> For the complete documentation index, see [llms.txt](https://docs.jewelswap.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.jewelswap.io/sui/usdc-vault.md).

# USDC Vault (jcUSDC)

The JewelSwap USDC Vault on Sui lends your USDC to NAVI, Scallop and Suilend, wherever it earns most, inside caps the contract enforces. Deposit USDC, receive jcUSDC.

{% hint style="warning" %}
**New vault.** Deposits are capped at **10,000 USDC** while the vault is new. The contracts have had an internal review, not an external audit yet. Lender, USDC and smart-contract risk apply: only deposit what you can afford to lose.
{% endhint %}

App: [sui.jewelswap.io/vaults/usdc](https://sui.jewelswap.io/vaults/usdc)

## How it works

You deposit USDC and receive **jcUSDC**, a share of the vault. An allocator bot lends the vault's USDC to the Sui lending market paying the most and moves it when rates change. The share price rises as the lenders pay interest, so your jcUSDC is worth more USDC over time.

```
You ──USDC──► USDC Vault (mints jcUSDC) ──► Allocator ──► NAVI
                                                      ├─► Scallop
                                                      └─► Suilend
```

The vault keeps about **3%** of its USDC idle so small exits can be paid at once.

### Lenders

| Lender              | Status                                  | Cap                            |
| ------------------- | --------------------------------------- | ------------------------------ |
| NAVI                | Live                                    | up to 100% of the vault        |
| Scallop             | Joins **10 November 2026, \~15:16 UTC** | 5,000 USDC or 50% of the vault |
| Suilend (main pool) | Joins **10 November 2026, \~15:20 UTC** | 5,000 USDC or 50% of the vault |

Scallop and Suilend were added on chain on 8 November. They count only after the vault's 48-hour timelock ends; until then the vault lends through NAVI alone.

## Limits the contract enforces

* **Lending only.** The vault supplies USDC to lenders. It never borrows, never uses leverage and never swaps your USDC.
* **Caps per lender.** Each lender has an absolute cap and a cap as a share of the vault. The bot cannot exceed either.
* **48-hour timelock.** Adding a lender or raising a cap is proposed on chain and only takes effect 48 hours later, so depositors can see it coming and leave first.
* **Curator is a 3-of-5 multisig.** Lenders and caps change only with 3 of 5 signatures. The bot can move USDC between approved lenders, within the caps, and nothing else.
* **Loss checks.** Every move between lenders is checked against slippage and a daily gain limit, so a lender that misreports its balance cannot inflate the share price.

## Withdrawing

There are three paths, depending on how much USDC sits idle:

1. **Instant.** If the vault holds enough idle USDC, your jcUSDC is burned and the USDC is paid in the same transaction.
2. **Ticket.** For larger exits your jcUSDC is locked at today's share price and you get a withdrawal ticket. The bot withdraws USDC from a lender to fund it, usually within minutes (tested on mainnet: a 10.5 USDC ticket was funded within one 10-minute bot run). You then claim the USDC.
3. **Forced.** If a ticket is still unfunded after **48 hours**, anyone can force the withdrawal from a lender, so an exit never depends on the bot.

## Fees

* **Performance fee: 10% of gains.** Taken only from interest earned, never from your deposit.
* **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 performance fee. While the vault is mostly idle it shows the rate a new deposit would earn at the best live lender. It is variable and not a promise.

## Risks

* **Lender risk.** If NAVI, Scallop or Suilend suffers a loss or pauses 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.
* **USDC risk.** The vault holds USDC throughout; a USDC depeg affects it directly.
* **Exit timing.** Large exits may wait for a ticket to be funded, up to the 48-hour forced-exit backstop.

## Related

* [Ember Loop (jeLOOP)](/sui/ember-loop.md): a leveraged USDC vault, for a higher yield at higher risk
* [Safety and Security](/other-resources/safety-and-security.md)