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Galaxy USDC Enhanced

Risk reportEthereum0xd95f…8d96

Risk

Depositing into Galaxy USDC Enhanced means underwriting risks you usually can't see: how much you could lose, whether you'd get out in time, and what would cover it.

Morpho BlueVault (aggregates across markets)
How much could be lost?
38%of your deposit if collateral falls 50%Only smart-contract bug reaches a total 100%, with no warning to exit.
Can I exit?
Via underlying marketsonly governance changes give a 3-day timelock to exit — every other modeled failure is no-warning
What backs it?
No committed backstopnothing committed would cover a loss
Track record
No pool-level losses recorded36 audits, latest Dec 15, 2025

Collateral and oracle exposure

Each token you're exposed to, and the market it backs. If that market breaks, this is how much the vault loses, in dollars and as a share of the vault. Open a row for the price feed, stress curve, and supply-cap detail. Below, the oracles those prices depend on and what is at stake if one is compromised.

If collateral prices dropper asset · no liquidations · stress estimate
est. bad debt up to 18% of deposit

Driven by reUSD −30% 5% · cbBTC −30% 5% · PST −30% 5% · other 2% · −100% 89% modeled all-to-zero bad-debt ceiling

cbBTCcbBTCMarket29%of vault · bad debt · $2.31mOracle exposure 3%

What it's made of

Market· Chainlink(aggregator)

cbBTC is priced via BTC / USD — market-rate feed (Chainlink).

BaseBTC / USDMarketChainlink
Heartbeat 1h · Deviation 50bps
Markets this collateral backs · 1
  • → USDC86% LLTV0xa6d6…182aChainlink
Aggregate Collateral Trust (ACT):$501.32m103 vaultsToken:0xcbb7…33bfAllocation: 32% of the vault · $2.59m

If it breaks

−30% default
At −30%:est. bad debt up to 5% of depositUses 1 market LLTV curve · capped at allocation $2.59m · drag to set this asset's drop
Oracle exposure: up to 3% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price
PSTPSTMarket28%of vault · bad debt · $2.25mOracle exposure 4%

What it's made of

Market· Chainlink(aggregator)

Priced off live market data — a depeg moves the price and can liquidate positions.

Markets this collateral backs · 1
  • → USDC86% LLTV0xa565…8ac0Chainlink
Aggregate Collateral Trust (ACT):$10.52m9 vaultsToken:0x22ae…d4c7Allocation: 31% of the vault · $2.54m

If it breaks

−30% default
At −30%:est. bad debt up to 5% of depositUses 1 market LLTV curve · capped at allocation $2.54m · drag to set this asset's drop
Oracle exposure: up to 4% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price
reUSDreUSDHybrid23%of vault · bad debt · $1.88mOracle exposure 3%

What it's made of

Hybrid(exchange-rate)

reUSD is priced from an exchange-rate/NAV leg (reUSD/USD exchange rate) — no market-rate feed, so it tracks redemption value, not market price.

BasereUSD/USD exchange rateExchange rate
Markets this collateral backs · 1
  • → USDC92% LLTV0xa66a…4e70
Aggregate Collateral Trust (ACT):$4.1m21 vaultsToken:0x5086…0c72Allocation: 26% of the vault · $2.1m

If it breaks

−30% default
At −30%:est. bad debt up to 5% of depositUses 1 market LLTV curve · capped at allocation $2.1m · drag to set this asset's drop
Oracle exposure: up to 3% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price
LBTCLBTCMarket7%of vault · bad debt · $542,456Oracle exposure 0.7%

What it's made of

Market· RedStone / Chainlink(aggregator)

LBTC is priced via Redstone Price Feed × BTC / USD — 2-hop market-rate feeds (RedStone + Chainlink).

BaseRedstone Price FeedMarketRedStoneBTC / USDMarketChainlink
Heartbeat 1h · Deviation 50bps
Markets this collateral backs · 1
  • → USDC86% LLTV0xdcc0…29dbRedStone / Chainlink
Aggregate Collateral Trust (ACT):$12.91m17 vaultsToken:0x8236…4494Allocation: 7% of the vault · $598,928

If it breaks

−30% default
At −30%:est. bad debt up to 1% of depositUses 1 market LLTV curve · capped at allocation $598,928 · drag to set this asset's drop
Oracle exposure: up to 0.7% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price
PT-USDat-14JAN2027PT-USDat-14JAN2027Unclassified3%of vault · bad debt · $207,752Oracle exposure 0.5%

What it's made of

Unclassified(managed)

Oracle design not classified (long-tail market).

Markets this collateral backs · 1
  • → USDC92% LLTV0x034f…2dad
Aggregate Collateral Trust (ACT):$1.48m8 vaultsToken:0xba96…314fAllocation: 3% of the vault · $250,670

If it breaks

−30% default
At −30%:est. bad debt up to 0.6% of depositUses 1 market LLTV curve · capped at allocation $250,670 · drag to set this asset's drop
Oracle exposure: up to 0.5% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

+3 markets with no current position

Oracle dependencies

2 feeds · 2 control points

Up to11%of vault drainable if these feeds are mispriced · $900,948

Each price traces to a feed and the on-chain admin that can move it. Compromise either to misprice the collateral and borrow against it. Per-row amounts overlap and are not summed.

  • Chainlink / RedStone·a 4/9 Safe multisigprices cbBTC, LBTC, PRIME, weETH, PST0x21f7…73ca8% of vault · $630,736drainable if it is compromised
  • RedStone / Chainlink·a 2/3 Safe multisigprices LBTC0x6906…4472<1% of vault · $56,472drainable if it is compromised
  • On-chain exchange rate· no external feed or adminprices reUSD3% of vault · $227,295mispriceable only via the issuing contract
  • Unidentified feeds· vendor and on-chain control not resolvedprices PT-USDat-14JAN2027<1% of vault · $42,918mispriceable if these feeds lie
Updated 44min agoSources:on-chain reads via @defillama/sdkhttps://hub.snapshot.org/graphqlhttps://api.morpho.org/graphql