hyperUSDCa (Hyperithm USDC Apex) Stablecoin Risk Profile

Answer First

What is Hyperithm USDC Apex (hyperUSDCa)?

hyperUSDCa is Hyperithm's USDC lending vault on Monad; shares earn borrower interest and redeem for liquid USDC, with credit losses reducing NAV. The static profile records its USDC-denominated NAV accounting mechanism as: ERC-4626 shares accrue net USDC lending interest and realize losses at NAV.

Is hyperUSDCa safe?

Pharos does not mark hyperUSDCa as absolutely safe. Static metadata says Hyperithm USDC Apex 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

Hyperithm USDC Apex (hyperUSDCa) static profile: governance model CeFi-Dependent; backing model Crypto-Collateralized; peg USDC-denominated NAV.

CeFi-Dependent Crypto-Collateralized USDC-denominated NAV

Variant Relationship

Hyperithm USDC Apex (hyperUSDCa) 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 in the Hyperithm-curated Morpho Vault V2 on monad, held idle or lent through its MorphoMarketV1AdapterV2; borrower collateral and credit losses remain local strategy exposure
Peg Mechanism: ERC-4626 shares accrue net USDC lending interest and realize losses at NAV. Ordinary withdraw/redeem uses idle USDC and the configured liquidity adapter, subject to liquidity; force-deallocation and in-kind exits are separate, not guaranteed dollar settlement
Jurisdiction: Not disclosed in the static profile.
Proof Of Reserves: No proof-of-reserves entry in the static profile.
Contracts: 1 deployment tracked across Monad.

Next Actions

Compare hyperUSDCa Telegram alerts Digest RSS API access

Exact bot target: /subscribe dews,depeg,safety hyperusdca-hyperithm

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.

hyperUSDCa quick answers

What is Hyperithm USDC Apex (hyperUSDCa)?

Is hyperUSDCa safe?

What backs hyperUSDCa?

Pharos classifies hyperUSDCa backing as Crypto-Collateralized. Collateral, per the static profile: USDC in the Hyperithm-curated Morpho Vault V2 on monad, held idle or lent through its MorphoMarketV1AdapterV2; borrower collateral and credit losses remain local strategy exposure Reserve evidence: live reserve feed configured.

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

Waiting for initial data

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

hyperUSDCa

Hyperithm USDC Apex

hyperUSDCa is Hyperithm's USDC lending vault on Monad; shares earn borrower interest and redeem for liquid USDC, with credit losses reducing NAV.

Compare

Hyperithm USDC Apex

hyperUSDCa

Wraps USDC

—

USD-Pegged Crypto-Backed Centralized-Dependent

hyperUSDCa is Hyperithm's USDC lending vault on Monad; shares earn borrower interest and redeem for liquid USDC, with credit losses reducing NAV.

Yield-Bearing Hybrid

Price

$1.0402

NAV token — no fixed peg

Market Cap

$50.09M

— 24h

Supply

48.15M hyperUSDCa

— 7d

DEWS

PegNAVToken

Liq

30d Excess

Yield-Bearing HybridUSDC NAV Crypto-Backed Centralized-Dependent

Price

$1.0402

NAV TOKEN — NO FIXED PEG

Market Cap

$50.09M

— 24H

Supply

48.15M hyperUSDCa

— 7D

30d Excess

—

MechanismProtocol Position MintingWrapped / inherited FreezeUpstream Chains1 JurisdictionNot disclosed

MintingWrapped / inherited FreezeUpstream Chains1 JurisdictionNot disclosed

Hyperithm USDC lending on Monad

Hyperithm USDC Apex turns USDC deposits into NAV-bearing shares in a Morpho Vault V2 on Monad. Its lending book includes concentrated and structured borrower collateral, so the USDC denomination does not make the share a direct cash claim. The reviewed vault has no configured liquidity adapter, leaving ordinary withdrawals dependent on idle USDC; force-deallocation and in-kind exits are separate routes. A two-of-three owner Safe can replace the curator, an externally owned account, while allocation changes have their own delays and fee changes do not. Share-transfer and direct-withdrawal gate setters are abdicated, although deposit gating remains mutable and underlying USDC can be frozen. Credit losses reduce shareholder NAV, and no exact-vault financial attestation or legal insolvency priority was established.

