KPK_USDC_Prime (KPK USDC Prime) Stablecoin Risk Profile

Answer First

What is KPK USDC Prime (KPK_USDC_Prime)?

KPK USDC Prime 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_Prime safe?

Pharos does not mark KPK_USDC_Prime as absolutely safe. Static metadata says KPK USDC Prime 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 Prime (KPK_USDC_Prime) 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 Prime (KPK_USDC_Prime) 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_Prime Telegram alerts Digest RSS API access

Exact bot target: /subscribe dews,depeg,safety kpkusdcprime-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_Prime quick answers

What is KPK USDC Prime (KPK_USDC_Prime)?

Is KPK_USDC_Prime safe?

What backs KPK_USDC_Prime?

Pharos classifies KPK_USDC_Prime 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_Prime 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_Prime, when applicable, appear in the dossier below.

Waiting for initial data

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

KPK_USDC_Prime

KPK USDC Prime

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

Compare

KPK USDC Prime

KPK_USDC_Prime

Wraps USDC

—

USD-Pegged Crypto-Backed Centralized-Dependent

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

Yield-Bearing Hybrid

Price

$1.0358

NAV token — no fixed peg

Market Cap

$29.22M

— 24h

Supply

28.21M KPK_USDC_Prime

+10.20% 7d

+34.88% 30d

DEWS

PegNAVToken

Liq

30d Excess

Yield-Bearing HybridUSDC NAV Crypto-Backed Centralized-Dependent

23 Oct 2025

Price

$1.0358

NAV TOKEN — NO FIXED PEG

Market Cap

$29.22M

— 24H

Supply

28.21M KPK_USDC_Prime

+10.20% 7D · +34.88% 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 Prime 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 Prime Morpho Vault V2 deployment Docs

Contracts

1 deployment tracked across Ethereum.

Primary contract

Ethereum

0x4ef5...9ee6

View on Ethereum explorer

Ethereum0x4ef5...9ee6

Context

KPK_USDC_Prime

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, sirloinUSDC, KPK_USDC_Yield, gUSDCq.

KPK_USDC_Prime

Mint Authority

IssuerWrapped / inherited

ControlsContractSafe5/8Safe2/5

SupplyKPK_USDC_PrimeNo privileged mint path

NRConfidence: UnknownInherited from usdc-circle

KPK USDC Prime 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 Prime deposit-backed share accounting
Wrapper / Contract
ethereum / 0x4ef53d...2c9ee6
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 Prime 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 Prime curator parameter authority
Other / Safe
ethereum / 0xf8182e...7a97be
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 Prime allocator 0x331d9c769185ae25233314859d53c2b9203a1204
Governor / Externally owned account
ethereum / 0x331d9c...3a1204
MintParameter-onlyCustodySingle-key address - custody unverifiable
KPK USDC Prime allocator 0xaf150c6d108d0c2c96bbfc3cef9b4848b5d99440
Governor / Externally owned account
ethereum / 0xaf150c...d99440
MintParameter-onlyCustodySingle-key address - custody unverifiable
KPK USDC Prime allocator 0xf0cf1e3ec6264b03241826f5b2abda17b4352a75
Governor / Externally owned account
ethereum / 0xf0cf1e...352a75
MintParameter-onlyCustodySingle-key address - custody unverifiable
KPK USDC Prime Zodiac MORPHO_REBALANCER_AGENT
Governor / Externally owned account
ethereum / 0xb11fab...a8ae60
MintParameter-onlyCustodySingle-key address - custody unverifiable
KPK USDC Prime Zodiac MORPHO_SHUTDOWN_AGENT
Governor / Externally owned account
ethereum / 0xc9efbf...d3d94c
MintParameter-onlyCustodySingle-key address - custody unverifiable
KPK USDC Prime Zodiac MORPHO_MONITORING_AGENT
Governor / Externally owned account
ethereum / 0x3e1c3f...f97935
MintParameter-onlyCustodySingle-key address - custody unverifiable

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

KPK_USDC_Prime

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_Prime

Collateral pricing & liquidation

Opaque / unknown

Prices the collateral behind KPK_USDC_Prime 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

