morpho
Morpho Steakhouse Prime Instant V2 USDTDeFiBB-
Morpho · Vault · Ethereum

Steakhouse Prime Instant V2 USDT is a Morpho Vault V2 on Ethereum that lends USDT against diversified crypto collateral (wstETH, sUSDS, WBTC, XAUt, cbBTC) through the Steakhouse USDT V1 vault via a MetaMorpho adapter. Yield comes from overcollateralized borrower interest payments on Morpho Blue markets. The V2 vault features DAO governance, per-function timelocks, and an immutable ERC4626 contract.

AUM
$63m
Net APY
3.88%
Active Users
87
Type
Vault
Network
Ethereum
BB-
Elevated RiskCeiling A-
AAAAAABBBBBBCCCCCCD
SCSKMPMLCPMICEPCEGFRTLCDT
CurrentPotential

This rating is based solely on publicly available information. DeFi protocol risk assessed across Security, Strategy and Operations on the AAA–D scale. The range from BB- to A- reflects the gap between the current assessment and the potential rating achievable if all identified improvement areas are addressed.

SCSSmart Contract Security88
KMPKey Management Permissions75
MMarket73
LLiquidity78
CCollateral100
PMProtocol Mechanics85
ICEInfra Counterparty Exposures83
PCEProtocol Counterparty Exposures100
GGovernance83
FRFinancial Resilience69
TLCTeam Legal Compliance85
DTDocumentation Transparency100
Performance
Assets Under Management · 30D 184.00%
$63m
Over the last 30 days, the total value of Morpho Steakhouse Prime Instant V2 USDT has grown 184.00% with $40.56M in inflows.
Net APY · 30D 15.48%
3.88%
Over the last 30 days, the APY has increased from 3.36% to 3.88%.
Active Users · 30D 1.14%
87
Over the last 30 days, active users have decreased by 1.14%, reaching 87 wallets.
Component Ratings
Contract Addresses
Smart Contract0xbeef...Ab2bf9
V1Vault0xBEEF...0fcfba
OwnerDAO0xFb34...f3D279
Sentinel0xc41F...d1606f
V1Adapter0x233a...135696
MorphoBlue0xBBBB...EEFFCb
CuratorMultisig0x827e...aDeCdB
TreasuryMultisig0xcBa2...4f9AFa
Key Strengths
S1Industry-leading smart contract security with 9+ V2 audits from Tier-0/1 firms, immutable contracts, formal verification by Certora, and dual $2.5M bug bounty programs
S2Zero bad debt across all Steakhouse-curated vaults since January 2024, including during November 2025 market stress
S3Well-diversified collateral with only ~11% wrapped assets (wstETH/sUSDS-heavy allocation), significantly better than the USDC V2 vault
S4Immutable ERC4626 vault with forceDeallocate providing noncustodial exit guarantee even during liquidity stress
Key Risks
R1Unverified DAO owner governance -- voting power distribution, quorum requirements, and participant independence cannot be verified on-chain
R2USDT issuer counterparty risk -- Tether can freeze addresses under legal triggers, and USDT has faced periodic redemption concerns
R3No dedicated loss reserve -- Morpho DAO treasury (~$29.4M, predominantly volatile MORPHO tokens) is not committed to depositor protection
R4Vault is only ~125 days old with $11.4M TVL and untested under market stress; V2 vault token has no demonstrated stress resilience

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