Smokehouse USDT on Ethereum
A Morpho vault on Ethereum that lends out USDT deposits, curated by Steakhouse Financial. Depositors earn 6.38% a year right now after a 10% performance fee.
Data from Morpho's API · updated
Net APY
6.38%
after fees, paid to depositors
30-day APY
4.61%
7-day 5.36%, from the share price
Deposits
$20.20M
20.22M USDT
Withdrawable now
$14.37M
71% of deposits
Performance fee
10%
of the interest earned
Depositors
128
largest holds 93.2%
Smokehouse USDT 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 |
|---|---|---|
| WBTC / USDTLLTV 86% | $6.05M | 30.0% |
| PT-sUSDS-26NOV2026 / USDTLLTV 91.5% | $3.78M | 18.7% |
| wstETH / USDTLLTV 86% | $3.51M | 17.4% |
| PT-reUSD-10DEC2026 / USDTLLTV 91.5% | $1.95M | 9.7% |
| sUSDS / USDTLLTV 96.5% | $1.38M | 6.8% |
| WBTC / USDTLLTV 86% | $1.09M | 5.4% |
| reUSD / USDTLLTV 91.5% | $863K | 4.3% |
| weETH / USDTLLTV 86% | $829K | 4.1% |
| wstETH / USDTLLTV 86% | $428K | 2.1% |
| cbBTC / USDTLLTV 86% | $183K | 0.9% |
| sUSDe / USDTLLTV 91.5% | $117K | 0.6% |
| cbBTC / USDTLLTV 86% | $10.7K | 0.1% |
| syrupUSDT / USDTLLTV 91.5% | $0 | 0.0% |
| syrupUSDC / USDTLLTV 91.5% · under $1,000, not tracked here | $0 | 0.0% |
| weETH / USDTLLTV 77% · under $1,000, not tracked here | $0 | 0.0% |
| FLHYon / USDTLLTV 86% · under $1,000, not tracked here | $0 | 0.0% |
| Idle cashnot lent out | $0 | 0.0% |
| WETH / USDTLLTV 86% | $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
| WBTC | 38.8% |
|---|---|
| PT-reUSD-10DEC2026 | 25.0% |
| wstETH | 21.4% |
| reUSD | 6.8% |
| PT-sUSDS-26NOV2026 | 3.6% |
| sUSDS | 3.3% |
| cbBTC | 0.5% |
| WETH | 0.3% |
| weETH | 0.1% |
Returns over time
Net APY actually earned over each period, from the share price: after fees, without token rewards
| Last day | 4.98% |
|---|---|
| Last 7 days | 5.36% |
| Last 30 days | 4.61% |
| Last 90 days | 4.14% |
| Last year | 3.82% |
Who controls this vault
| Curator | Steakhouse Financial |
|---|---|
| Owner | 0x0A0e…f8DD5-of-10 multisig |
| Guardian | 0x4fCD…C1dD |
| Timelock | 3 dayswait before risky changes take effect |
| Allocators | 7addresses that move money between markets |
| Created | December 31, 2024 |
Timelocks give depositors time to leave before a change they dislike takes effect. Morpho risks explained.
Details
| Deposit asset | USDTprice $0.9990 |
|---|---|
| Vault version | MetaMorpho (V1) |
| APY before fees | 7.11% |
| Public allocator | Onborrowers can pull liquidity between this vault's markets |
| Vault contract | 0xA080…7484 |
| USDT token | 0xdAC1…1ec7 |
| Network | Ethereum |
The curator's description: "The Smokehouse USDT vault aims to optimize for yield on a wide range of collaterals."
Largest depositors
128 addresses hold shares in this vault
| Address | Deposit | Share of vault |
|---|---|---|
| 0x3231…1a90 | $18.83M | 93.2% |
| 0x7C26…D4a6 | $400K | 2.0% |
| 0xFe2E…7fEE | $257K | 1.3% |
| 0xe8c0…4d75 | $195K | 1.0% |
| 0x8053…b7e6 | $105K | 0.5% |
| 0x7150…3E5B | $101K | 0.5% |
| 0x255c…085a | $54.0K | 0.3% |
| 0x4AB3…EA4d | $40.7K | 0.2% |
| 0x4941…b280 | $33.4K | 0.2% |
| 0x9D1A…2958 | $28.2K | 0.1% |
When a few addresses hold most of a vault, one large withdrawal can use up the liquidity that is free right now.
About Smokehouse USDT
Smokehouse USDT is a MetaMorpho vault (Morpho V1) on Ethereum, created on December 31, 2024. It takes USDT deposits and lends them to borrowers in 12 Morpho markets. The curator, Steakhouse Financial, decides which markets it may use and how much can go into each.
It holds $20.20M (20.22M USDT) from 128 depositors and pays a net APY of 6.38% after its 10% performance fee. Over the last 30 days depositors actually earned 4.61% a year, and 3.82% over the last year.
Its largest position is WBTC / USDT at 30% of its deposits, followed by PT-sUSDS-26NOV2026 / USDT (19%) and wstETH / USDT (17%). Counting every market, its loans are backed mainly by WBTC (39%), PT-reUSD-10DEC2026 (25%) and wstETH (21%). 71% 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 5-of-10 multisig wallet. Morpho's app shows no warnings for this vault.
Smokehouse USDT: quick answers
What is the APY of Smokehouse USDT on Ethereum?
Smokehouse USDT pays 6.38% net APY right now, after its fees. Measured from the growth of its share price, it paid 4.61% over the last 30 days. The rate changes every day with what its borrowers pay.
What does Smokehouse USDT lend against?
It lends USDT through 12 Morpho markets. The biggest is WBTC / USDT with 30% of its deposits. Overall its loans are backed mainly by WBTC (39%), PT-reUSD-10DEC2026 (25%) and wstETH (21%).
Can I withdraw from Smokehouse USDT right now?
About $14.37M of its $20.20M in deposits (71%) 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 USDT 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 USDT?
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.
Other USDT vaults
The same deposit asset, other curators and networks
