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?

KPK_USDC_Prime 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 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. VaultV2 deliberately returns zero from maxWithdraw and maxRedeem as conservative underestimates, not measurements of available exit liquidity.
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.

Pharos

KPK_USDC_Prime

KPK USDC Prime

Wraps USDC

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

Yield-Bearing HybridUSDC NAV Crypto-Backed Centralized-Dependent

23 Oct 2025

Price

$1.0370

NAV token — no fixed peg

Market Cap

$30.22M

+0.05% 24h

Supply

29.15M KPK_USDC_Prime

+3.07% 7d

+45.64% 30d

DEWS

PegNAVToken

Liq

30d Excess

Price

$1.0370

NAV token — no fixed peg

Market Cap

$30.22M

+0.05% 24H

Supply

29.15M KPK_USDC_Prime

+3.07% 7D · +45.64% 30D

30d Excess

—

MechanismProtocol Position MintingWrapped / inherited FreezeUpstream Chains1 JurisdictionNot disclosed MiCAOut of Scope Issued2025

MintingWrapped / inherited FreezeUpstream Chains1 JurisdictionNot disclosed MiCAOut of Scope 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 2026-10-02

AI policy

CeFi-Dependent|Compare

Depeg Early Warning

Not applicableNAV tokens are priced by NAV, not peg

Exit evidence

Redemption route

Not reviewed

Control evidence

KPK_USDC_Prime

Mint Authority

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

Confidence: UnknownInherits USDC mint riskControl posture: Wrapper / inherited

Control map

IssuerWrapped / inherited

ControlsWrapperGovernor Safe5/8Safe2/5

SupplyKPK_USDC_PrimeNo 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 (9)

Verification gaps

At block 26124896, all 27 prior Zodiac permission/membership/default-role reads are unchanged and no module event occurred since 26122342. Legacy target 0xe108fbc04852b5df72f9e44d7c29f47e7a993add now has exact fully verified MetaMorphoV1_1 source/runtime identity: owner/guardian remain old Security Council 0x354c92af243d53a24feb3dff20372af7b7c47478, curator is the Prime Safe, timelock=259201, totalSupply=1795018093651893917284 and totalAssets=1844856575. It remains a separate live liability, not disabled-final. Its shutdown-agent submitCap and updateWithdrawQueue grants are wildcard call-only; submitCap can schedule increases, while queue removal can recognize loss. Root submit(bytes) also schedules setIsAllocator with current delay zero. Remaining complete authorization proof must bind both liabilities' live cap/queue and pending-change state to all Safe signature/delegate/fallback, permission-owner reconfiguration and reactivation paths; no broad issuer parameter/timelock guarantee substitutes for that certificate.

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

Incident history (1)

Mint incident 2026-06-21Resolved

Resolved 2026-06-22

Prime was also affected by the June 21 forceDeallocate disruption: its exact VaultV2 event moved 500,065.514514 USDC from the cbBTC market to vault idle, with zero penalty. The Prime monitoring agent set the adapter penalty to 0.5% that evening; its rebalancer redeployed the exact displaced amount across WETH and cbBTC on June 22. This is a local allocation/share-burning control incident, not arbitrary USDC issuance or theft. Resolution describes this episode only: later penalty resets and further forceDeallocate events remain in the reviewed history, so a permanent elimination of griefing is not claimed.

Issuer June 21 ecosystem-wide forceDeallocate campaign disclosure; KPK vaults were a subset Exact Prime forceDeallocate at block 25368490, 2026-06-21T20:54:47Z; USDC returned to this vault, not the caller Exact Prime monitoring-agent mitigation at block 25369233, 2026-06-21T23:23:47Z; adapter penalty becomes 5000000000000000 Exact Prime rebalancer recovery at block 25370763, 2026-06-22T04:31:47Z; two allocations total 500065514514 raw USDC Independent complete Prime creation-to-block-26124896 event census reviewed 2026-10-05; seven forceDeallocate events, zero unexplained mint/burn totals

Review notes & sources (26)

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.

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.

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

Reviewed 2026-10-05

KPK_USDC_Prime

Collateral pricing & liquidation

Opaque / unknown

8 branches price collateral from an undisclosed pricing method.

