3F x Steakhouse USDCV2
A Morpho V2 vault on Ethereum that lends out USDC deposits, curated by Steakhouse Financial. Depositors earn 4.37% a year right now after a 0% performance fee.
Data from Morpho's API · updated
Net APY
4.37%
after fees, paid to depositors
30-day APY
4.51%
7-day 4.39%
Deposits
$15.81M
15.81M USDC
Withdrawable now
$2.17M
14% of deposits
Performance fee
0%
of the interest earned
Depositors
53
largest holds 61.4%
3F 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 |
|---|---|---|
| wUSCC / USDCLLTV 98% | $7.76M | 49.1% |
| wJAAA / USDCLLTV 98% | $5.88M | 37.2% |
| wFalconX / USDCLLTV 91.5% | $2.17M | 13.7% |
| cbBTC / USDCLLTV 86% | $319 | <0.01% |
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
| wUSCC | 49.1% |
|---|---|
| wJAAA | 37.2% |
| wFalconX | 13.7% |
| cbBTC | <0.01% |
Returns over time
Net APY actually earned over each period, from the share price
| Last day | 4.36% |
|---|---|
| Last 7 days | 4.39% |
| Last 30 days | 4.51% |
| Since the vault started | 36258393.47% |
Who controls this vault
| Curator | Steakhouse Financial |
|---|---|
| Owner | 0x433d…5c122-of-2 multisig |
| Timelock to raise a cap | 3 dayswait before more can go into a market |
| Timelock to add an adapter | 3 dayswait before a new kind of investment |
| Timelock to raise fees | None |
| Allocators | 7addresses that move money between markets |
| Sentinels | 1can pull money back or cut caps in an emergency |
| Created | January 13, 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 | 4.37% |
| Vault contract | 0xBEEf…183D |
| USDC token | 0xA0b8…eB48 |
| Network | Ethereum |
The curator's description: "The 3F x Steakhouse USDC Vault lends against a curated set of institutional-grade RWAs and crypto assets with real-world exposure. It targets yields supported by disciplined structuring and risk management."
Largest depositors
53 addresses hold shares in this vault
| Address | Deposit | Share of vault |
|---|---|---|
| 0xd609…DBeC | $9.71M | 61.4% |
| 0xbeef…4E89 | $1.71M | 10.8% |
| 0x41A9…F1DD | $1.21M | 7.7% |
| 0xb48C…CC32 | $710K | 4.5% |
| 0xC7e9…5a09 | $639K | 4.0% |
| 0xb0C0…0322 | $508K | 3.2% |
| 0xb19C…7840 | $373K | 2.4% |
| 0x9B41…B76B | $228K | 1.4% |
| 0x80f6…9AD5 | $201K | 1.3% |
| 0x8655…B561 | $102K | 0.6% |
When a few addresses hold most of a vault, one large withdrawal can use up the liquidity that is free right now.
About 3F x Steakhouse USDC
3F x Steakhouse USDC is a Morpho V2 vault on Ethereum, created on January 13, 2026. It takes USDC deposits and lends them to borrowers in 4 Morpho markets. The curator, Steakhouse Financial, decides which markets it may use and how much can go into each.
It holds $15.81M (15.81M USDC) from 53 depositors and pays a net APY of 4.37% after its 0% performance fee. Over the last 30 days depositors actually earned 4.51% a year.
Its largest position is wUSCC / USDC at 49% of what it lends, followed by wJAAA / USDC (37%) and wFalconX / USDC (14%). Counting every market, its loans are backed mainly by wUSCC (49%), wJAAA (37%) and wFalconX (14%). 14% of deposits could be withdrawn right now.
Risky changes, such as adding a market, wait behind a 3-day timelock on raising caps, which gives depositors time to leave first. The owner is a 2-of-2 multisig wallet. Morpho's app shows no warnings for this vault.
3F x Steakhouse USDC: quick answers
What is the APY of 3F x Steakhouse USDC on Ethereum?
3F x Steakhouse USDC pays 4.37% net APY right now, after its fees. Measured from the growth of its share price, it paid 4.51% over the last 30 days. The rate changes every day with what its borrowers pay.
What does 3F x Steakhouse USDC lend against?
It lends USDC through 4 Morpho markets. The biggest is wUSCC / USDC with 49% of its lending. Overall its loans are backed mainly by wUSCC (49%), wJAAA (37%) and wFalconX (14%).
Can I withdraw from 3F x Steakhouse USDC right now?
About $2.17M of its $15.81M in deposits (14%) 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 3F x Steakhouse USDC and what does it charge?
Steakhouse Financial curates it. It keeps 0% of the interest earned as a performance fee. The net APY shown is after these fees.
What are the risks of 3F 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 3-day timelock on raising caps. This is not advice.
Other USDC vaults
The same deposit asset, other curators and networks