Steakhouse High Yield USDT on Ethereum
V2A Morpho V2 vault on Ethereum that lends out USDT deposits, curated by Steakhouse Financial. Depositors earn 6.67% a year right now after a 5% performance fee.
Data from Morpho's API · updated
Net APY
6.67%
after fees, paid to depositors
30-day APY
4.70%
7-day 5.66%, from the share price
Deposits
$2.09M
2.09M USDT
Withdrawable now
$909K
43% of deposits
Performance fee
5%
of the interest earned
Depositors
42
largest holds 49.5%
Steakhouse High Yield 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 |
|---|---|---|
| sUSDS / USDTLLTV 96.5% | $408K | 22.4% |
| cbBTC / USDTLLTV 86% | $403K | 22.1% |
| WBTC / USDTLLTV 86% | $225K | 12.3% |
| wstETH / USDTLLTV 86% | $194K | 10.7% |
| weETH / USDTLLTV 86% | $185K | 10.1% |
| WBTC / USDTLLTV 86% | $135K | 7.4% |
| PT-reUSD-10DEC2026 / USDTLLTV 91.5% | $131K | 7.2% |
| wstETH / USDTLLTV 86% | $90.3K | 5.0% |
| reUSD / USDTLLTV 91.5% | $30.8K | 1.7% |
| sUSDe / USDTLLTV 91.5% | $17.5K | 1.0% |
| cbBTC / USDTLLTV 86% | $1.2K | 0.1% |
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
| cbBTC | 43.5% |
|---|---|
| PT-reUSD-10DEC2026 | 25.0% |
| reUSD | 12.5% |
| XAUt | 10.3% |
| weETH | 5.1% |
| sUSDS | 1.5% |
| WBTC | 1.2% |
| wstETH | 0.8% |
| sUSDe | 0.2% |
Returns over time
Net APY actually earned over each period, from the share price: after fees, without token rewards
| Last day | 5.26% |
|---|---|
| Last 7 days | 5.66% |
| Last 30 days | 4.70% |
| Last 90 days | 3.54% |
Who controls this vault
| Curator | Steakhouse Financial |
|---|---|
| Owner | 0x4D7b…f71d |
| 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 | 7addresses that move money between markets |
| Sentinels | 1can pull money back or cut caps in an emergency |
| Created | December 13, 2025 |
Timelocks give depositors time to leave before a change they dislike takes effect. Morpho risks explained.
Details
| Deposit asset | USDTprice $0.9990 |
|---|---|
| Vault version | Morpho Vault V2 |
| APY before fees | 7.03% |
| Vault contract | 0xbeef…DEb7 |
| USDT token | 0xdAC1…1ec7 |
| Network | Ethereum |
The curator's description: "The Steakhouse High Yield Instant USDT vault aims to optimize for yield on a wide range of collaterals."
Largest depositors
42 addresses hold shares in this vault
| Address | Deposit | Share of vault |
|---|---|---|
| 0x5131…2313 | $1.03M | 49.5% |
| 0x5111…CABd | $178K | 8.5% |
| 0x292a…9049 | $133K | 6.4% |
| 0x236c…6111 | $100K | 4.8% |
| 0x8328…A7A0 | $99.9K | 4.8% |
| 0xBb36…93A1 | $41.5K | 2.0% |
| 0xdffA…6e3A | $41.2K | 2.0% |
| 0x07cB…1DbB | $30.0K | 1.4% |
| 0x0277…39d0 | $28.4K | 1.4% |
| 0xdcC3…D062 | $20.5K | 1.0% |
When a few addresses hold most of a vault, one large withdrawal can use up the liquidity that is free right now.
About Steakhouse High Yield USDT
Steakhouse High Yield USDT is a Morpho V2 vault on Ethereum, created on December 13, 2025. It takes USDT deposits and lends them to borrowers in 11 Morpho markets. The curator, Steakhouse Financial, decides which markets it may use and how much can go into each.
It holds $2.09M (2.09M USDT) from 42 depositors and pays a net APY of 6.67% after its 5% performance fee. Over the last 30 days depositors actually earned 4.70% a year.
Its largest position is sUSDS / USDT at 22% of its deposits, followed by cbBTC / USDT (22%) and WBTC / USDT (12%). Counting every market, its loans are backed mainly by cbBTC (43%), PT-reUSD-10DEC2026 (25%) and reUSD (12%). 43% 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. Morpho's app shows no warnings for this vault.
Steakhouse High Yield USDT: quick answers
What is the APY of Steakhouse High Yield USDT on Ethereum?
Steakhouse High Yield USDT pays 6.67% net APY right now, after its fees. Measured from the growth of its share price, it paid 4.70% over the last 30 days. The rate changes every day with what its borrowers pay.
What does Steakhouse High Yield USDT lend against?
It lends USDT through 11 Morpho markets. The biggest is sUSDS / USDT with 22% of its deposits. Overall its loans are backed mainly by cbBTC (43%), PT-reUSD-10DEC2026 (25%) and reUSD (12%).
Can I withdraw from Steakhouse High Yield USDT right now?
About $909K of its $2.09M in deposits (43%) 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 High Yield USDT 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 High Yield 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
