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

$202.33m-36.33%

APY

3.25%-31.29%

BBB-Rated Protocol

Updated Mar 11, 2026

Risk Rating

BBB-

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This rating is based solely on publicly available information. The range from BBB- 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 firms with formal verification proving reentrancy safety, market independence, arithmetic integrity, and withdrawal safeguards
Active bug bounty program with significant rewards and hundreds of findings submitted covering all contract versions
Immutable core protocol with non-upgradeable vault contract deployed with minimal codebase
Multi-layered governance requiring multisig, timelock, and depositor veto with thousands of depositors proportionally controlling veto power
Zero bad debt across all Steakhouse vaults through multiple stress events including periods when other curators experienced losses

Key Risks

High wrapped asset concentration creates significant custodian dependency with unresolved governance concerns for some wrapped assets
Single oracle per market with no redundancy due to immutable design requiring full market redeployment if oracle fails
No dedicated loss reserve with bad debt socialized and protocol treasury representing minimal fraction of total value locked with no binding coverage rules
Temporary liquidity constraints during stress periods when high utilization prevents instant full withdrawals though conditions typically normalize within days
Multiple vault management without formal conflict policy creates potential for competing allocation decisions across curator's portfolio