Sentora’s OUSD lending vault holds $43M on Tempo, but almost nobody is borrowing

Sentora’s new Morpho vault for Open USD (OUSD) on the Tempo blockchain has pulled in roughly $42.5 million to $43 million in deposits. That is a respectable haul for a vault that launched around October 13, 2026. The problem is what happens after the money arrives. Nearly all of it is sitting still, because borrowers have mostly stayed away. Borrowing in the underlying market dropped as low as 4.51 OUSD on October 19, 2026. How the vault is supposed to work Depositors put OUSD, a stablecoin, into a vault curated by Sentora on Morpho, a decentralized lending protocol. The vault then routes those deposits into an isolated Morpho Blue market. Borrowers can draw OUSD from that market by posting Coinbase Wrapped Bitcoin (cbBTC) as collateral. cbBTC is a token that represents Bitcoin held by Coinbase, letting it move around onchain lending markets. “Isolated” means this market stands on its own, so trouble in some other Morpho market should not spill into this one. The market uses a loan-to-value ratio (LLTV) of 86% for OUSD against cbBTC. Sentora acts as risk curator here. It manages the key parameters that are meant to keep lending in the isolated market safe and to protect depositors ...