Morpho Vault V2 curator · Launching on Base
Risk-curated yield
for Latin American stablecoins.
Beskar curates lending vaults for Ripio's wFiat tokens — the Argentine peso, Brazilian real, Mexican peso and more — on Morpho. Your stablecoins earn interest from overcollateralised loans, with every risk parameter on-chain and timelocked.
- wFiat vaults
- 6
- collateral types
- 5
- curator timelock
- 3 days
- fees
- 0%
Vaults
One vault per currency
Every vault holds a single wFiat stablecoin and lends it only against collateral Beskar has approved. Vaults without a Chainlink price feed on Base stay idle until one is available.
Beskar wARS
Argentine peso
Collateral
- USDC 77%
- USDT 77%
- WETH 62.5%
- cbBTC 62.5%
Beskar wBRL
Brazilian real
Collateral
- USDC 77%
- USDT 77%
- WETH 62.5%
- cbBTC 62.5%
- wstETH 62.5%
Beskar wMXN
Mexican peso
Collateral
- USDC 77%
- USDT 77%
- WETH 62.5%
- cbBTC 62.5%
- wstETH 62.5%
Beskar wCOP
Colombian peso
Collateral
Holds idle until a COP price feed is live on Base.
Beskar wCLP
Chilean peso
Collateral
Holds idle until a CLP price feed is live on Base.
Beskar wPEN
Peruvian sol
Collateral
Holds idle until a PEN price feed is live on Base.
Approach
Curation built for volatile currencies
Local-currency lending has its own failure modes: devaluations, slow FX feeds and thin liquidity. Beskar's parameters are designed around them.
Isolated markets
Each vault lends into separate Morpho Blue markets. A problem with one collateral cannot spread to the others.
Conservative LLTVs
77% for USDC and USDT, 62.5% for WETH, cbBTC and wstETH. The buffers are sized for FX feeds that can lag a fast devaluation.
Verified FX oracles
Collateral is priced through Chainlink forex feeds via Morpho's oracle factory. Every oracle is checked against the raw feeds before a market is enabled.
Timelocked changes
Adding markets or raising caps takes three days to come into effect, and fee changes take fourteen. Depositors always have time to exit.
How it works
From deposit to yield
- 01
Deposit wFiat
Supply wARS, wBRL, wMXN or another Ripio wFiat stablecoin and receive vault shares.
- 02
Beskar allocates
The vault supplies liquidity to curated Morpho Blue markets, within caps set by the Beskar risk team.
- 03
Borrowers pay interest
Borrowers post USDC, USDT, WETH, cbBTC or wstETH as collateral and borrow local-currency stablecoins.
- 04
Earn and withdraw
Interest accrues to the vault share price. Withdraw from idle liquidity or the USDC market whenever it is available.
Governance
Separated roles, on-chain limits
Vault powers are split across three Safe multisigs. Each role can only act within the limits the vault contract enforces, and each role Safe can also act as a sentinel to revoke pending changes or cut caps instantly.
Owner
Appoints the curator and sentinels. Cannot move funds.
Curator
Beskar risk team. Enables markets and sets caps, always behind a 3-day timelock.
Allocator
Beskar operations. Moves liquidity between enabled markets, within caps.
Curator timelock
3 days
Every risk-increasing change on the vault and adapter.
Fee timelock
14 days
Any change to fees is announced two weeks ahead.
Fees
0%
No performance or management fee.
Max rate
100% APR
Upper bound on how fast share price can grow.
Liquidity market
USDC
New deposits are supplied to the USDC market first.
Inflation guard
Dead deposit
A seed deposit is burned to 0xdEaD at launch.
Risk
Know what you are underwriting
Curated does not mean risk-free. These are the main risks depositors take on.
FX oracle lag
Forex feeds update on deviation or heartbeat. USD / ARS can lag by up to 24 hours.
Issuer risk
wFiat tokens are issued by Ripio and are upgradeable. A token pause would freeze markets.
Liquidity
Withdrawals depend on idle funds and USDC-market utilisation.
Smart contracts
Morpho, the vault, adapters and oracles are all code and can have bugs.