Steakhouse Prime USDC on Katana
A Morpho vault on Katana that lends out vbUSDC deposits, curated by Steakhouse Financial. Depositors earn 2.18% a year right now after a 10% performance fee.
Data from Morpho's API · updated
Net APY
2.18%
after fees, paid to depositors
30-day APY
2.59%
7-day 2.01%, from the share price
Deposits
$1.77M
1.77M vbUSDC
Withdrawable now
$653K
37% of deposits
Performance fee
10%
of the interest earned
Depositors
3,250
largest holds 57.2%
Steakhouse Prime USDC 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 |
|---|---|---|
| vbWBTC / vbUSDCLLTV 86% | $2.21M | 99.9% |
| vbETH / vbUSDCLLTV 86% | $3.3K | 0.1% |
| Idle cashnot lent out | $0 | 0.0% |
| weETH / vbUSDCLLTV 77% · under $1,000, not tracked here | $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
| vbWBTC | 100.0% |
|---|
Returns over time
Net APY actually earned over each period, from the share price: after fees, without token rewards
| Last day | 2.22% |
|---|---|
| Last 7 days | 2.01% |
| Last 30 days | 2.59% |
| Last 90 days | 2.53% |
| Last year | 1.90% |
Who controls this vault
| Curator | Steakhouse Financial |
|---|---|
| Owner | 0x0A0e…f8DD5-of-10 multisig |
| Guardian | 0xf4F2…C04E |
| Timelock | 7 dayswait before risky changes take effect |
| Allocators | 8addresses that move money between markets |
| Created | June 23, 2025 |
Timelocks give depositors time to leave before a change they dislike takes effect. Morpho risks explained.
Details
| Deposit asset | vbUSDCprice $0.9996 |
|---|---|
| Vault version | MetaMorpho (V1) |
| APY before fees | 2.42% |
| Public allocator | Onborrowers can pull liquidity between this vault's markets |
| Vault contract | 0x61D4…3c1d |
| 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
3,250 addresses hold shares in this vault
| Address | Deposit | Share of vault |
|---|---|---|
| 0x3fdA…07b4 | $1.01M | 57.2% |
| 0x0298…1baa | $465K | 26.3% |
| 0x4194…6157 | $406K | 23.0% |
| 0x5EbD…E065 | $102K | 5.8% |
| 0x9f01…e59b | $101K | 5.7% |
| 0xA204…B869 | $37.7K | 2.1% |
| 0x255c…085a | $29.2K | 1.7% |
| 0x7e82…4463 | $18.9K | 1.1% |
| 0x298d…44F6 | $10.3K | 0.6% |
| 0xa7B1…Da29 | $7.5K | 0.4% |
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
Steakhouse Prime USDC is a MetaMorpho vault (Morpho V1) on Katana, created on June 23, 2025. 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 $1.77M (1.77M vbUSDC) from 3,250 depositors and pays a net APY of 2.18% after its 10% performance fee. Over the last 30 days depositors actually earned 2.59% a year, and 1.90% over the last year.
Its largest position is vbWBTC / vbUSDC at 100% of its deposits, followed by vbETH / vbUSDC (0%). Counting every market, its loans are backed mainly by vbWBTC (100%). 37% 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 Prime USDC: quick answers
What is the APY of Steakhouse Prime USDC on Katana?
Steakhouse Prime USDC pays 2.18% net APY right now, after its fees. Measured from the growth of its share price, it paid 2.59% over the last 30 days. The rate changes every day with what its borrowers pay.
What does Steakhouse Prime USDC lend against?
It lends vbUSDC through 2 Morpho markets. The biggest is vbWBTC / vbUSDC with 100% of its deposits. Overall its loans are backed mainly by vbWBTC (100%).
Can I withdraw from Steakhouse Prime USDC right now?
About $653K of its $1.77M in deposits (37%) 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 Prime 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 Prime 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. Adding a market or raising a cap waits behind a timelock of 7 days. This is not advice.
Other vbUSDC vaults
The same deposit asset, other curators and networks
| Vault | Net APY |
|---|---|
| Yearn OG USDCV2Yearn · Katana · $2.87M | 2.38% |
| Yearn Degen USDCV2Yearn · Katana · $1.93M | 8.00%incl. 5.97% rewards |
| Steakhouse Prime USDCV2Steakhouse Financial · Katana · $959K | 2.18% |
| Clearstar Core USDCV2Clearstar · Katana · $740K | 8.00%incl. 4.77% rewards |
| Steakhouse High Yield USDCV2Steakhouse Financial · Katana · $719K | 2.18% |
