What changed

The indexed IPOR Fusion Nvidia Carry Trade page had still described the vault as being in a pre-deposit phase ahead of yield-generation ignition. TAU Labs now says the carry strategies are activated. AAPLCT, previously shown around a 10.00% reward-only target, now displays 10.27% APY with 0.27% base APY, while TVL is roughly unchanged from about $38.16K to $38.19K. The Morpho Blue AAPLc/USDC market shows a 6.61% borrow APY, $478,965 available liquidity, and a 62.5% LTV.

Why it matters

The material change is not a TVL spike but the transition of the tokenized-stock-collateral-to-USDC-borrow carry engine into active operation. At the observation time, most of AAPLCT's headline APY still comes from the 10% reward component and the displayed base carry remains small.

Evidence

  • TAU Labs public social feed — TAU Labs stated that its Stock Carry Vaults use Morpho, borrow USDC against Coinbase Tokenized Stocks on markets curated by SteakhouseFi, and that the carry strategies are activated now. 2026-09-17T07:14:17+09:00
  • DefiLlama AAPLc — AAPLCT Apple Carry Trade shows $38,186 TVL and 10.27% APY, composed of 0.27% base and 10.00% reward APY. The same page shows Morpho Blue AAPLc/USDC at 6.61% borrow APY, $478,965 available liquidity, and 62.5% LTV. 2026-09-17T07:14:17+09:00
  • IPOR Fusion Nvidia Carry Trade — The recently indexed public page still described a pre-deposit phase ahead of the ignition of yield generation, providing a clear prior-state contrast to TAU Labs' current activation announcement. 2026-09-17T07:14:17+09:00

Limitations

DefiLlama shows 10.00 percentage points of AAPLCT's 10.27% APY as rewards, with only 0.27% as base APY. Borrow costs are variable and can compress or invert the carry spread. The structure introduces smart-contract, oracle and liquidation risks across Fusion, Morpho, the curator and downstream deployment venues, plus tokenized-stock issuer, custody, redemption and eligibility risks and the timing mismatch between 24/5 equity markets and 24/7 Base markets. Public IPOR pages and aggregators may update at different times, and equivalent base-carry activation for every TAU stock vault was not independently verified at this observation. CURATED separately announced an extra 10% APR in USDC and 20% more Fusion Points, but whether that incentive is included in the 10.27% figure, along with its duration and cap, was not verified.

Disclosure

This is a public-market observation and does not constitute investment advice.