Morpho

Morpho Steakhouse USDC

Morpho Steakhouse USDC is a lending vault on Ethereum curated by Steakhouse Financial. It allocates USDC deposits across Morpho Blue lending markets targeting overcollateralized borrowing demand.

AUM

$132.75m-27.57%

APY

3.33%+18.51%

BB+Rated Protocol

Updated Mar 30, 2026

Risk Rating

BB+

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This rating is based solely on publicly available information. 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.

SCS: Smart Contract Security

KMP: Key Management Permissions

M: Market

L: Liquidity

C: Collateral

PM: Protocol Mechanics

ICE: Infra Counterparty Exposures

PCE: Protocol Counterparty Exposures

G: Governance

FR: Financial Resilience

TLC: Team Legal Compliance

DT: Documentation Transparency

Potential Score

Provider risk assessed across Business, Operations, Reliability, and Security.

View the detailed scoring breakdown

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Contract Addresses

VaultContract

0xBEEF...64CB

MorphoBlue

0xBBBB...FFCb

GuardianDAO

0xaa05...c03d

OwnerMultisig

0x0A0e...f8DD

CuratorMultisig

0x827e...eCdB

Key Strengths

Extensive audit coverage from top security firms with formal verification proving reentrancy safety, market independence, and withdrawal safeguards
Active $2.5M bug bounty on Cantina with hundreds of findings submitted since March 2024
Immutable Morpho Blue core with non-upgradeable vault contract deployed January 2024
5-of-8 multisig owner with 7-day on-chain timelock and Aragon DAO Guardian veto controlled proportionally by depositors
Zero bad debt across all Steakhouse vaults since January 2024 launch, including through November 2025 market stress

Key Risks

High wrapped asset concentration (primarily cbBTC and WBTC) creates significant custodian dependency
Single immutable oracle per market with no fallback mechanism and no ability to correct values under abnormal conditions
Monitoring bots detect anomalies but all responses require manual intervention; automated capital flows have no automated halt mechanism
No dedicated safety module; bad debt socialized per market with DAO treasury representing a small fraction of protocol-wide TVL
Temporary liquidity constraints during stress periods when markets reach high utilization; instant full exit not guaranteed