Updated October 2, 2026

Policy

CeFi-Dependent|Compare

Key Links

Morpho vault Vault mechanics Gate documentation

Contracts

1 deployment tracked across Monad.

Primary contract

Monad

0x7899...f371

View on Monad explorer

Monad0x7899...f371

Custody

Undisclosed

Reserve custody spans 3 counterparties; the account structure is undisclosed. Rehypothecation is permitted.

Hyperithm USDC Apex VaultV2 0x78999cc96d2ba0341588c60ccb0e91c6c33cf371—
Other
MorphoMarketV1AdapterV2 0x068f22739a5f8a5c84619d7f355b678d00707908—
Other
Morpho lending markets 0xd5d960e8c380b724a48ac59e2dff1b2cb4a1eaee—
Other

SegregationUnknown

Bankr. remoteUnknown

RehypothecationPermitted

Providers3

ConfidenceProbable

Reviewed 2026-10-02

Context

hyperUSDCa

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, bbqUSDC, CSCBUSDC, steakcUSDC, ethenaUSDC, sparkUSDC, sUSDC, AA_FalconXUSDC, USD3, pUSD, syrupUSDC, yoUSD, autoUSD, eEARN, DUSD, YUSD, stUSD, KPK_USDC_Prime, sirloinUSDC, KPK_USDC_Yield, gUSDCq.

hyperUSDCa

Mint Authority

IssuerWrapped / inherited

ControlsContractSafe2/3EOA

SupplyhyperUSDCaNo privileged mint path

NRConfidence: VerifiedInherited from usdc-circle

hyperUSDCa mints shares against USDC deposits and may mint fee shares through interest accounting. Vault parameter controls remain local; durable USDC issuance is inherited from Circle.

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

hyperUSDCa VaultV2 share issuer
Wrapper / Contract
monad / 0x78999c...3cf371
MintNone
hyperUSDCa owner
Governor / Safe
monad / 0xee7e9b...3918c8
MintParameter-onlySetupSafe, 2/3 thresholdSafe modules/guardNo modules or guards detected
hyperUSDCa curator
Governor / Externally owned account
monad / 0x751781...7ba325
MintParameter-onlyCustodySingle-key address - custody unverifiable
Hyperithm USDC Apex allocator 0x345e93f786e485b9f738b9a1a528c6eef1c73c5f
Governor / Externally owned account
monad / 0x345e93...c73c5f
MintParameter-onlyCustodySingle-key address - custody unverifiable

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

hyperUSDCa

Reserve quality

Opaque exit

2 reviewed reserve slices — at least 8.4% convertible within one day; 91.6% has no published exit timeline.

Asset mix

Time to liquidate

Immediate8.4%
Unknown91.6%

Unresolved reserve exposure0%

Top position91.6%

As of2026-10-02

Slices2

ConfidenceVerified

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

Hyperithm USDC Apex idle USDC: Circle USDC (8.4%)
Hyperithm USDC Apex deployed strategy positions: Morpho market borrowers and Circle USDC (91.6%)

Slice detail & risk factors

Pinned ERC-4626 accounting assets and idle USDC, complete sole-adapter market census

Direct idle and deployed categories are classified. Borrower collateral custody, legal priority and future allocations remain unresolved, and USDC parent reserve quality is not vault financial assurance.

