PT-sUSDS becomes live Morpho collateral with Sky vault allocation

What happened

A Morpho market went live using PT-sUSDS as collateral and USDS as the loan asset, while a Sky.money-curated USDS vault began adding an allocation to that market.

What changed

PT-sUSDS can now support variable-rate USDS borrowing and leveraged looping, and the curated vault can route depositor USDS into the new market.

What did not change

The market is outside Sky.money's control and is not a Sky Protocol primitive. The source does not show that any Ketju-approved or client-held Morpho vault allocated to it.

Confirmed

• A live Morpho market accepts PT-sUSDS collateral and lends USDS.
• The collateral retains its fixed-rate maturity exposure while the USDS borrowing cost is variable.
• Sky.money said its USDS Flagship Vault was adding an allocation to the market.
• Looping increases loan-to-value and liquidation risk.

Still open

• The market's LLTV, oracle, liquidation penalty, caps, utilization, and liquidity.
• The amount and effective time of the curated-vault allocation.
• Whether any approved or client-held vault touches the market.
• The early-exit liquidity available before PT-sUSDS maturity.

What it means for an advisor

• Treat the PT-sUSDS market and looping strategy as unapproved until separately underwritten.
• Check approved Morpho-vault allocations for exposure to PT-sUSDS and apply off-list-market controls if applicable.
• Review the Sky memo's integration perimeter without attributing third-party Morpho controls to Sky.