Feeds26

Max LTV86%

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.
rETH / USDC
Morpho API identifies rETH collateral 0xae78736cd615f374d3085123a210448e74fc6393, market 0x0a15460ad263c2186fe0b5df20a8cf71d55f3cfa06de15edcf6138f6b8edd8bf, oracle 0x36cb058364a811636685ef15a71e8ea99043f815, 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 3142760010789142633948283859. A returned price proves callability of pricing at this block, not feed freshness, liquidator execution or safe topology. Current Morpho oracleByAddress publishes baseFeedOne=0x8200f6622bb906a78896a3da4ddc81ebc8a08458, baseFeedTwo=0x5f4ec3df9cbd43714fe2740f5e3616155c5b8419, quoteFeedOne=0x8fffffd4afb6115b954bd326cbe7b4ba576818f6. This improves the exact feed inventory; heartbeat/staleness enforcement, conversion-leg controls and complete privileged/manual update powers have not been established.
LsETH / USDC
Morpho API identifies LsETH collateral 0x8c1bed5b9a0928467c9b1341da1d7bd5e10b6549, market 0xfb7d54e0ce71efc8fffd3f4e1db0afa9265882da5cc76604b62adfac64501e80, oracle 0x377f722043bb5d021f4366127d49c772e1c01c7b, 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 2997326901422054738352661957. A returned price proves callability of pricing at this block, not feed freshness, liquidator execution or safe topology. Current Morpho oracleByAddress publishes baseFeedOne=0xe858728eb31a25c4accce17d01b68dcfc3a0ed2c, baseFeedTwo=0xc0053f3fbccd593758258334dfce24c2a9a673ad, quoteFeedOne=0x37be050e75c7f0a80f0e8abbfc2c4ff826728caa. 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 0x2260fac5e5542a773aa44fbcfedf7c193bc2c599, market 0x3a85e619751152991742810df6ec69ce473daef99e28a64ab2340d7b7ccfee49, oracle 0xdddd770badd886df3864029e4b377b5f6a2b6b83, type ChainlinkOracle. 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 845778841037489787522160348154705917888. A returned price proves callability of pricing at this block, not feed freshness, liquidator execution or safe topology. Current Morpho oracleByAddress publishes baseFeedOne=0xfdfd9c85ad200c506cf9e21f1fd8dd01932fbb23, baseFeedTwo=0xf4030086522a5beea4988f8ca5b36dbc97bee88c, quoteFeedOne=0x8fffffd4afb6115b954bd326cbe7b4ba576818f6. This improves the exact feed inventory; heartbeat/staleness enforcement, conversion-leg controls and complete privileged/manual update powers have not been established.
OETH / USDC
Morpho API identifies OETH collateral 0x856c4efb76c1d1ae02e20ceb03a2a6a08b0b8dc3, market 0xb8fef900b383db2dbbf4458c7f46acf5b140f26d603a6d1829963f241b82510e, oracle 0xe8adff9117151fb5ad7313873780b87cc56eedb0, 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 2679186979412882687728665427. A returned price proves callability of pricing at this block, not feed freshness, liquidator execution or safe topology. Current Morpho oracleByAddress publishes baseFeedOne=0x5f4ec3df9cbd43714fe2740f5e3616155c5b8419, quoteFeedOne=0x8fffffd4afb6115b954bd326cbe7b4ba576818f6. 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 0xcbb7c0000ab88b473b1f5afd9ef808440eed33bf, market 0x64d65c9a2d91c36d56fbc42d69e979335320169b3df63bf92789e2c8883fcc64, oracle 0xa6d6950c9f177f1de7f7757fb33539e3ec60182a, 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 846278090899100000000000000000000000000. A returned price proves callability of pricing at this block, not feed freshness, liquidator execution or safe topology. Current Morpho oracleByAddress publishes baseFeedOne=0xf4030086522a5beea4988f8ca5b36dbc97bee88c. 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