Hyperithm USDC Apex idle USDC · 8.4% · Stablecoins · Immediate · Medium risk
Obligor: Circle USDC
Risk factors: counterparty · custody · smart contract
Hyperithm USDC Apex deployed strategy positions · 91.6% · Protocol positions · Unknown · High risk
Obligor: Morpho market borrowers and Circle USDC
Risk factors: credit · counterparty · liquidity · smart contract · custody · concentration

Reviewed 2026-10-02

hyperUSDCa

Collateral pricing & liquidation

Opaque / unknown

Prices the collateral behind hyperUSDCa 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…

Branches7

Feeds18

Max LTV91.5%

ConfidenceProbable

WETH / USDC
Morpho API identifies WETH collateral 0xee8c0e9f1bffb4eb878d8f15f368a02a35481242, market 0x409f2824aee2d8391d4a5924935e13312e157055e262b923b60c9dcb47e6311d, oracle 0xf06b8511305df760c12a3755081d95b039915396, type ChainlinkOracleV2. Current nonzero supply exposure is established; upstream feed/admin/staleness and per-oracle fallback controls remain unverified. Independently read Morpho 0xd5d960e8c380b724a48ac59e2dff1b2cb4a1eaee idToMarketParams(bytes32) at block 110117695 confirmed the exact oracle and LLTV; price() returned raw 2678714288347196884480069531. A returned price proves callability of pricing at this block, not feed freshness, liquidator execution or safe topology. Current Morpho oracleByAddress publishes baseFeedOne=0x1b1414782b859871781ba3e4b0979b9ca57a0a04, quoteFeedOne=0xf5f15f188abcb0d165d1edb7f37f7d6fa2fcebec. This improves the exact feed inventory; heartbeat/staleness enforcement, conversion-leg controls and complete privileged/manual update powers have not been established.
cbBTC / USDC
Morpho API identifies cbBTC collateral 0xd18b7ec58cdf4876f6afebd3ed1730e4ce10414b, market 0x7aeb107bee5e822bac2a9aaa1917d1c9aca5919226b373de1f9205a932bc9f7e, oracle 0x0c6897ad06dbdaacbd5203351113b8d2448b5836, type ChainlinkOracleV2. Current nonzero supply exposure is established; upstream feed/admin/staleness and per-oracle fallback controls remain unverified. Independently read Morpho 0xd5d960e8c380b724a48ac59e2dff1b2cb4a1eaee idToMarketParams(bytes32) at block 110117695 confirmed the exact oracle and LLTV; price() returned raw 845777666938925586753040172384337326601. A returned price proves callability of pricing at this block, not feed freshness, liquidator execution or safe topology. Current Morpho oracleByAddress publishes baseFeedOne=0x3ddc1bae752aaee31b577bf844c799c349a1d6bd, quoteFeedOne=0xf5f15f188abcb0d165d1edb7f37f7d6fa2fcebec. This improves the exact feed inventory; heartbeat/staleness enforcement, conversion-leg controls and complete privileged/manual update powers have not been established.
aHyperBTC / USDC
Morpho API identifies aHyperBTC collateral 0xc6de1dc0b59682be906e5bca14e385e74ee88168, market 0xe5192cf7306644ce173758036f29af4dd6cdcd5f222d73907ded30ab9b2450e5, oracle 0xc30a89f60f452a44b841e30b8e54910b5eea5c6e, type ChainlinkOracleV2. Current nonzero supply exposure is established; upstream feed/admin/staleness and per-oracle fallback controls remain unverified. Independently read Morpho 0xd5d960e8c380b724a48ac59e2dff1b2cb4a1eaee idToMarketParams(bytes32) at block 110117695 confirmed the exact oracle and LLTV; price() returned raw 861664678514716340471306471208789204354. A returned price proves callability of pricing at this block, not feed freshness, liquidator execution or safe topology. Current Morpho oracleByAddress publishes baseFeedOne=0x3ddc1bae752aaee31b577bf844c799c349a1d6bd, quoteFeedOne=0xf5f15f188abcb0d165d1edb7f37f7d6fa2fcebec, baseOracleVault=0xc6de1dc0b59682be906e5bca14e385e74ee88168. This improves the exact feed inventory; heartbeat/staleness enforcement, conversion-leg controls and complete privileged/manual update powers have not been established.
