The OUSD lending vault, managed by Sentora on the Morpho protocol, has attracted between $42.5 million and $43 million in deposits since its launch on October 13, 2026. Despite the significant capital inflow, the vault faces low demand from borrowers, who use Coinbase Wrapped Bitcoin as collateral to access liquidity.
On October 19, 2026, borrowing volume in the isolated Morpho Blue market fell to 4.51 OUSD. Because the vault relies on interest payments from borrowers to generate yield, the lack of activity means organic returns for depositors remain near zero. Currently, participants rely on external rewards campaigns offering approximately 3.6% APR.
Sentora, an institutional DeFi platform formed by the merger of IntoTheBlock and Trident Digital, acts as the risk curator for the vault. This deployment on the Tempo blockchain is the firm's second, following the launch of a pathUSD vault in May 2026. Tempo is designed for enterprise-grade stablecoin payments.
The OUSD stablecoin itself launched on September 30, 2026, with over $1 billion in committed liquidity and backing from companies including Coinbase, Mastercard, Shopify, Stripe, and Visa. Future performance of the vault will depend on whether deposits remain stable once current incentive programs conclude.
