Last updated 6 October 2026.
mcUSDC is your share of Mercato USDC, a curated lending vault on Morpho. It is not a stablecoin, not a bank deposit and not insured, and you can lose some or all of what you supply. The live state of the vault — every market, its collateral, liquidation LTV and PT exit dates — is on the Risk page.
Morpho, Curve, Stake DAO, Spectra and Merkl contracts may contain bugs or be exploited. Audits reduce this risk; they do not remove it.
The curator chooses the markets Mercato USDC lends into, within the vault's caps and timelocks. A poor choice can cause losses.
The vault lends USDC against collateral (PTs, stablecoins, BTC, ETH and others). If collateral loses value faster than it can be liquidated, or an oracle misprices it, the vault can be left with bad debt, which lowers the value of mcUSDC.
You can withdraw only from USDC that is not lent out. When markets are fully borrowed, withdrawals can be delayed until borrowers repay or the curator reallocates.
PT collateral is worth less before maturity and can be hard to sell in size. Our rule is to exit each PT market before it matures; that rule can fail.
Borrowing against mcUSDC to buy more can be liquidated, and loses money whenever the borrow rate is above what mcUSDC earns.
Providing liquidity on Curve exposes you to either asset losing its peg and to the pool's own contracts; staking through Stake DAO adds its contracts.
Rates are variable and shown from past data. Rewards are paid by third parties and can stop at any time.
Before launch, figures are read from stand-in markets that are not Mercato's; they show the shape of the product, not its results.
Rules for DeFi change and differ by country, and may restrict access or affect how you are taxed.