Smokehouse USDC
A Morpho vault on Ethereum that lends out USDC deposits, curated by Steakhouse Financial. Depositors earn 5.01% a year right now after a 10% performance fee.
Data from Morpho's API · updated
Net APY
5.01%
after fees, paid to depositors
30-day APY
5.12%
7-day 5.28%
Deposits
$13.58M
13.58M USDC
Withdrawable now
$10.07M
74% of deposits
Performance fee
10%
of the interest earned
Depositors
457
largest holds 24.9%
Smokehouse 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 |
|---|---|---|
| mF-ONE / USDCLLTV 91.5% | $4.53M | 33.4% |
| PT-reUSD-10DEC2026 / USDCLLTV 91.5% | $3.43M | 25.3% |
| weETH / USDCLLTV 86% | $1.58M | 11.6% |
| WETH / USDCLLTV 86% | $1.22M | 9.0% |
| wFalconX / USDCLLTV 91.5% | $1.19M | 8.8% |
| wstETH / USDCLLTV 86% | $785K | 5.8% |
| weETH / USDCLLTV 77% | $285K | 2.1% |
| cbBTC / USDCLLTV 86% | $275K | 2.0% |
| steakEURCV / USDCLLTV 91.5% | $195K | 1.4% |
| weETH / USDCLLTV 86% | $46.7K | 0.3% |
| WBTC / USDCLLTV 86% | $30.7K | 0.2% |
| cbBTC / USDCLLTV 86% | $599 | <0.01% |
| TSLAon / USDCLLTV 62.5% · not listed in the Morpho app | $50.00 | <0.01% |
| reUSD / USDCLLTV 91.5% | $2.00 | <0.01% |
| FLHYon / USDCLLTV 86% · not listed in the Morpho app | $1.00 | <0.01% |
| USCC / USDCLLTV 91.5% · not listed in the Morpho app | $0 | 0.0% |
| PT-sUSDS-26NOV2026 / USDCLLTV 91.5% | $0 | 0.0% |
| PT-USDG-24SEP2026 / USDCLLTV 91.5% | $0 | 0.0% |
| sUSDe / USDCLLTV 91.5% | $0 | 0.0% |
| Idle cashnot lent out | $0 | 0.0% |
| tBTC / USDCLLTV 77% | $0 | 0.0% |
| stcUSD / USDCLLTV 91.5% · not listed in the Morpho app | $0 | 0.0% |
| AA_FalconXUSDC / USDCLLTV 77% | $0 | 0.0% |
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
| mF-ONE | 32.0% |
|---|---|
| PT-reUSD-10DEC2026 | 25.0% |
| weETH | 14.8% |
| wFalconX | 10.6% |
| WETH | 8.7% |
| wstETH | 5.6% |
| reUSD | 1.8% |
| steakEURCV | 1.3% |
| WBTC | 0.2% |
| Other | <0.01% |
Returns over time
Net APY actually earned over each period, from the share price
| Last day | 5.09% |
|---|---|
| Last 7 days | 5.28% |
| Last 30 days | 5.12% |
| Last year | 5.45% |
| Since the vault started | 6.96% |
Who controls this vault
| Curator | Steakhouse Financial |
|---|---|
| Owner | 0x0A0e…f8DD5-of-10 multisig |
| Guardian | 0x94aa…27D3 |
| Timelock | 3 dayswait before risky changes take effect |
| Allocators | 6addresses that move money between markets |
| Created | December 5, 2024 |
Timelocks give depositors time to leave before a change they dislike takes effect. Morpho risks explained.
Details
| Deposit asset | USDCprice $0.9999 |
|---|---|
| Vault version | MetaMorpho (V1) |
| APY before fees | 5.59% |
| Public allocator | Onborrowers can pull liquidity between this vault's markets |
| Vault contract | 0xBEeF…f5bC |
| USDC token | 0xA0b8…eB48 |
| Network | Ethereum |
The curator's description: "The Smokehouse USDC vault aims to optimize for yield on a wide range of collaterals."
Largest depositors
457 addresses hold shares in this vault
| Address | Deposit | Share of vault |
|---|---|---|
| 0xEA1C…3B36 | $3.38M | 24.9% |
| 0x6bB9…adf3 | $1.60M | 11.8% |
| 0x4fD0…12Da | $978K | 7.2% |
| 0x1eB1…F2bb | $736K | 5.4% |
| 0x39be…705D | $552K | 4.1% |
| 0x4D0E…0B65 | $519K | 3.8% |
| 0xdb4F…DC00 | $489K | 3.6% |
| 0xaD26…9a76 | $388K | 2.9% |
| 0x93Ac…0e84 | $361K | 2.7% |
| 0x0547…74f3 | $347K | 2.6% |
When a few addresses hold most of a vault, one large withdrawal can use up the liquidity that is free right now.
About Smokehouse USDC
Smokehouse USDC is a MetaMorpho vault (Morpho V1) on Ethereum, created on December 5, 2024. It takes USDC deposits and lends them to borrowers in 15 Morpho markets. The curator, Steakhouse Financial, decides which markets it may use and how much can go into each.
It holds $13.58M (13.58M USDC) from 457 depositors and pays a net APY of 5.01% after its 10% performance fee. Over the last 30 days depositors actually earned 5.12% a year, and 5.45% over the last year.
Its largest position is mF-ONE / USDC at 33% of what it lends, followed by PT-reUSD-10DEC2026 / USDC (25%) and weETH / USDC (12%). Counting every market, its loans are backed mainly by mF-ONE (32%), PT-reUSD-10DEC2026 (25%) and weETH (15%). 74% of deposits could be withdrawn right now.
Risky changes, such as adding a market, wait behind a 3-day timelock, which gives depositors time to leave first. The owner is a 5-of-10 multisig wallet. Morpho's app shows no warnings for this vault.
Smokehouse USDC: quick answers
What is the APY of Smokehouse USDC on Ethereum?
Smokehouse USDC pays 5.01% net APY right now, after its fees. Measured from the growth of its share price, it paid 5.12% over the last 30 days. The rate changes every day with what its borrowers pay.
What does Smokehouse USDC lend against?
It lends USDC through 15 Morpho markets. The biggest is mF-ONE / USDC with 33% of its lending. Overall its loans are backed mainly by mF-ONE (32%), PT-reUSD-10DEC2026 (25%) and weETH (15%).
Can I withdraw from Smokehouse USDC right now?
About $10.07M of its $13.58M in deposits (74%) 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 Smokehouse USDC and what does it charge?
Steakhouse Financial curates it. It keeps 10% of the interest earned as a performance fee. The net APY shown is after these fees.
What are the risks of Smokehouse 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. This is not advice.
Other USDC vaults
The same deposit asset, other curators and networks