3F x Steakhouse USDC on Ethereum
V2A Morpho V2 vault on Ethereum that lends out USDC deposits, curated by Steakhouse Financial. Depositors earn 4.80% a year right now after a 0% performance fee.
Data from Morpho's API · updated
Net APY
4.80%
after fees, paid to depositors
30-day APY
5.02%
7-day 5.18%, from the share price
Deposits
$15.61M
15.61M USDC
Withdrawable now
$4.45M
29% of deposits
Performance fee
0%
of the interest earned
Depositors
54
largest holds 62.4%
3F x Steakhouse USDC APY history
Net APY earned each day, from the vault's share price: after fees, without token rewards
| 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% | $7.84M | 55.5% |
| wFalconX / USDCLLTV 91.5% | $3.82M | 27.1% |
| wJAAA / USDCLLTV 98% | $2.32M | 16.4% |
| wmGLO / USDCLLTV 91.5% | $138K | 1.0% |
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
| wFalconX | 51.5% |
|---|---|
| wUSCC | 33.3% |
| wJAAA | 14.3% |
| wmGLO | 0.9% |
Returns over time
Net APY actually earned over each period, from the share price: after fees, without token rewards
| Last day | 4.80% |
|---|---|
| Last 7 days | 5.18% |
| Last 30 days | 5.02% |
| Last 90 days | 4.78% |
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 | 8addresses 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 $0.9997 |
|---|---|
| Vault version | Morpho Vault V2 |
| APY before fees | 4.80% |
| 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
54 addresses hold shares in this vault
| Address | Deposit | Share of vault |
|---|---|---|
| 0xd609…DBeC | $9.74M | 62.4% |
| 0x41A9…F1DD | $1.17M | 7.5% |
| 0xb48C…CC32 | $713K | 4.6% |
| 0xC7e9…5a09 | $642K | 4.1% |
| 0xb0C0…0322 | $510K | 3.3% |
| 0xb19C…7840 | $375K | 2.4% |
| 0x9B41…B76B | $229K | 1.5% |
| 0x80f6…9AD5 | $202K | 1.3% |
| 0x8655…B561 | $102K | 0.7% |
| 0xbeef…4E89 | $101K | 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 $15.61M (15.61M USDC) from 54 depositors and pays a net APY of 4.80% after its 0% performance fee. Over the last 30 days depositors actually earned 5.02% a year.
Its largest position is wUSCC / USDC at 56% of its deposits, followed by wFalconX / USDC (27%) and wJAAA / USDC (16%). Counting every market, its loans are backed mainly by wFalconX (51%), wUSCC (33%) and wJAAA (14%). 29% of deposits could be withdrawn right now.
Adding a market or raising how much can go into one waits behind a timelock of 3 days, 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 4.80% net APY right now, after its fees. Measured from the growth of its share price, it paid 5.02% 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 56% of its deposits. Overall its loans are backed mainly by wFalconX (51%), wUSCC (33%) and wJAAA (14%).
Can I withdraw from 3F x Steakhouse USDC right now?
About $4.45M of its $15.61M in deposits (29%) 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. Adding a market or raising a cap waits behind a timelock of 3 days. This is not advice.
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