Steakhouse Ethena USDtb on Ethereum
A Morpho vault on Ethereum that lends out USDtb deposits, curated by Steakhouse Financial. Depositors earn 22.02% a year right now after a 5% performance fee.
Data from Morpho's API · updated
Net APY
22.02%
after fees, paid to depositors
30-day APY
8.07%
7-day 8.32%, from the share price
Deposits
$750K
750.35K USDtb
Withdrawable now
$36.7K
5% of deposits
Performance fee
5%
of the interest earned
Depositors
23
largest holds 85.4%
Steakhouse Ethena USDtb 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 |
|---|---|---|
| sUSDe / USDtbLLTV 91.5% | $809K | 100.0% |
| USDe / USDtbLLTV 91.5% · under $1,000, not tracked here | $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% |
|---|
Returns over time
Net APY actually earned over each period, from the share price: after fees, without token rewards
| Last day | 11.88% |
|---|---|
| Last 7 days | 8.32% |
| Last 30 days | 8.07% |
| Last 90 days | 5.28% |
| Last year | 2.61% |
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 | 7addresses 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 $0.9990 |
|---|---|
| Vault version | MetaMorpho (V1) |
| APY before fees | 23.30% |
| 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
23 addresses hold shares in this vault
| Address | Deposit | Share of vault |
|---|---|---|
| 0x2Bf5…F67c | $640K | 85.4% |
| 0x0DeF…722B | $93.6K | 12.5% |
| 0x255c…085a | $35.4K | 4.7% |
| 0xb15e…8389 | $20.0K | 2.7% |
| 0xb8C3…6aB3 | $13.1K | 1.8% |
| 0xE974…3Ba9 | $3.8K | 0.5% |
| 0x2F56…a80e | $1.0K | 0.1% |
| 0x8FFc…d3b6 | $1.0K | 0.1% |
| 0xA055…99bb | $1.0K | 0.1% |
| 0xB873…313c | $10.00 | <0.01% |
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 $750K (750.35K USDtb) from 23 depositors and pays a net APY of 22.02% after its 5% performance fee. Over the last 30 days depositors actually earned 8.07% a year, and 2.61% over the last year.
Its largest position is sUSDe / USDtb at 100% of its deposits, followed by USDe / USDtb (<0.01%). Counting every market, its loans are backed mainly by sUSDe (100%). 5% 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.
Steakhouse Ethena USDtb: quick answers
What is the APY of Steakhouse Ethena USDtb on Ethereum?
Steakhouse Ethena USDtb pays 22.02% net APY right now, after its fees. Measured from the growth of its share price, it paid 8.07% 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 deposits. Overall its loans are backed mainly by sUSDe (100%).
Can I withdraw from Steakhouse Ethena USDtb right now?
About $36.7K of its $750K in deposits (5%) 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. Adding a market or raising a cap waits behind a timelock of 3 days. This is not advice.