wstETH / USDC
Morpho API identifies wstETH collateral 0x7f39c581f595b53c5cb19bd0b3f8da6c935e2ca0, market 0xb323495f7e4148be5643a4ea4a8221eef163e4bccfdedc2a6f4696baacbc86cc, oracle 0x48f7e36eb6b826b2df4b2e630b62cd25e89e40e2, type ChainlinkOracle. 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 3311600437209598183204833936. A returned price proves callability of pricing at this block, not feed freshness, liquidator execution or safe topology. Current Morpho oracleByAddress publishes baseFeedOne=0x4f67e4d9bd67efa28236013288737d39aef48e79, quoteFeedOne=0x986b5e1e1755e3c2440e960477f25201b0a8bbd4. This improves the exact feed inventory; heartbeat/staleness enforcement, conversion-leg controls and complete privileged/manual update powers have not been established.
WETH / USDC
Morpho API identifies WETH collateral 0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2, market 0x94b823e6bd8ea533b4e33fbc307faea0b307301bc48763acc4d4aa4def7636cd, oracle 0x0f948cba8231db7898ef36a4212581ad7b1b4580, 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 2679402647150000000000000000. A returned price proves callability of pricing at this block, not feed freshness, liquidator execution or safe topology. Current Morpho oracleByAddress publishes baseFeedOne=0xc0053f3fbccd593758258334dfce24c2a9a673ad. 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.

rETH / USDC

Collateral/USDC price() for market 0x0a15460ad263c2186fe0b5df20a8cf71d55f3cfa06de15edcf6138f6b8edd8bf · Morpho market oracle (ChainlinkOracleV2 API classification; upstream topology unverified) · ethereum

baseFeedOne of 0x36cb058364a811636685ef15a71e8ea99043f815 ; API decimals=18 · Chainlink-compatible composite leg (provider/admin/update policy unverified) · ethereum

baseFeedTwo of 0x36cb058364a811636685ef15a71e8ea99043f815 ; API decimals=8 · Chainlink-compatible composite leg (provider/admin/update policy unverified) · ethereum

quoteFeedOne of 0x36cb058364a811636685ef15a71e8ea99043f815 ; API decimals=8 · Chainlink-compatible composite leg (provider/admin/update policy unverified) · ethereum

rETH · 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.

LsETH / USDC

Collateral/USDC price() for market 0xfb7d54e0ce71efc8fffd3f4e1db0afa9265882da5cc76604b62adfac64501e80 · Morpho market oracle (ChainlinkOracleV2 API classification; upstream topology unverified) · ethereum

baseFeedOne of 0x377f722043bb5d021f4366127d49c772e1c01c7b ; API decimals=18 · Chainlink-compatible composite leg (provider/admin/update policy unverified) · ethereum

baseFeedTwo of 0x377f722043bb5d021f4366127d49c772e1c01c7b ; API decimals=8 · Chainlink-compatible composite leg (provider/admin/update policy unverified) · ethereum

quoteFeedOne of 0x377f722043bb5d021f4366127d49c772e1c01c7b ; API decimals=8 · Chainlink-compatible composite leg (provider/admin/update policy unverified) · ethereum

LsETH · 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.

WBTC / USDC

Collateral/USDC price() for market 0x3a85e619751152991742810df6ec69ce473daef99e28a64ab2340d7b7ccfee49 · Morpho market oracle (ChainlinkOracle API classification; upstream topology unverified) · ethereum

baseFeedOne of 0xdddd770badd886df3864029e4b377b5f6a2b6b83 ; API decimals=8 · Chainlink-compatible composite leg (provider/admin/update policy unverified) · ethereum

baseFeedTwo of 0xdddd770badd886df3864029e4b377b5f6a2b6b83 ; API decimals=8 · Chainlink-compatible composite leg (provider/admin/update policy unverified) · ethereum

quoteFeedOne of 0xdddd770badd886df3864029e4b377b5f6a2b6b83 ; API decimals=8 · Chainlink-compatible composite leg (provider/admin/update policy unverified) · ethereum

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.

OETH / USDC

Collateral/USDC price() for market 0xb8fef900b383db2dbbf4458c7f46acf5b140f26d603a6d1829963f241b82510e · Morpho market oracle (ChainlinkOracleV2 API classification; upstream topology unverified) · ethereum

baseFeedOne of 0xe8adff9117151fb5ad7313873780b87cc56eedb0 ; API decimals=8 · Chainlink-compatible composite leg (provider/admin/update policy unverified) · ethereum

quoteFeedOne of 0xe8adff9117151fb5ad7313873780b87cc56eedb0 ; API decimals=8 · Chainlink-compatible composite leg (provider/admin/update policy unverified) · ethereum