mHYPER / USDC
Morpho API identifies mHYPER collateral 0xd90f6bfed23ffde40106fc4498dd2e9edb95e4e7, market 0x2761e7fe2dc3b712a7cf6d46286abc26864a65767d823c32ca554fa4ba309c6b, oracle 0x3a898579ce3407219475678aea3e45e6bf1b1e9c, type ChainlinkOracleV2. Current nonzero supply exposure is established; upstream feed/admin/staleness and per-oracle fallback controls remain unverified. Independently read Morpho 0xd5d960e8c380b724a48ac59e2dff1b2cb4a1eaee idToMarketParams(bytes32) at block 110117695 confirmed the exact oracle and LLTV; price() returned raw 1131068870000000000000000. A returned price proves callability of pricing at this block, not feed freshness, liquidator execution or safe topology. Current Morpho oracleByAddress publishes baseFeedOne=0xf3bbd544f8453ee82211709422d8d7906f816584. This improves the exact feed inventory; heartbeat/staleness enforcement, conversion-leg controls and complete privileged/manual update powers have not been established.
aHYPER / USDC
Morpho API identifies aHYPER collateral 0x7cd231120a60f500887444a9baf5e1bd753a5e59, market 0x9e8441e7af65860feac831ebc117473e3033321abf528ebc8fbde1eeaaa3a626, oracle 0x4af4f38164cd7f28653a66aa2255b249a23cfbec, type ChainlinkOracleV2. Current nonzero supply exposure is established; upstream feed/admin/staleness and per-oracle fallback controls remain unverified. Independently read Morpho 0xd5d960e8c380b724a48ac59e2dff1b2cb4a1eaee idToMarketParams(bytes32) at block 110117695 confirmed the exact oracle and LLTV; price() returned raw 1079219768689000000000000000000000000. A returned price proves callability of pricing at this block, not feed freshness, liquidator execution or safe topology. Current Morpho oracleByAddress publishes baseOracleVault=0x7cd231120a60f500887444a9baf5e1bd753a5e59. This improves the exact feed inventory; heartbeat/staleness enforcement, conversion-leg controls and complete privileged/manual update powers have not been established.
WBTC / USDC
Morpho API identifies WBTC collateral 0x0555e30da8f98308edb960aa94c0db47230d2b9c, market 0xe35c5abc6418b6319b014e07aa3c86163a870a957284128f03cf7a9e414f8899, oracle 0xff07261c87763cc5693ab78746d0b6735ec626f5, type ChainlinkOracleV2. Current nonzero supply exposure is established; upstream feed/admin/staleness and per-oracle fallback controls remain unverified. Independently read Morpho 0xd5d960e8c380b724a48ac59e2dff1b2cb4a1eaee idToMarketParams(bytes32) at block 110117695 confirmed the exact oracle and LLTV; price() returned raw 845265242464475371034613630271693175143. A returned price proves callability of pricing at this block, not feed freshness, liquidator execution or safe topology. Current Morpho oracleByAddress publishes baseFeedOne=0x2d1df1bd061aac38c22407ad69d69bcc3c62edbd, quoteFeedOne=0xf5f15f188abcb0d165d1edb7f37f7d6fa2fcebec. This improves the exact feed inventory; heartbeat/staleness enforcement, conversion-leg controls and complete privileged/manual update powers have not been established.

