by construction, not fallback to a second provider. Source reviewed 2026-10-09T10:36:34Z; the configured market identity retains its 2026-10-03 block pin.

Exact creation/runtime-matched Morpho Blue writes off remaining debt at zero borrower collateral and subtracts badDebtAssets from totalSupplyAssets. No guaranteed recovery, funded backstop or root-vault assurance is inferred.

WBTC collateral market 0x3a85e619

0x2260fac5e5542a773aa44fbcfedf7c193bc2c599 · max LTV 86% · Immutable market LLTV per Morpho marketById; this is loan-to-liquidation value, not a vault share mint cap.

No exact-market funded insurance or discretionary rescue commitment was verified in the cited inventory; that fact remains unknown.

No alternate-source fallback exists in the reviewed composition; all nonzero formula legs are required and errors propagate. Morpho discards updatedAt. At block 26154200 feeds fdfd9c85/f4030086/8fffffd4 use aggregators 0xa5e3a55cea42b86560a5215094981c300899199d, 0x4a3411ac2948b33c69666b35cc6d055b27ea84f1 and 0x54bcc589d9743e521c64233706fc8cb36d275b07. Each proxy owner is 0x21f73d42eb58ba49ddb685dc29d3bf5c0f0373ca and accessController is zero. Owner-controlled replacement remains possible; upstream quorum/independence is unestablished.

PT-reUSD-10DEC2026 collateral market 0x1e9d6146

0xecfafdc7741323a945a163ed068b5a3c43483957 · max LTV 91.5% · Immutable market LLTV per Morpho marketById; this is loan-to-liquidation value, not a vault share mint cap.

No exact-market funded insurance or discretionary rescue commitment was verified in the cited inventory; that fact remains unknown.

No failover: the Ojo implementation reads both clone-stored inputs and rejects nonzero updatedAt values older than 86400 seconds. Failure or staleness of either prevents a valid composite result. Lower-price selection is not alternate-source fallback. The outer Morpho helper adds no age check. Input identities and threshold are pinned at block 26154200; their nested pricing/control paths remain unresolved.

v-wmtUSDC collateral market 0x1d09bf97

0xf65460b84c13eeb911303336ab0f9d63cc79839f · max LTV 86% · Immutable market LLTV per Morpho marketById; this is loan-to-liquidation value, not a vault share mint cap.

No exact-market funded insurance or discretionary rescue commitment was verified in the cited inventory; that fact remains unknown.

No alternate oracle/feed fallback exists in the reviewed wrapper chain; Wildcat price() errors propagate. Wrapper timestamps equal block time, not underlying-price observation time. The nested oracle's partially verified source references market 0xc9499006a149c553d18171747ed19aa7c6dd19e2, scaleFactor and timeDelinquent. Source-only findings do not establish current market state or complete executable/control correspondence.

PT-USDat-14JAN2027 collateral market 0xc7e49dd4

0xba96292ee7673e3b546cc90db6d97111cd9a314f · max LTV 91.5% · Immutable market LLTV per Morpho marketById; this is loan-to-liquidation value, not a vault share mint cap.

No exact-market funded insurance or discretionary rescue commitment was verified in the cited inventory; that fact remains unknown.

If selected-oracle price() reverts, the implementation calls the alternate; failure of both propagates. Permissionless challenge/healing transitions use stored deviation/timelock conditions. At block 26154200 deviationThreshold is 10000000000000000, challengeTimelockDuration 14400 seconds, healingTimelockDuration 43200 seconds, and isChallenged/isHealing are false. Configuration does not prove independent providers or correct prices.

wstETH collateral market 0xb323495f

0x7f39c581f595b53c5cb19bd0b3f8da6c935e2ca0 · max LTV 86% · Immutable market LLTV per Morpho marketById; this is loan-to-liquidation value, not a vault share mint cap.

No exact-market funded insurance or discretionary rescue commitment was verified in the cited inventory; that fact remains unknown.

No alternate-source fallback exists. The WstETH adapter reads tokensPerStEth and its immutable stETH/ETH feed; Morpho consumes the quote leg without an updatedAt age check. At block 26154200 stETH/ETH aggregator is 0xc9c8efa84eab332d1950e5ba0a913b090775825c and quote aggregator is 0x26ae9b951f84e6c28f58a92133c30e312d42e0fe. Both proxy owners are 0x21f73d42eb58ba49ddb685dc29d3bf5c0f0373ca and accessController is zero. Aggregator replacement remains possible; independence is unestablished.