Confidence: Probable

Max LTV86%

Pricing path

SourcesMorpho market oracle (ChainlinkOracleV2 API classification; upstream topology unverified)Chainlink-compatible composite leg (provider/admin/update policy unverified)Morpho market oracle (ChainlinkOracle API classification; upstream topology unverified)

AggregatorOpaque / unknown26 feeds · 8 branches

ConsumerLiquidation engine

Branches

First 5 of 8 · debt shares not measured

weETH / USDCPricing tier: Opaque / unknownMax LTV 77%
rETH / USDCPricing tier: Opaque / unknownMax LTV 86%
LsETH / USDCPricing tier: Opaque / unknownMax LTV 86%
WBTC / USDCPricing tier: Opaque / unknownMax LTV 86%
OETH / USDCPricing tier: Opaque / unknownMax LTV 86%

+ 3 more branches under Feeds, parameters & failure behavior

Feeds, parameters & failure behavior

Feeds

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
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
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
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
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
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
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
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

cbBTC / USDCPricing tier: Opaque / unknownMax LTV 86%
wstETH / USDCPricing tier: Opaque / unknownMax LTV 86%
WETH / USDCPricing tier: Opaque / unknownMax LTV 86%

weETH / USDC

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

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

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

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

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

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

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

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.

Review notes & sources (19)

Vault share NAV uses internal asset/share accounting; Morpho borrower markets require collateral pricing. At Ethereum block 26154662, the adapter enumerates eight markets; the current/historical reviewed union has eight positive Morpho supply positions, with matching internal supply shares and zero borrowing/collateral. weETH retains one raw USDC unit of expected assets. This position census establishes identities and dust, not feed administrators, update/staleness safeguards or complete oracle fallback topology; the profile remains unresolved.

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.
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.

Reviewed 2026-10-03

KPK_USDC_Prime

Inherited

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

Sourced review

Power and scope

Upstreamvia USD Coin

PowerInherited

ScopeCanonical · Permissionless

Reviewed deployments (1)

EthereumCanonical · Permissionless

Transfer posture reviewed 2026-10-02.

Review notes & sources (7)

At Ethereum block 26107704, sendSharesGate, receiveSharesGate and receiveAssetsGate are zero and their setter selectors are permanently abdicated. Source transfer requires share gates; exit requires canSendShares and canReceiveAssets. sendAssetsGate instead controls deposits, not direct withdrawal. Its setter abdicated=0. Underlying USDC issuer freeze exposure remains inherited. Partial source verification and matching deployed bytes do not prove a complete compiler match.

Reviewed 2026-10-02

KPK_USDC_Prime

MiCA out of scope

MiCA (EU): Out of scope

KPK_USDC_Prime is out of MiCA scope.

Sources (3)

KPK_USDC_Prime

Single-chain / native

One native deployment, on Ethereum; no bridge route.

Confidence: Probable

Review notes & sources (7)

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

Reviewed 2026-10-02

Context

KPK_USDC_Prime

Dependency context

Open in Dependency Map

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.

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

Market

KPK_USDC_Prime

Price Transparency

$1.0370Single-sourceSources 0/3

0 used· Updated —

View methodology Version history →

Activity

History

News

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Taxonomy

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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?

Answer first

What is KPK USDC Prime (KPK_USDC_Prime)?

Is KPK_USDC_Prime safe?

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. VaultV2 deliberately returns zero from maxWithdraw and maxRedeem as conservative underestimates, not measurements of available exit liquidity.
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

Wraps USDC

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

Yield-Bearing HybridUSDC NAV Crypto-Backed Centralized-Dependent

23 Oct 2025

Price

$1.0370

NAV token — no fixed peg

Market Cap

$30.22M

+0.05% 24h

Supply

29.15M KPK_USDC_Prime

+3.07% 7d

+45.64% 30d

DEWS

PegNAVToken

Liq

30d Excess

Price

$1.0370

NAV token — no fixed peg

Market Cap

$30.22M

+0.05% 24H

Supply

29.15M KPK_USDC_Prime

+3.07% 7D · +45.64% 30D

30d Excess

—

MechanismProtocol Position MintingWrapped / inherited FreezeUpstream Chains1 JurisdictionNot disclosed MiCAOut of Scope Issued2025

MintingWrapped / inherited FreezeUpstream Chains1 JurisdictionNot disclosed MiCAOut of Scope Issued2025

KPK-curated USDC lending shares

Updated 2026-10-02

AI policy

CeFi-Dependent|Compare

KPK_USDC_Prime

Mechanism

Bridge / moduleexact deployed issuance
Managed positionsreceipts counted once
KPK_USDC_Prime liabilityprotocol withdrawal claim

stress: position / withdrawal failure / unreconciled residual liabilities

Learn how protocol-position stablecoins work

Peg mechanism

ERC-4626 deposits exchange USDC for NAV-bearing shares.