+ 1 more branches in the breakdown below

Feeds, parameters & failure behavior

PT-USDat-14JAN2027 / USDC
Morpho API identifies PT-USDat-14JAN2027 collateral 0xa08a69ab9dd3b04d0992bc7afb2c0b907bbdc147, market 0x093bd94086b08a013c96dc0776ebf663e9300e742a2c14479211cc35da6c3439, oracle 0x597921a5b5ad74a0bf573fd7b58f80c383dcdab2, type Unknown. Current nonzero supply exposure is established; upstream feed/admin/staleness and per-oracle fallback controls remain unverified. Independently read Morpho 0xd5d960e8c380b724a48ac59e2dff1b2cb4a1eaee idToMarketParams(bytes32) at block 110117695 confirmed the exact oracle and LLTV; price() returned raw 976319199536060979000000000000000000. 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.

WETH / USDC

Collateral/USDC price() for market 0x409f2824aee2d8391d4a5924935e13312e157055e262b923b60c9dcb47e6311d · Morpho market oracle (ChainlinkOracleV2 API classification; upstream topology unverified) · monad

baseFeedOne of 0xf06b8511305df760c12a3755081d95b039915396 ; API decimals=8 · Chainlink-compatible composite leg (provider/admin/update policy unverified) · monad

quoteFeedOne of 0xf06b8511305df760c12a3755081d95b039915396 ; API decimals=8 · Chainlink-compatible composite leg (provider/admin/update policy unverified) · monad

WETH · 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.

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.

cbBTC / USDC

Collateral/USDC price() for market 0x7aeb107bee5e822bac2a9aaa1917d1c9aca5919226b373de1f9205a932bc9f7e · Morpho market oracle (ChainlinkOracleV2 API classification; upstream topology unverified) · monad

baseFeedOne of 0x0c6897ad06dbdaacbd5203351113b8d2448b5836 ; API decimals=8 · Chainlink-compatible composite leg (provider/admin/update policy unverified) · monad

quoteFeedOne of 0x0c6897ad06dbdaacbd5203351113b8d2448b5836 ; API decimals=8 · Chainlink-compatible composite leg (provider/admin/update policy unverified) · monad

cbBTC · 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.

aHyperBTC / USDC

Collateral/USDC price() for market 0xe5192cf7306644ce173758036f29af4dd6cdcd5f222d73907ded30ab9b2450e5 · Morpho market oracle (ChainlinkOracleV2 API classification; upstream topology unverified) · monad

baseFeedOne of 0xc30a89f60f452a44b841e30b8e54910b5eea5c6e ; API decimals=8 · Chainlink-compatible composite leg (provider/admin/update policy unverified) · monad

quoteFeedOne of 0xc30a89f60f452a44b841e30b8e54910b5eea5c6e ; API decimals=8 · Chainlink-compatible composite leg (provider/admin/update policy unverified) · monad

baseOracleVault of 0xc30a89f60f452a44b841e30b8e54910b5eea5c6e · ERC-4626 conversion leg (exact controls unverified) · monad

aHyperBTC · 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.

mHYPER / USDC

Collateral/USDC price() for market 0x2761e7fe2dc3b712a7cf6d46286abc26864a65767d823c32ca554fa4ba309c6b · Morpho market oracle (ChainlinkOracleV2 API classification; upstream topology unverified) · monad

baseFeedOne of 0x3a898579ce3407219475678aea3e45e6bf1b1e9c ; API decimals=8 · Chainlink-compatible composite leg (provider/admin/update policy unverified) · monad

mHYPER · 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.

aHYPER / USDC

Collateral/USDC price() for market 0x9e8441e7af65860feac831ebc117473e3033321abf528ebc8fbde1eeaaa3a626 · Morpho market oracle (ChainlinkOracleV2 API classification; upstream topology unverified) · monad

baseOracleVault of 0x4af4f38164cd7f28653a66aa2255b249a23cfbec · ERC-4626 conversion leg (exact controls unverified) · monad

aHYPER · 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.

WBTC / USDC

Collateral/USDC price() for market 0xe35c5abc6418b6319b014e07aa3c86163a870a957284128f03cf7a9e414f8899 · Morpho market oracle (ChainlinkOracleV2 API classification; upstream topology unverified) · monad

baseFeedOne of 0xff07261c87763cc5693ab78746d0b6735ec626f5 ; API decimals=8 · Chainlink-compatible composite leg (provider/admin/update policy unverified) · monad

quoteFeedOne of 0xff07261c87763cc5693ab78746d0b6735ec626f5 ; API decimals=8 · Chainlink-compatible composite leg (provider/admin/update policy unverified) · monad

WBTC · 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.

PT-USDat-14JAN2027 / USDC

Collateral/USDC price() for market 0x093bd94086b08a013c96dc0776ebf663e9300e742a2c14479211cc35da6c3439 · Morpho market oracle (Unknown API classification; upstream topology unverified) · monad

PT-USDat-14JAN2027 · 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.

