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

> The launch created new advisor-accessible wrappers joining Sky savings exposure to Morpho curator and allocator risk.

- URL: https://riadefi.com/on-chain/2026-03-03-morpho-sky-vaults-launch/
- Type: Launch or access
- Stage: Live launch
- Evidence: confirmed
- Materiality: material
- Event date: 2026-03-03
- Version: 1, published 2026-08-22 (first published 2026-08-22)
- Advisor-relevant: no
- Affects: Morpho Blue (protocol); Sky (protocol)

## 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.

## Sources

1. [Announcing the sky.money USDT Savings Vault & USDS Flagship Vault](https://forum.morpho.org/t/announcing-the-sky-money-usdt-savings-vault-usds-flagship-vault/2199) · sky.money on the Morpho Governance Forum · 2026-03-03


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Published by Ketju Research on RIADeFi (https://riadefi.com). Educational research for financial professionals; not investment, legal, tax, or compliance advice.