Steakhouse Ethena USDtb
A Morpho vault on Ethereum that lends out USDtb deposits, curated by Steakhouse Financial. Depositors earn 3.18% a year right now after a 5% performance fee.
Data from Morpho's API · updated
Net APY
3.18%
after fees, paid to depositors
30-day APY
5.08%
7-day 3.22%
Deposits
$1.04M
1.04M USDtb
Withdrawable now
$123K
12% of deposits
Performance fee
5%
of the interest earned
Depositors
19
largest holds 95.1%
Steakhouse Ethena USDtb 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 |
|---|---|---|
| sUSDe / USDtbLLTV 91.5% | $1.04M | 100.0% |
| USDe / USDtbLLTV 91.5% · not listed in the Morpho app | $7.00 | <0.01% |
| Idle cashnot lent out | $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
| sUSDe | 100.0% |
|---|---|
| Other | <0.01% |
Returns over time
Net APY actually earned over each period, from the share price
| Last day | 3.19% |
|---|---|
| Last 7 days | 3.22% |
| Last 30 days | 5.08% |
| Last year | 2.07% |
| Since the vault started | 2.53% |
Who controls this vault
| Curator | Steakhouse Financial |
|---|---|
| Owner | 0x0A0e…f8DD5-of-10 multisig |
| Guardian | 0xdc4c…33fa |
| Timelock | 3 dayswait before risky changes take effect |
| Allocators | 6addresses that move money between markets |
| Created | May 16, 2025 |
Timelocks give depositors time to leave before a change they dislike takes effect. Morpho risks explained.
Details
| Deposit asset | USDtbprice $0.9996 |
|---|---|
| Vault version | MetaMorpho (V1) |
| APY before fees | 3.35% |
| Public allocator | Onborrowers can pull liquidity between this vault's markets |
| Vault contract | 0xBeEF…F4E2 |
| USDtb token | 0xC139…aC1C |
| Network | Ethereum |
The curator's description: "The Steakhouse Ethena USDtb vault aims to optimize yield on USDtb lending against a wide range of collateral assets."
Largest depositors
19 addresses hold shares in this vault
| Address | Deposit | Share of vault |
|---|---|---|
| 0x2Bf5…F67c | $986K | 95.1% |
| 0x255c…085a | $34.8K | 3.4% |
| 0xb8C3…6aB3 | $13.0K | 1.3% |
| 0x2F56…a80e | $1.0K | 0.1% |
| 0x8FFc…d3b6 | $1.0K | 0.1% |
| 0xA055…99bb | $1.0K | 0.1% |
| 0xB873…313c | $10.00 | <0.01% |
| 0x1a07…5971 | $5.00 | <0.01% |
| 0x284f…cAc6 | $1.00 | <0.01% |
| 0xfD98…e0A0 | $0 | 0.0% |
When a few addresses hold most of a vault, one large withdrawal can use up the liquidity that is free right now.
About Steakhouse Ethena USDtb
Steakhouse Ethena USDtb is a MetaMorpho vault (Morpho V1) on Ethereum, created on May 16, 2025. It takes USDtb deposits and lends them to borrowers in 2 Morpho markets. The curator, Steakhouse Financial, decides which markets it may use and how much can go into each.
It holds $1.04M (1.04M USDtb) from 19 depositors and pays a net APY of 3.18% after its 5% performance fee. Over the last 30 days depositors actually earned 5.08% a year, and 2.07% over the last year.
Its largest position is sUSDe / USDtb at 100% of what it lends, followed by USDe / USDtb (<0.01%). Counting every market, its loans are backed mainly by sUSDe (100%) and Other (<0.01%). 12% 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.
Steakhouse Ethena USDtb: quick answers
What is the APY of Steakhouse Ethena USDtb on Ethereum?
Steakhouse Ethena USDtb pays 3.18% net APY right now, after its fees. Measured from the growth of its share price, it paid 5.08% over the last 30 days. The rate changes every day with what its borrowers pay.
What does Steakhouse Ethena USDtb lend against?
It lends USDtb through 2 Morpho markets. The biggest is sUSDe / USDtb with 100% of its lending. Overall its loans are backed mainly by sUSDe (100%) and Other (<0.01%).
Can I withdraw from Steakhouse Ethena USDtb right now?
About $123K of its $1.04M in deposits (12%) 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 Steakhouse Ethena USDtb 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 Steakhouse Ethena USDtb?
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.
