Steakhouse USDT on Ethereum
A Morpho vault on Ethereum that lends out USDT deposits, curated by Steakhouse Financial. Depositors earn 2.86% a year right now after a 5% performance fee.
Data from Morpho's API · updated
Net APY
2.86%
after fees, paid to depositors
30-day APY
3.70%
7-day 4.03%, from the share price
Deposits
$74.43M
74.51M USDT
Withdrawable now
$45.05M
61% of deposits
Performance fee
5%
of the interest earned
Depositors
428
largest holds 97.6%
Steakhouse 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 |
|---|---|---|
| wstETH / USDTLLTV 86% | $37.86M | 46.0% |
| WBTC / USDTLLTV 86% | $32.66M | 39.7% |
| sUSDS / USDTLLTV 96.5% | $5.26M | 6.4% |
| WBTC / USDTLLTV 86% | $3.43M | 4.2% |
| wstETH / USDTLLTV 86% | $1.28M | 1.6% |
| weETH / USDTLLTV 86% | $1.05M | 1.3% |
| cbBTC / USDTLLTV 86% | $425K | 0.5% |
| XAUt / USDTLLTV 77% | $358K | 0.4% |
| cbBTC / USDTLLTV 86% | $30.7K | 0.0% |
| FLHYon / USDTLLTV 86% · under $1,000, not tracked here | $0 | 0.0% |
| 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
| WBTC | 52.0% |
|---|---|
| wstETH | 39.7% |
| sUSDS | 4.2% |
| weETH | 1.7% |
| cbBTC | 1.3% |
| XAUt | 1.0% |
Returns over time
Net APY actually earned over each period, from the share price: after fees, without token rewards
| Last day | 2.86% |
|---|---|
| Last 7 days | 4.03% |
| Last 30 days | 3.70% |
| Last 90 days | 3.19% |
| Last year | 3.13% |
Who controls this vault
| Curator | Steakhouse Financial |
|---|---|
| Owner | 0x0A0e…f8DD5-of-10 multisig |
| Guardian | 0xaeC7…c67F |
| Timelock | 7 dayswait before risky changes take effect |
| Allocators | 7addresses that move money between markets |
| Created | January 19, 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 | 3.01% |
| Public allocator | Onborrowers can pull liquidity between this vault's markets |
| Vault contract | 0xbEef…cfBa |
| USDT token | 0xdAC1…1ec7 |
| Network | Ethereum |
The curator's description: "The Steakhouse USDT vault aims to optimize yields by lending USDT against blue chip crypto and real world asset (RWA) collateral markets, depending on market conditions. We call this the “dual engine.”"
Largest depositors
428 addresses hold shares in this vault
| Address | Deposit | Share of vault |
|---|---|---|
| 0x96B2…8Fdd | $72.63M | 97.6% |
| 0x75e4…b706 | $5.30M | 7.1% |
| 0x31fe…46E7 | $889K | 1.2% |
| 0x8137…522f | $638K | 0.9% |
| 0x6977…4ACa | $506K | 0.7% |
| 0x04A2…5Ce2 | $459K | 0.6% |
| 0x5a76…9Eea | $427K | 0.6% |
| 0xfC76…9892 | $259K | 0.3% |
| 0x65AA…5210 | $154K | 0.2% |
| 0x843e…7f8d | $137K | 0.2% |
When a few addresses hold most of a vault, one large withdrawal can use up the liquidity that is free right now.
About Steakhouse USDT
Steakhouse USDT is a MetaMorpho vault (Morpho V1) on Ethereum, created on January 19, 2024. It takes USDT deposits and lends them to borrowers in 9 Morpho markets. The curator, Steakhouse Financial, decides which markets it may use and how much can go into each.
It holds $74.43M (74.51M USDT) from 428 depositors and pays a net APY of 2.86% after its 5% performance fee. Over the last 30 days depositors actually earned 3.70% a year, and 3.13% over the last year.
Its largest position is wstETH / USDT at 46% of its deposits, followed by WBTC / USDT (40%) and sUSDS / USDT (6%). Counting every market, its loans are backed mainly by WBTC (52%), wstETH (40%) and sUSDS (4%). 61% of deposits could be withdrawn right now.
Adding a market or raising how much can go into one waits behind a timelock of 7 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 USDT: quick answers
What is the APY of Steakhouse USDT on Ethereum?
Steakhouse USDT pays 2.86% net APY right now, after its fees. Measured from the growth of its share price, it paid 3.70% over the last 30 days. The rate changes every day with what its borrowers pay.
What does Steakhouse USDT lend against?
It lends USDT through 9 Morpho markets. The biggest is wstETH / USDT with 46% of its deposits. Overall its loans are backed mainly by WBTC (52%), wstETH (40%) and sUSDS (4%).
Can I withdraw from Steakhouse USDT right now?
About $45.05M of its $74.43M in deposits (61%) 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 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 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 7 days. This is not advice.
Other USDT vaults
The same deposit asset, other curators and networks