Reviewed 2026-10-03

Mechanism review

Protocol Position LiabilityReviewed 2026-10-02

Hyperithm USDC Apex (hyperUSDCa) at monad:0x78999cc96d2ba0341588c60ccb0e91c6c33cf371 is the current public ERC-4626 VaultV2 share over USDC 0x754704bc059f8c67012fed69bc8a327a5aafb603. Deposits transfer underlying before minting; interest accrual can mint configured fee shares and recognizes adapter losses. Holder…

How protocol position liability stablecoins work

Bridging

Single-chain / native

One reviewed native monad VaultV2 share deployment; no bridge or separate confidential receipt supply is included. This does not prove absence of uncatalogued integrations.

Routes1

Chains1

ConfidenceProbable

Reviewed 2026-10-02

Control posture

Wrapper / inherited

Code

DAO

Multisig

Regulated

Operator

Wrapper

PostureWrapper / inherited

TaxonomyCEFI-DEP

ScopeINHERITED

Scoring roleDESCRIPTIVE

hyperUSDCa 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.

hyperUSDCa 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 monad block 110016412 (0x68eb79c), observed 2026-10-02T22:44:15.638184+00:00, receiveSharesGate, sendSharesGate and receiveAssetsGate were zero…

Freeze powerInherited

BasisSourced review

UpstreamUSD Coin

Reviewed 2026-10-02

Market

hyperUSDCa

Price Transparency

$1.0402highSources 0/3

0 used· Updated 18m ago

Protocol RedemptionUsed

Methodology v6.31View methodology Version history →

Activity

History

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hyperUSDCa quick answers

What is Hyperithm USDC Apex (hyperUSDCa)?

Is hyperUSDCa safe?

What backs hyperUSDCa?

Can hyperUSDCa be frozen or blacklisted?

Answer First

What is Hyperithm USDC Apex (hyperUSDCa)?

Is hyperUSDCa safe?

Static Profile

Static stablecoin profile

Hyperithm USDC Apex (hyperUSDCa) 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 in the Hyperithm-curated Morpho Vault V2 on monad, held idle or lent through its MorphoMarketV1AdapterV2; borrower collateral and credit losses remain local strategy exposure
Peg Mechanism: ERC-4626 shares accrue net USDC lending interest and realize losses at NAV. Ordinary withdraw/redeem uses idle USDC and the configured liquidity adapter, subject to liquidity; force-deallocation and in-kind exits are separate, not guaranteed dollar settlement
Jurisdiction: Not disclosed in the static profile.
Proof Of Reserves: No proof-of-reserves entry in the static profile.
Contracts: 1 deployment tracked across Monad.

Next Actions

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Exact bot target: /subscribe dews,depeg,safety hyperusdca-hyperithm

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.

hyperUSDCa quick answers

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Hyperithm USDC Apex (hyperUSDCa) stablecoin analytics

What is Hyperithm USDC Apex (hyperUSDCa)?

Is hyperUSDCa safe?

Static stablecoin profile

hyperUSDCa quick answers

Hyperithm USDC Apex (hyperUSDCa) stablecoin analytics

Hyperithm USDC Apex

Hyperithm USDC Apex

Hyperithm USDC lending on Monad

Key Links

Contracts

Custody

Dependency Context

Underlying Asset

Mint Authority

Reserve quality

Collateral pricing & liquidation

Mechanism review

Bridging

Control posture

Freeze & seizure

Price Transparency

News

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hyperUSDCa quick answers

What is Hyperithm USDC Apex (hyperUSDCa)?

Is hyperUSDCa safe?

Static stablecoin profile

hyperUSDCa quick answers

Hyperithm USDC Apex

Hyperithm USDC Apex

Hyperithm USDC lending on Monad

Peg Stability

Key Links

Contracts

Reserve Composition

Custody

Dependency Context

Underlying Asset

Mint Authority

Reserve quality

Collateral pricing & liquidation

Mechanism review

Bridging

Control posture

Freeze & seizure

Supply by Chain

Liquidity by Protocol

Price Transparency

Yield Intelligence

News

Explore Next

hyperUSDCa quick answers

Peg Stability

Reserve Composition

Supply by Chain

Liquidity by Protocol

Yield Intelligence