JewelSwap USDC Vault: One Deposit, Three Sui Lenders

JewelSwap has launched a USDC Vault on Sui. You deposit USDC once and receive jcUSDC, a share of the vault. An allocator bot lends that USDC to whichever Sui lending market pays the most, inside limits the smart contract enforces. You can use it at sui.jewelswap.io/vaults/usdc, and the full specification is in the USDC Vault docs.

The vault's net APY was about 6.5% on 8 November 2026, and it changes with lending rates. The vault is new: total deposits are capped at 10,000 USDC, and the contracts have had an internal review but no external audit yet. Read the risks section before you deposit.

What the vault does

Lending USDC on Sui usually means picking one market, such as NAVI, Scallop or Suilend, and leaving your USDC there. Rates on these markets move every day with borrowing demand. Chasing the best one by hand costs a transaction each time and someone has to watch the numbers, so most deposits stay wherever they landed first.

The vault does the watching and the moving. All deposits sit in one pool. The bot compares USDC supply rates across the lenders the vault has approved and shifts USDC toward the best one when the gap is worth the gas. Interest flows back into the vault, so the jcUSDC share price rises and each share redeems for more USDC over time.

Lender	Status on 8 November 2026	Cap
NAVI	Live	Up to 100% of the vault
Scallop	Joins 10 November, about 15:16 UTC	5,000 USDC or 50% of the vault
Suilend (main pool)	Joins 10 November, about 15:20 UTC	5,000 USDC or 50% of the vault

Scallop and Suilend were added on chain on 8 November. They only count once the vault's 48-hour timelock ends, so until 10 November the vault lends through NAVI alone. If you want to know how the three lenders differ, see what NAVI Protocol is, NAVI vs Suilend and Suilend vs Scallop.

A curated vault on Sui

On Ethereum, Morpho made curated lending vaults common with its MetaMorpho vaults. A curator decides which lending markets a vault may use and how much each one can hold, depositors hold a single vault token, and changes that add risk wait behind a timelock so depositors can react. Our guides to Morpho vaults and vault curators explain the model in detail.

The JewelSwap USDC Vault brings that model to USDC lending on Sui. The curator is a 3-of-5 multisig, so lenders and caps change only with three of five signatures. The allocator bot can move USDC between idle and the approved lenders, within the caps, and it cannot send funds anywhere else. It also sells the reward tokens lenders pay out, such as NAVI's incentives, for USDC.

Limits the contract enforces

Lending only. The vault supplies USDC to lenders. It never borrows, never uses leverage and never swaps your USDC into another token.
Caps per lender. Each lender has an absolute cap and a cap as a share of the vault, and the bot cannot go over either.
48-hour timelock. Adding a lender, raising a cap or raising a fee is proposed on chain and takes effect 48 hours later. Cutting a cap applies at once.
Loss checks. Every move between lenders is checked against a slippage limit and a daily gain limit, so a lender that misreports its balance cannot inflate the share price.
Idle buffer. About 3% of the vault's USDC stays idle to pay small exits straight away.

Every deposit and exit values the vault by reading each lender's own books in the same transaction. Nobody types in the share price. Losses count immediately and gains count gradually, so someone who deposits just before a jump in value cannot take that gain from existing holders.

Getting your USDC back

There are three ways out, depending on how much USDC the vault holds idle:

Instant. If idle USDC covers your exit, your jcUSDC is burned and the USDC is paid in the same transaction.
Ticket. For a larger exit, your jcUSDC is locked at that day's share price and you get a withdrawal ticket. The bot withdraws USDC from a lender to fund it, and you then claim. We tested this on mainnet: a 10.5 USDC ticket was funded within one 10-minute bot run.
Forced. If a ticket is still unfunded after 48 hours, anyone can force the withdrawal from a lender, so getting your money back does not depend on the bot.

One limit applies to every lending product: if a market has lent out all of its USDC, the part of the vault sitting there waits until borrowers repay.

Fees and yield

The vault charges a performance fee of 10% of gains, taken from interest earned and never from your deposit. There is no management, deposit or withdrawal fee.

The Net APY on the vault page is the lenders' supply rate plus incentives, weighted by where the USDC sits, after the 10% fee. On 8 November 2026 NAVI paid 6.85% on USDC supply plus 0.33% in incentives, which works out to about 6.5% net. Lending rates rise and fall with borrowing demand, so treat any figure as a snapshot.

What the vault adds to Sui DeFi

Sui already has deep USDC lending markets. What it lacked was a layer that spreads one deposit across them under fixed rules. With the vault:

A USDC holder gets the best available rate among NAVI, Scallop and Suilend without opening three positions or tracking three dashboards.
USDC moves toward the market paying the most, which is usually the one where borrowers want it most.
No single lender can hold more than its cap, so a problem at one market hits only part of the vault.
Every limit sits in the contract, where anyone can check it on SuiVision, instead of in a policy document.

It also gives newcomers a simple place to put USDC to work. USDC on Sui is about to reach a much wider audience through Samsung Wallet, and our post on what Samsung Wallet's USDC update means for Sui covers how that USDC can reach a vault like this one.

Risks

Lender risk. If NAVI, Scallop or Suilend suffers an exploit, bad debt or a pause on withdrawals, the share of the vault lent there is affected. Per-lender caps limit how much any one lender can hold.
Smart-contract risk. The vault and its lender adapters are new code with an internal review only. They have not been externally audited.
USDC risk. USDC is issued by Circle. If USDC loses its peg, so does the vault.
Exit timing. Large exits can wait for a ticket to be funded, up to the 48-hour forced-exit backstop.
Admin keys. The 3-of-5 multisig can pause deposits and upgrade the contracts.
Bot risk. The bot sells lender reward tokens for USDC, so a faulty bot could sell them at a bad price.

Only deposit what you can afford to lose.

How to deposit

Hold USDC on Sui in a self-custody wallet such as Slush, plus a little SUI to pay gas. Our best Sui wallets guide compares the options.
Open sui.jewelswap.io/vaults/usdc and connect the wallet.
Enter an amount and confirm the deposit. You receive jcUSDC in the same transaction.
To exit, open the Withdraw tab. The page shows whether your amount can be paid instantly or needs a ticket.