Steakhouse Prime USDCV2

Q: What is the APY of Steakhouse Prime USDC V2 on Katana?

Steakhouse Prime USDC V2 pays 2.56% net APY right now, after its fees and including 0.63% of rewards. Measured from the growth of its share price, it paid 3.11% over the last 30 days. The rate changes every day with what its borrowers pay.

Q: What does Steakhouse Prime USDC V2 lend against?

It lends vbUSDC through 2 Morpho markets. The biggest is vbWBTC / vbUSDC with 95% of its lending. Overall its loans are backed mainly by vbWBTC (95%) and vbETH (5%).

Q: Can I withdraw from Steakhouse Prime USDC V2 right now?

About $1.43M of its $1.50M in deposits (95%) could be withdrawn immediately. The rest is lent out and frees up as borrowers repay or as higher rates bring in new lenders.

Q: Who runs Steakhouse Prime USDC V2 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.

Q: What are the risks of Steakhouse Prime USDC V2?

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 7-day timelock on raising caps. This is not advice.

A Morpho V2 vault on Katana that lends out vbUSDC deposits, curated by Steakhouse Financial. Depositors earn 2.56% a year right now after a 10% performance fee.

Data from Morpho's API · updated 2026-09-26 14:20 UTC

Net APY

2.56%

incl. 0.63% in rewards

30-day APY

3.11%

7-day 1.75%

Deposits

$1.50M

1.50M vbUSDC

Withdrawable now

$1.43M

95% of deposits

Performance fee

10%

of the interest earned

Depositors

largest holds 66.9%

Open in the Morpho app ↗Earnings calculator

Steakhouse Prime USDC APY history

Net APY earned each day, measured from the vault's share price

Deposits over time

Where the money goes

The markets this vault lends to right now, largest first

Market	Lent	Share	Supply APY	Utilization	Cap
vbWBTC / vbUSDCLLTV 86%	$1.43M	95.3%	2.22%	80.7%	–
vbETH / vbUSDCLLTV 86%	$70.0K	4.7%	0.70%	51.9%	–

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	95.3%
vbETH	4.7%
weETH	0.0%
Other	0.0%

Returns over time

Net APY actually earned over each period, from the share price

Last day	2.57%
Last 7 days	1.75%
Last 30 days	3.11%
Since the vault started	3.78%

Who controls this vault

Curator	Steakhouse Financial
Owner	0xcd84…1017
Timelock to raise a cap	7 dayswait before more can go into a market
Timelock to add an adapter	7 dayswait before a new kind of investment
Timelock to raise fees	None
Allocators	5addresses that move money between markets
Sentinels	2can 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	2.15%
Rewards	KAT 0.63%
Vault contract	0xbeef…62D7
vbUSDC token	0x203A…FD36
Network	Katana

The curator's description: "The Steakhouse Prime USDC vault aims to optimize yields by lending USDC against blue chip crypto assets."

Largest depositors

11 addresses hold shares in this vault

Address	Deposit	Share of vault
0x67C9…3756	$1.00M	66.9%
0x1320…5a42	$496K	33.0%
0x255c…085a	$648	0.0%
0xD7E0…e1C9	$301	0.0%
0xeB1F…AFf6	$30.00	<0.01%
0x3071…ADa5	$5.00	<0.01%
0x0000…dEaD	$1.00	<0.01%
0xA5Bb…d9d1	$0	0.0%
0x7eAF…CeE5	$0	0.0%
0x2d5a…0baB	$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 Prime USDC V2

Steakhouse Prime USDC V2 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 $1.50M (1.50M vbUSDC) from 11 depositors and pays a net APY of 2.56% after its 10% performance fee. Over the last 30 days depositors actually earned 3.11% a year. About 0.63% of today's rate comes from KAT rewards, which can stop at any time.

Its largest position is vbWBTC / vbUSDC at 95% of what it lends, followed by vbETH / vbUSDC (5%). Counting every market, its loans are backed mainly by vbWBTC (95%) and vbETH (5%). 95% of deposits could be withdrawn right now.

Risky changes, such as adding a market, wait behind a 7-day timelock on raising caps, which gives depositors time to leave first. Morpho's app shows no warnings for this vault.