Collateral

Drawn as the reviewed composition in Reserves.

Review notes & sources (18)

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. VaultV2 deliberately returns zero from maxWithdraw and maxRedeem as conservative underestimates, not measurements of available exit liquidity.

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.

Mechanism review

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 expectedSupplyAssets=29100078910236, idle underlying=2254; their sum equals totalAssets. All current positions have zero borrow shares and zero posted collateral. This is an operational proportional lending-position claim. It is not direct ownership of the parent issuer reserve, an independently signed financial reconciliation, or proof of legal segregation and insolvency priority. Blockscout is_fully_verified=false; bytecode equality is not a complete compiler/source verification. Limited holderClaim reflects exact code-enforced operational redemption; limited liabilityConservation reflects dated complete current assets/shares and reproducible expectedSupplyAssets accounting; limited positionCustody reflects all enumerated immediate on-chain lenders. Neither accounting NAV nor an upstream financial report grants vault legal or assurance credit. Selected-route liquidity observed 2026-10-02T22:44:52.884200+00:00 is $12770068.09, not a guarantee, DEX quote, same-notional executable depth or full-supply stressed capacity. Reference code security reports: ChainSecurity 2025-09-16 and Cantina Managed 2025-12-15 (final adapter code tag 2025-12-04). These are not independent reserve-to-liability assurance, exact-vault audit coverage or default-recovery guarantees; existing component grades and evidence pin remain unchanged. Review 2026-10-07: exact current KPK VaultV2/direct MorphoMarketV1AdapterV2 route is bound by the existing Ethereum26107704 positions observed2026-10-02T22:44:52.884200+00:00 and official KPK product/architecture pages; no intermediate V1.1 MetaMorpho wrapper is in this path. Newly reviewed primary Morpho V2 bad-debt/emergency guides and c034336f82b0415f786fa15fc61fa81bf5256e31 reference code establish loss recognition: adapter realAssets falls after recognized bad debt; accrueInterest sets newTotalAssets=min(realAssets,maxTotalAssets); receipt-share holders remaining at recognition absorb loss pro rata through lower share value without shares being burned. For a consistently reverting market the documented timelocked adapter burnShares(marketId), followed by vault.deallocate(adapter,data,0), writes off irrecoverable market shares; it abandons assets and is NOT funded asset recovery. Revoking pending cap increases, zeroing caps, staged liquidity-dependent deallocation and allocator maxRate=0 limit additional exposure/phantom upward interest; downward losses still book. Previously accrued phantom interest and pre-recognition exits may disadvantage remaining holders; management fees may continue. Limited operational default/loss procedure and scoped receipt-ledger priority only, not legal insolvency rank, full stressed liquidity or external recovery guarantee, not evidence that bad debt occurred. Existing partial-source-verification/bytecode caveat preserved; reference code/security assessments are not independent financial assurance. External-creditor, legal encumbrance and reuse scope remain unavailable.

Reviewed 2026-10-07

KPK_USDC_Prime

Reserves

Opaque exit

USDC deposited into KPK-curated Morpho lending markets100%High riskvia USDC reserves

Very low risk

Via USDC: 3 reviewed slices, led by Overnight Reverse Treasury Repo at 67.6%.

Confidence: Verified

Liquid ≤ 1 dayNot published

Unresolved reserve exposure0%

Liquidity ladder

Unknown100%

Slice detail & risk factors

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

Review notes & sources (9)

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 reserves reviewed 2026-10-01; the review date below covers KPK_USDC_Prime's own basis.KPK_USDC_Prime basis as of 2026-10-02, per Exact KPK USDC Prime Morpho Vault V2 deployment.Live sync unavailable; showing curated reserve baseline

Reviewed 2026-10-03

Depeg Early Warning

Not applicableNAV tokens are priced by NAV, not peg

Exit evidence

Redemption route

Not reviewed

Control evidence

KPK_USDC_Prime

Mint Authority

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

Confidence: UnknownInherits USDC mint riskControl posture: Wrapper / inherited

Control map

IssuerWrapped / inherited

ControlsWrapperGovernor Safe5/8Safe2/5

SupplyKPK_USDC_PrimeNo 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 (9)

