Usual Boosted USDC Vault Whitelisting

Vaults
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Introduction

This is a proposal to whitelist the Usual Boosted USDC Vault on MetaMorpho. The Usual Boosted USDC Vault will seek to whitelist Usual protocol collateral assets markets and continuously optimize risk-adjusted yield across these Morpho Blue Usual protocol collateral assets. The vault and the markets will be incentivized by the Usual DAO in alignment with the pills campaign. (See rules) You can see your pills at any time in the Usual Drugstore.

For the initialization of this Vault, we have whitelisted the USD0++/USDC and Curve LP (USD0++/USD0)/USDC markets.

About MEV

MEV Capital is a DeFi assets manager firm that already has more than $300M in assets under management and that is already curator on Symbiotic and Mellow. Its knowledge in DeFi is now clearly established and it will act as the first curator of Usual Morpho vaults and markets.

About Usual

USUAL rebuilds Tether on-chain, redistributing generated value to the user. As a decentralized protocol, it aggregates and unifies RWA TBill liquidity into a permissionless and composable stablecoin (USD0). The structure redistributes power and ownership to users and third parties, mirroring a scenario where TVL providers own the protocol and its revenues. This innovative approach transforms how value and governance are managed in the digital finance landscape.

Market Specifications

The Usual Boosted USDC Vault has whitelisted these markets for supply:

Usual Boosted USDC Vault

  • Address: 0xd63070114470f685b75B74D60EEc7c1113d33a3D
  • Symbol: USUALUSDC+
  • Objective: The Usual Boosted USDC Vault has the objective to provide external USDC liquidity to Usual assets users. It will allow them to get a better capital efficiency and to make leverage loops.
  • Incentives: Earn 1 Pill per day + Bonus Pills for every new USD0++ minted

Vault Fee

The vault have a 8% fee at the moment.

Whitelisting Vault Contracts

We ask Morpho DAO to whitelist this vault to be displayed in the UI.

MetaMorpho vaults may receive $MORPHO rewards from supplying to incentivized markets on Morpho Blue. To allow the vaults to transfer these potential $MORPHO rewards to suppliers, we propose whitelisting our vault addresses. The vaults have already reached the $2M threshold.

Learn more about Usual from our website and Twitter.

Learn more about MEV Capital from our website and Twitter.

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Update Summary

MEV Capital will make raises of the supply caps of the Morpho Usual Boosted USDC market.

Motivation

The Usual Boosted USDC market has been at its cap for an extended period of time, indicating there being more demand. This cap was placed for economic reasons surrounding available onchain liquidity for USD0++ at earlier stages of the Usual protocol. With Usual continuously maturing we want to double down on Morpho and further grow our vaults.

The DAO want to go one step further and offer lowest risk for all stakeholder holders involved by guaranteeing redemption for the entire supply of USD0++ in case of extensive liquidation without secondary market liquidity. This also includes collateralized USD0++ in Morpho, where the Usual DAO can redeem any USD0++ 1:1 in case of a liquidity crunch or other reasons. (DAO Unlock capability proof)

This is also possible thanks to the DAO partner and current only source of backing, Hashnote and their USYC product.

What is USYC?

USYC is the on-chain representation of the Hashnote International Short Duration Yield Fund Ltd. (“SDYF”). SDYF invests primarily in reverse repo and U.S. Government backed securities.

Why USYC

Being invested in overnight repo means minimized market risk, duration risk, and credit risk – as good as being in a U.S. Treasury Money Market fund, but with the transaction speed, transparency, and composability of being an ERC-20.

USYC lets you earn short-term risk free returns. Assets are deployed in reverse repo, with some allocated to T-Bills, to ensure maximum liquidity and minimum duration risk.

Liquidity for USYC

  • Mint / redeem time T+0 to T+1 into USDC or PYUSD.
    • Instant on-chain liquidity buffer of ~5% of entire USYC supply (can be check by anybody at anytime here : https://usyc.hashnote.com/)
    • Remaining at T+0 , T+1
  • Atomic on-chain instant mint / redeem available.
  • On-chain mint available only during “market hours”.
  • On-chain redemption available at any time but for limited size.
  • Safety
    • No credit intermediaries.
    • No loans to anyone.
    • Fully regulated by CIMA.
    • Direct access to segregated custodial account.
    • Custodied at Bank of New York Mellon

We will keep you updated of further developments.

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Adding PT-USD0++ market

We recently added a new PT market to our Usual Boosted USDC vault. This addition aligns us with borrowers seeking to profit from the full range of Usual products.

There is also a PT-USD0++ market on the Usual Boosted USDC vault. Once this market reaches maturity, users will be able to zap their PT position to the new market directly from Pendle.

Market Specifications

PT-USD0+±27MAR2025/USDC (91.5%)

  • Collateral Asset : PT-USD0+±27MAR2025
  • Borrow Asset: USDC
  • Supply Cap : 4M USDC
  • LLTV : 91.5%
  • Oracle : TWAP (15min) - 0xE316c92D2B1f50a53E72461856fD50b2519e5800
  • IRM : Adaptive Curve - 0x870aC11D48B15DB9a138Cf899d20F13F79Ba00BC

Next steps

We will provide regular updates with each new market addition.