OETH · 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.

cbBTC / USDC

Collateral/USDC price() for market 0x64d65c9a2d91c36d56fbc42d69e979335320169b3df63bf92789e2c8883fcc64 · Morpho market oracle (ChainlinkOracleV2 API classification; upstream topology unverified) · ethereum

baseFeedOne of 0xa6d6950c9f177f1de7f7757fb33539e3ec60182a ; API decimals=8 · Chainlink-compatible composite leg (provider/admin/update policy unverified) · ethereum

cbBTC · 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.

wstETH / USDC

Collateral/USDC price() for market 0xb323495f7e4148be5643a4ea4a8221eef163e4bccfdedc2a6f4696baacbc86cc · Morpho market oracle (ChainlinkOracle API classification; upstream topology unverified) · ethereum

baseFeedOne of 0x48f7e36eb6b826b2df4b2e630b62cd25e89e40e2 ; API decimals=8 · Chainlink-compatible composite leg (provider/admin/update policy unverified) · ethereum

quoteFeedOne of 0x48f7e36eb6b826b2df4b2e630b62cd25e89e40e2 ; API decimals=18 · Chainlink-compatible composite leg (provider/admin/update policy unverified) · ethereum

wstETH · 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.

WETH / USDC

Collateral/USDC price() for market 0x94b823e6bd8ea533b4e33fbc307faea0b307301bc48763acc4d4aa4def7636cd · Morpho market oracle (ChainlinkOracleV2 API classification; upstream topology unverified) · ethereum

baseFeedOne of 0x0f948cba8231db7898ef36a4212581ad7b1b4580 ; API decimals=8 · Chainlink-compatible composite leg (provider/admin/update policy unverified) · ethereum

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.

Reviewed 2026-10-03

Mechanism review

Protocol Position LiabilityReviewed 2026-10-02

At Ethereum block 26107704, asset()=0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48, totalSupply()=28097145082426439535141891 raw 18-decimal shares and totalAssets()=29100078912490 raw 6-decimal USDC. One adapter 0x1d511811aca9d8817a3e50f29cadff6243a02902 enumerates 8 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_Prime 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_Prime 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_Prime

Price Transparency

$1.0358single-sourceSources 0/3

0 used· Updated 18m ago

Methodology v6.31View methodology Version history →

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Taxonomy

All US Dollar stablecoins CeFi-Dependent stablecoins Crypto-Collateralized stablecoins

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KPK_USDC_Prime quick answers

What is KPK USDC Prime (KPK_USDC_Prime)?

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Answer First

What is KPK USDC Prime (KPK_USDC_Prime)?

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Static Profile

Static stablecoin profile

KPK USDC Prime (KPK_USDC_Prime) 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.

Next Actions

Compare KPK_USDC_Prime Telegram alerts Digest RSS API access

Exact bot target: /subscribe dews,depeg,safety kpkusdcprime-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_Prime quick answers

What is KPK USDC Prime (KPK_USDC_Prime)?

Is KPK_USDC_Prime safe?

What backs KPK_USDC_Prime?

Can KPK_USDC_Prime be frozen or blacklisted?

KPK USDC Prime (KPK_USDC_Prime) stablecoin analytics

What is KPK USDC Prime (KPK_USDC_Prime)?

Is KPK_USDC_Prime safe?

Static stablecoin profile

KPK_USDC_Prime quick answers

KPK USDC Prime (KPK_USDC_Prime) stablecoin analytics

KPK USDC Prime

KPK USDC Prime

KPK-curated USDC lending shares

Key Links

Contracts

Dependency Context

Underlying Asset

Mint Authority

Reserve quality

Collateral pricing & liquidation

Mechanism review

Backing mechanics

Reviewed gaps (2)

Bridging

Control posture

Freeze & seizure

Price Transparency

News

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KPK_USDC_Prime quick answers

What is KPK USDC Prime (KPK_USDC_Prime)?

Is KPK_USDC_Prime safe?

Static stablecoin profile

KPK_USDC_Prime quick answers

KPK USDC Prime

KPK USDC Prime

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

News

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KPK_USDC_Prime quick answers

Peg Stability

Reserve Composition

Supply by Chain

Liquidity by Protocol

Yield Intelligence