Morpho Steakhouse USDT is a lending vault on Ethereum curated by Steakhouse Financial. It allocates USDT deposits across Morpho Blue lending markets targeting overcollateralized borrowing demand.
AUM
$87m
Net APY
3.98%
Active Users
449
Type
Vault
Network
Ethereum
BB+
Elevated RiskCeiling A
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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 Permissions92
MMarket87
LLiquidity78
CCollateral78
PMProtocol Mechanics85
ICEInfra Counterparty Exposures83
PCEProtocol Counterparty Exposures100
GGovernance100
FRFinancial Resilience69
TLCTeam Legal Compliance85
DTDocumentation Transparency100
Performance
Assets Under Management · 30D▼ 8.14%
$87m
Over the last 30 days, the total value of Morpho Steakhouse USDT has dropped 8.14% with $7.73M in outflows.
Net APY · 30D▲ 16.37%
3.98%
Over the last 30 days, the APY has increased from 3.42% to 3.98%.
Active Users · 30D▼ 0.22%
449
Over the last 30 days, active users have decreased by 0.22%, reaching 449 wallets.
Market Details
ChainEthereum
Treasury$21.90M
Oracles UsedChainlink ↗
Asset ManagerSteakhouse Financial
Stated Withdrawal TimeInstant
Infrastructure ProviderMorpho
Component Ratings
Contract Addresses
Smart Contract0xbEef...0fcfBa
Guardian0xaeC7...68c67F
MorphoBlue0xBBBB...EEFFCb
OwnerMultisig0x0A0e...9cf8DD
CuratorMultisig0x827e...aDeCdB
Key Strengths
S1Extensive audit coverage from top firms including ChainSecurity, Spearbit, OpenZeppelin, Zellic, and Certora with formal verification providing mathematical proofs of critical invariants
S2Active $2.5M bug bounty on Cantina with hundreds of findings submitted
S3Immutable Morpho Blue core with non-upgradeable vault contract minimizing upgrade risk
S4Strong governance controls with Owner multisig (5-of-8), 7-day timelock, and Aragon DAO Guardian veto providing depositor protection
Key Risks
R1USDT issuer counterparty risk with S&P rating Tether stability as weak, creating denomination risk independent of vault performance
R2High wrapped asset concentration (~98%) in cbBTC, WBTC, and xAUT markets creating custodian dependency
R3Public Allocator can increase vault exposure without human approval and lacks automatic circuit breakers for abnormal conditions
R4Single oracle per market with no fallback mechanism due to immutable design
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