3Jane USD3 collateral market 0xe3df58f9

0x056b269eb1f75477a8666ae8c7fe01b64dd55ecc · max LTV 91.5% · Pinned Morpho idToMarketParams LLTV; loan token is USDC. Registered membership does not establish current allocation weight or debt share.

Exact creation/runtime-matched Morpho Blue liquidate checks oracle-valued health against immutable LLTV, transfers seized collateral and requires loan-token repayment. Independent kind evidence also covers this seventh 3Jane USD3 market, without certifying the nested USD3 pricing proxy.

No exact-market funded backstop is established by this technical census.

No alternate feed or vault fallback exists in the exact oracle source. Zero optional feed/vault inputs are identity factors. A convertToAssets revert propagates. USD3's proxy implementation controls the rate; historical implementation/admin observations are not restated as current executable closure.

Exact creation/runtime-matched Morpho Blue writes off remaining debt at zero borrower collateral and subtracts badDebtAssets from totalSupplyAssets for this seventh immutable market. Guaranteed recovery and funded backstop remain unestablished.

Review notes & sources (28)

A complete adapter census at Ethereum block 26154200 identifies seven borrower markets, including 3Jane USD3 absent from the October 3 snapshot. Recovered exact sources establish legacy feed compositions, clone fallback behavior and nested pricing mechanisms; pinned state identifies current aggregators and clone settings. Upstream signing/control and executable closure remain incomplete. Direct VaultV2 share accounting stays separate from borrower collateral pricing.

cbBTC collateral market 0x64d65c9a: The exact creation/runtime-matched MorphoChainlinkOracleV2 source has one nonzero price feed, BASE_FEED_1 0xf4030086522a5beea4988f8ca5b36dbc97bee88c, and no base/quote vault or other nonzero feed. ChainlinkDataFeedLib consumes the answer without checking its timestamp or staleness. Upstream aggregator operator/custody review remains incomplete; no independent feed redundancy is claimed.
WBTC collateral market 0x3a85e619: The exact-source Morpho oracle composes three required feed legs, not redundant alternatives. Its helper has no timestamp-age guard. Pinned block 26154200 establishes the current EAC aggregators and shared proxy owner; upstream signing/control execution remains unresolved.
PT-reUSD-10DEC2026 collateral market 0x1e9d6146: The configured base feed is an OjoPTFeed clone. At block 26154200 FEED_1 and FEED_2 are 0x570ea68f11e63a9108514eb73dc4f88232c9e7f6 and 0x7cfd3ed001d9d65d4022db4e15c6101db2bbc994, with STALENESS_THRESHOLD 86400 seconds. Source selects the lower answer after timestamp checks; nested input/control closure remains incomplete.
v-wmtUSDC collateral market 0x1d09bf97: The sole configured feed wraps Wildcat oracle 0xd89124a031f75d5cae29fe15376dfcd86b7cf844, whose source derives price from market scale factor and delinquency discounts. The wrapper reports block time rather than underlying observation age; Morpho adds no freshness guard. Exact market control and partial-source correspondence remain unresolved.
PT-USDat-14JAN2027 collateral market 0xc7e49dd4: The direct oracle is a MetaOracleDeviationTimelock clone. At block 26154200 primary/current oracle is 0xe61cd215d2724e7eb0dfbb719efe72996b300c8a and backup is 0x4e7d88e65e1ae85d216deadef807ebcbf862b178. Source supports challenge/healing transitions and a revert-triggered alternate-price attempt. Nested oracle/control closure remains incomplete.
wstETH collateral market 0xb323495f: The exact-source oracle composes a WstETH adapter, using tokensPerStEth and immutable stETH/ETH feed 0x86392dc19c0b719886221c78ab11eb8cf5c52812, with the configured quote feed. These are conversion legs, not failover sources. Current proxy aggregators and shared owner are pinned; upstream signer/control closure remains unresolved.
3Jane USD3 collateral market 0xe3df58f9: The seventh registered market uses 3Jane USD3 collateral, not Reserve Protocol USD3. Fully verified MorphoChainlinkOracleV2 source prices it through BASE_VAULT.convertToAssets(1000000), with all price-feed inputs zero. This internal ERC-4626 rate path remains price-sensitive through the upgradeable USD3 proxy; current implementation/admin and downstream controls are not closed.

Reviewed 2026-10-09

What is Wintermute USDC Select (armUSDCs)?