sky.money launches USDT Savings and USDS Flagship vaults on Morpho

What happened

sky.money announced the launch of two Morpho vaults: a USDT Savings Vault supplying an existing sUSDS/USDT market and a USDS Flagship Vault combining Sky Savings Rate exposure with allocations to selected Morpho lending markets.

What changed

The launch created new advisor-accessible wrappers joining Sky savings exposure to Morpho curator and allocator risk. The USDT vault routes deposits to a 96.5% LLTV sUSDS/USDT market. The USDS vault states that 80% of deposits earn the Sky Savings Rate through launch rewards while up to 20% is actively allocated across specified Morpho markets, with a 5% limit per market.

What did not change

The record does not show a change to the immutable Morpho Blue base contract or to direct USDS/sUSDS redemption mechanics. The USDT vault uses an existing market, and neither launch expands Ketju's existing approved scope or establishes that the new vaults are appropriate or safe.

Confirmed

• The official forum record is dated March 3, 2026 and expressly announces the two vault launches.
• The USDT Savings Vault accepts USDT and supplies the existing sUSDS/USDT Morpho market at a stated 96.5% LLTV.
• The USDS Flagship Vault accepts USDS and uses an allocator bot subject to a stated 20% aggregate market-exposure cap and 5% cap per market.
• The listed USDS markets use stUSDS, wstETH, WETH, or cbBTC collateral at stated 86% LLTVs.
• The launch included time-limited Merkl incentives denominated in USDT or USDS.

Still open

• The record does not provide the vault contract addresses, deployed MetaMorpho version, or the on-chain owner, curator, allocator, guardian, and timelock configuration.
• Actual allocations, utilization, TVL, exit liquidity, and withdrawal performance at launch are not independently established.
• The post does not establish how the allocation set or fees could change after launch incentives end.

What it means for an advisor

• Do not treat the USDS Flagship Vault as equivalent to holding direct sUSDS; it adds Morpho curator, allocator, collateral, oracle, liquidation, incentive, and withdrawal-liquidity risks.
• The existing Morpho memo approves only the Steakhouse-curated USDC vault, so these sky.money vaults require separate underwriting before inclusion.
• Review both memo files for overlapping Sky and Morpho exposure so the same USDS economic risk is not double-counted.