Verification gaps

At block 26124896, all 27 prior Zodiac permission/membership/default-role reads are unchanged and no module event occurred since 26122342. Legacy target 0xe108fbc04852b5df72f9e44d7c29f47e7a993add now has exact fully verified MetaMorphoV1_1 source/runtime identity: owner/guardian remain old Security Council 0x354c92af243d53a24feb3dff20372af7b7c47478, curator is the Prime Safe, timelock=259201, totalSupply=1795018093651893917284 and totalAssets=1844856575. It remains a separate live liability, not disabled-final. Its shutdown-agent submitCap and updateWithdrawQueue grants are wildcard call-only; submitCap can schedule increases, while queue removal can recognize loss. Root submit(bytes) also schedules setIsAllocator with current delay zero. Remaining complete authorization proof must bind both liabilities' live cap/queue and pending-change state to all Safe signature/delegate/fallback, permission-owner reconfiguration and reactivation paths; no broad issuer parameter/timelock guarantee substitutes for that certificate.

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

Incident history (1)

Mint incident 2026-06-21Resolved

Resolved 2026-06-22

Review notes & sources (26)

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.

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.

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

Reviewed 2026-10-05

KPK_USDC_Prime

Collateral pricing & liquidation

Opaque / unknown

8 branches price collateral from an undisclosed pricing method.

Confidence: Probable

Max LTV86%

Pricing path

AggregatorOpaque / unknown26 feeds · 8 branches

ConsumerLiquidation engine

Branches

First 5 of 8 · debt shares not measured

weETH / USDCPricing tier: Opaque / unknownMax LTV 77%
rETH / USDCPricing tier: Opaque / unknownMax LTV 86%
LsETH / USDCPricing tier: Opaque / unknownMax LTV 86%
WBTC / USDCPricing tier: Opaque / unknownMax LTV 86%
OETH / USDCPricing tier: Opaque / unknownMax LTV 86%

+ 3 more branches under Feeds, parameters & failure behavior

Feeds, parameters & failure behavior

Feeds

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
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
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
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
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
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
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
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

cbBTC / USDCPricing tier: Opaque / unknownMax LTV 86%
wstETH / USDCPricing tier: Opaque / unknownMax LTV 86%
WETH / USDCPricing tier: Opaque / unknownMax LTV 86%

weETH / USDC

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.

rETH / USDC

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

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

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

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

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

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

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.

Review notes & sources (19)

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.
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.

Reviewed 2026-10-03

KPK_USDC_Prime

Inherited

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

Sourced review

Power and scope

Upstreamvia USD Coin

PowerInherited

ScopeCanonical · Permissionless

Reviewed deployments (1)

EthereumCanonical · Permissionless

Transfer posture reviewed 2026-10-02.

Review notes & sources (7)

Reviewed 2026-10-02

KPK_USDC_Prime

MiCA out of scope

MiCA (EU): Out of scope

KPK_USDC_Prime is out of MiCA scope.

Sources (3)

KPK_USDC_Prime

Single-chain / native

One native deployment, on Ethereum; no bridge route.

Confidence: Probable

Review notes & sources (7)

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

Reviewed 2026-10-02

Context

KPK_USDC_Prime

Dependency context

Open in Dependency Map

Underlying asset

USD CoinUSDC

Modeled as a strategy vault variant of USDC.

Strategy

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

Market

KPK_USDC_Prime

Supply by Chain

KPK_USDC_Prime

Liquidity by Protocol

KPK_USDC_Prime

Price Transparency

$1.0370Single-sourceSources 0/3

0 used· Updated —

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KPK_USDC_Prime

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KPK_USDC_Prime

Mechanism

Bridge / moduleexact deployed issuance
Managed positionsreceipts counted once
KPK_USDC_Prime liabilityprotocol withdrawal claim

stress: position / withdrawal failure / unreconciled residual liabilities

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Peg mechanism

ERC-4626 deposits exchange USDC for NAV-bearing shares.

Collateral

Drawn as the reviewed composition in Reserves.

Review notes & sources (18)

Peg mechanism

Collateral

Mechanism review

Reviewed 2026-10-07

KPK USDC Prime (KPK_USDC_Prime) stablecoin analytics

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Static stablecoin profile

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KPK USDC Prime

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weETH / USDC

rETH / USDC

LsETH / USDC

WBTC / USDC

OETH / USDC

cbBTC / USDC

wstETH / USDC

WETH / USDC

Freeze & seizure

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KPK USDC Prime

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weETH / USDC

rETH / USDC

LsETH / USDC

WBTC / USDC

OETH / USDC

cbBTC / USDC

wstETH / USDC

WETH / USDC

Freeze & seizure

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