Ethena x Steakhouse USDCV2
A Morpho V2 vault on Base that lends out USDC deposits, curated by Steakhouse Financial. Depositors earn 4.48% a year right now after a 5% performance fee.
Data from Morpho's API · updated
Net APY
4.48%
after fees, paid to depositors
30-day APY
4.46%
7-day 4.53%
Deposits
$30.87M
30.88M USDC
Withdrawable now
$18.74M
61% of deposits
Performance fee
5%
of the interest earned
Depositors
70
largest holds 99.2%
Ethena x Steakhouse USDC APY history
Net APY earned each day, measured from the vault's share price
| Day | Deposits | Net APY |
|---|
Deposits over time
Where the money goes
The markets this vault lends to right now, largest first
| Market | Lent | Share |
|---|---|---|
| cbBTC / USDCLLTV 86% | $18.65M | 60.4% |
| cbXRP / USDCLLTV 62.5% | $10.69M | 34.6% |
| cbETH / USDCLLTV 77% | $1.53M | 4.9% |
The curator decides which markets the vault may use and how much it may put in each (the cap). Allocators then move money between those markets within the caps. How vaults work.
What the loans are backed by
Share of this vault's lending by the collateral borrowers put up
| cbBTC | 60.7% |
|---|---|
| cbXRP | 34.6% |
| cbETH | 4.7% |
| USDe | 0.0% |
Returns over time
Net APY actually earned over each period, from the share price
| Last day | 4.42% |
|---|---|
| Last 7 days | 4.53% |
| Last 30 days | 4.46% |
| Since the vault started | 3.79% |
Who controls this vault
| Curator | Steakhouse Financial |
|---|---|
| Owner | 0x639b…C5D6 |
| Timelock to raise a cap | 7 dayswait before more can go into a market |
| Timelock to add an adapter | 7 dayswait before a new kind of investment |
| Timelock to raise fees | None |
| Allocators | 6addresses that move money between markets |
| Sentinels | 0can pull money back or cut caps in an emergency |
| Created | June 12, 2026 |
Timelocks give depositors time to leave before a change they dislike takes effect. Morpho risks explained.
Details
| Deposit asset | USDCprice $0.9999 |
|---|---|
| Vault version | Morpho Vault V2 |
| APY before fees | 4.72% |
| Vault contract | 0xBeEf…739e |
| USDC token | 0x8335…2913 |
| Network | Base |
The curator's description: "Vault designed for Ethena balance sheet allocation."
Largest depositors
70 addresses hold shares in this vault
| Address | Deposit | Share of vault |
|---|---|---|
| 0x2Bf5…F67c | $30.63M | 99.2% |
| 0x441b…9810 | $104K | 0.3% |
| 0x00C0…CF94 | $70.0K | 0.2% |
| 0x255c…085a | $33.5K | 0.1% |
| 0x01F9…0B1e | $22.0K | 0.1% |
| 0xAaFC…7Ddd | $10.0K | 0.0% |
| 0x4523…68E0 | $1.9K | <0.01% |
| 0x358c…DDf7 | $630 | <0.01% |
| 0x9049…f94d | $501 | <0.01% |
| 0x789f…7F01 | $483 | <0.01% |
When a few addresses hold most of a vault, one large withdrawal can use up the liquidity that is free right now.
About Ethena x Steakhouse USDC
Ethena x Steakhouse USDC is a Morpho V2 vault on Base, created on June 12, 2026. It takes USDC deposits and lends them to borrowers in 3 Morpho markets. The curator, Steakhouse Financial, decides which markets it may use and how much can go into each.
It holds $30.87M (30.88M USDC) from 70 depositors and pays a net APY of 4.48% after its 5% performance fee. Over the last 30 days depositors actually earned 4.46% a year.
Its largest position is cbBTC / USDC at 60% of what it lends, followed by cbXRP / USDC (35%) and cbETH / USDC (5%). Counting every market, its loans are backed mainly by cbBTC (61%), cbXRP (35%) and cbETH (5%). 61% of deposits could be withdrawn right now.
Risky changes, such as adding a market, wait behind a 7-day timelock on raising caps, which gives depositors time to leave first. Morpho's app shows no warnings for this vault.
Ethena x Steakhouse USDC: quick answers
What is the APY of Ethena x Steakhouse USDC on Base?
Ethena x Steakhouse USDC pays 4.48% net APY right now, after its fees. Measured from the growth of its share price, it paid 4.46% over the last 30 days. The rate changes every day with what its borrowers pay.
What does Ethena x Steakhouse USDC lend against?
It lends USDC through 3 Morpho markets. The biggest is cbBTC / USDC with 60% of its lending. Overall its loans are backed mainly by cbBTC (61%), cbXRP (35%) and cbETH (5%).
Can I withdraw from Ethena x Steakhouse USDC right now?
About $18.74M of its $30.87M in deposits (61%) could be withdrawn immediately. The rest is lent out and frees up as borrowers repay or as higher rates bring in new lenders.
Who runs Ethena x Steakhouse USDC and what does it charge?
Steakhouse Financial curates it. It keeps 5% of the interest earned as a performance fee. The net APY shown is after these fees.
What are the risks of Ethena x Steakhouse USDC?
Like every Morpho vault, it can lose money if a borrower's collateral crashes faster than it can be liquidated, if a price oracle fails, or through a smart contract bug. Withdrawals can wait when its markets are fully borrowed. Changes to it wait behind a 7-day timelock on raising caps. This is not advice.
Other USDC vaults
The same deposit asset, other curators and networks