---
title: "Wintermute USDC Select (armUSDCs) Stablecoin Analytics"
canonical: "https://pharos.watch/stablecoin/armusdcs-wintermute/"
description: "Build-time stablecoin profile for Wintermute USDC Select (armUSDCs). Live price, supply, peg, liquidity, and flow data are served by the Pharos API."
dateModified: "2026-10-02"
---



# Wintermute USDC Select (armUSDCs)

**Peg:** US Dollar

**Backing:** Crypto-Collateralized

**Governance:** CeFi-Dependent

**Status:** active

## Overview

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. The complete pinned lending inventory showed no borrower debt or posted collateral at the adapter level. Native withdrawals depend on idle assets and available market liquidity; the vault has no independently verified financial assurance or legal insolvency-priority protection.

## 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.

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| ethereum | `0xa2eaad0d586cf9fd73bb2c09cf6a7e3e187d68cd` | 18 |

## Live Data

Real-time price, supply, peg score, liquidity, and flow data live at https://api.pharos.watch/api/stablecoin/armusdcs-wintermute.