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Risk Change· Liquidity

Curve USDT/USDe pool drains to 18% USDe as funding stays negative

The main USDT/USDe Curve pool skewed to 18% USDe, signaling one-sided exit pressure. A liquidity-depth dimension was re-scored on USDe-holding vaults.

USDeUSDeassetUSDTUSDTasset
2Affected vaults
$21.06MTotal exposed
6.5/10Significance
01

Affected positions

Direct(1)

Vaults holding the affected asset directly.

morphoUSDe
Steakhouse USDe Core
morphoEthereum
$14.82M
Steakhouse USDe CoremorphomorphoUSDeUSDe

Hidden(1)

Exposure inherited through a wrapper — easy to miss.

morphoUSDe
Re7 sUSDe Yieldvia sUSDe
morphoEthereum
$6.24M
Re7 sUSDe YieldmorphomorphosUSDesUSDeUSDeUSDe
02

Exposure path

Each affected position shows its full route above — direct holdings resolve in one hop; wrapper exposure is expanded to the underlying (e.g. sUSDe → USDe).

03

Severity & reason

Risk Changesignificance 6.5/10

Scored dimension moved: liquidity.secondary_depth downgraded as pool balance < 25% (rule: amm-imbalance-rescore).

04

Suggested action

Review exposure. Monitor liquidity depth.

05

Evidence

SourceView article
Graph snapshotgsnap_77de…ab4499
Methodologyv3.2.1
PublishedJun 23, 2026, 08:56 AM UTC