Presto launches two USDC vaults on Morpho

What happened

Presto introduced two Ethereum Morpho vaults: USDC Prime, lending against WBTC, and USDC Forte, allocating to private-credit and RWA collateral markets.

What changed

The launch added curator-managed USDC exposures with different risk mandates. Prime targets WBTC/USDC with a 10% performance fee; Forte targets FalconX- and JAAA-related markets with a 15% performance fee and higher counterparty, legal, oracle, and liquidity complexity.

What did not change

The launch did not modify Morpho Blue's core contracts and did not extend Ketju approval to either Presto vault. No current client holding was identified.

Confirmed

• Presto USDC Prime was identified at 0x133614490896bc02C774bc3399E4Db1B6D05a2CA on Ethereum.
• Presto USDC Forte was identified at 0x68A65f315BCd3C3456d1368Ff88bC661856548E1 on Ethereum.
• Prime was described as lending exclusively against WBTC with a 10% performance fee.
• Forte was described as allocating to AA_FalconXUSDC/USDC, wFalconX/USDC, and wJAAA/USDC with a 15% performance fee.
• The record states that market additions are subject to timelocks of at least three days, with more critical actions delayed seven days.

Still open

• Independent verification of live allocations, caps, utilization, withdrawal liquidity, and role configuration remains necessary.
• The legal enforceability, counterparty quality, liquidity, and oracle behavior of Forte's private-credit collateral require separate diligence.

What it means for an advisor

• Add both vaults to the Morpho research perimeter without treating them as approved exposures.
• Require separate curator, collateral, oracle, timelock, utilization, and exit-liquidity review before advisor consideration.
• Give Forte heightened diligence because its yield depends on private-credit and RWA structures rather than only liquid crypto collateral.