Steakhouse High Yield USDCV2
A Morpho V2 vault on Katana that lends out vbUSDC deposits, curated by Steakhouse Financial. Depositors earn 6.48% a year right now after a 10% performance fee.
Data from Morpho's API · updated
Net APY
6.48%
incl. 4.48% in rewards
30-day APY
3.12%
7-day 1.80%
Deposits
$1.69M
1.69M vbUSDC
Withdrawable now
$1.64M
97% of deposits
Performance fee
10%
of the interest earned
Depositors
67
largest holds 53.3%
Steakhouse High Yield USDC 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 |
|---|---|---|
| vbWBTC / vbUSDCLLTV 86% | $1.69M | 100.0% |
| vbETH / vbUSDCLLTV 86% | $146 | <0.01% |
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
| vbWBTC | 100.0% |
|---|---|
| vbETH | <0.01% |
| LBTC | 0.0% |
| KAT | 0.0% |
| weETH | 0.0% |
| Other | 0.0% |
Returns over time
Net APY actually earned over each period, from the share price
| Last day | 6.47% |
|---|---|
| Last 7 days | 1.80% |
| Last 30 days | 3.12% |
| Since the vault started | 6.71% |
Who controls this vault
| Curator | Steakhouse Financial |
|---|---|
| Owner | 0xcd84…1017 |
| 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 | 5addresses that move money between markets |
| Sentinels | 1can pull money back or cut caps in an emergency |
| Created | May 26, 2026 |
Timelocks give depositors time to leave before a change they dislike takes effect. Morpho risks explained.
Details
| Deposit asset | vbUSDCprice $0.9999 |
|---|---|
| Vault version | Morpho Vault V2 |
| APY before fees | 2.22% |
| Rewards | KAT 4.48% |
| Vault contract | 0xbeef…b6c6 |
| vbUSDC token | 0x203A…FD36 |
| Network | Katana |
The curator's description: "The Steakhouse High Yield USDC vault aims to optimize yields by lending USDC against a wide range of collaterals."
Largest depositors
67 addresses hold shares in this vault
| Address | Deposit | Share of vault |
|---|---|---|
| 0xe3c6…50b9 | $900K | 53.3% |
| 0x8560…cC17 | $150K | 8.9% |
| 0xE33F…0498 | $102K | 6.1% |
| 0x67C9…3756 | $100K | 5.9% |
| 0xe7D4…5C30 | $82.6K | 4.9% |
| 0x4f9E…431a | $52.8K | 3.1% |
| 0x3aEd…19C9 | $50.6K | 3.0% |
| 0x50B0…bF83 | $47.0K | 2.8% |
| 0xC04B…3a4C | $46.2K | 2.7% |
| 0xe411…fe13 | $29.5K | 1.7% |
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 USDC
Steakhouse High Yield USDC is a Morpho V2 vault on Katana, created on May 26, 2026. It takes vbUSDC 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 $1.69M (1.69M vbUSDC) from 67 depositors and pays a net APY of 6.48% after its 10% performance fee. Over the last 30 days depositors actually earned 3.12% a year. About 4.48% of today's rate comes from KAT rewards, which can stop at any time.
Its largest position is vbWBTC / vbUSDC at 100% of what it lends, followed by vbETH / vbUSDC (<0.01%). Counting every market, its loans are backed mainly by vbWBTC (100%) and vbETH (<0.01%). 97% of deposits could be withdrawn right now.
Risky changes, such as adding a market, wait behind a 3-day timelock on raising caps, which gives depositors time to leave first. Morpho's app shows no warnings for this vault.
Steakhouse High Yield USDC: quick answers
What is the APY of Steakhouse High Yield USDC on Katana?
Steakhouse High Yield USDC pays 6.48% net APY right now, after its fees and including 4.48% of rewards. Measured from the growth of its share price, it paid 3.12% over the last 30 days. The rate changes every day with what its borrowers pay.
What does Steakhouse High Yield USDC lend against?
It lends vbUSDC through 2 Morpho markets. The biggest is vbWBTC / vbUSDC with 100% of its lending. Overall its loans are backed mainly by vbWBTC (100%) and vbETH (<0.01%).
Can I withdraw from Steakhouse High Yield USDC right now?
About $1.64M of its $1.69M in deposits (97%) 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 USDC 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 Steakhouse High Yield USDC?
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 on raising caps. This is not advice.
Other vbUSDC vaults
The same deposit asset, other curators and networks
| Vault | Net APY |
|---|---|
| Yearn OG USDCV2Yearn · Katana · $3.39M | 3.29%incl. 0.97% rewards |
| Steakhouse Prime USDCSteakhouse Financial · Katana · $3.35M | 1.98% |
| Steakhouse Prime USDCV2Steakhouse Financial · Katana · $1.50M | 2.56%incl. 0.63% rewards |
| Yearn Degen USDCV2Yearn · Katana · $1.40M | 3.14%incl. 1.72% rewards |
| Clearstar Core USDCV2Clearstar · Katana · $523K | 4.42%incl. 3.09% rewards |