Morpho

Morpho Steakhouse USDT

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

$141.30m+14.84%

APY

3.25%-40.37%

BB+Rated Protocol

Updated Mar 11, 2026

Risk Rating

BB+

AAAAAABBBBBBCCCCCCD

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...cfBa

Guardian

0xaeC7...c67F

MorphoBlue

0xBBBB...FFCb

OwnerMultisig

0x0A0e...f8DD

CuratorMultisig

0x827e...eCdB

Key Strengths

Extensive audit coverage from top firms including ChainSecurity, Spearbit, OpenZeppelin, Zellic, and Certora with formal verification
$2.5M bug bounty program with active submissions demonstrating robust security incentives
Immutable core protocol with non-upgradeable vault contract eliminates upgrade risk
Strong governance controls including multisig Owner with quorum of five signatures, 7-day timelock, and depositor-controlled Guardian veto mechanism
Zero bad debt track record across all Steakhouse vaults including through major market stress events

Key Risks

USDT issuer counterparty risk with S&P rating Tether stability as weak, reserves including riskier assets and Bitcoin exposure exceeding reserve buffer
High concentration in wrapped assets with approximately 98% of TVL in cbBTC, WBTC, and xAUT creating custodian dependencies
Single oracle per market with no fallback mechanism by immutable design
No dedicated loss reserve as bad debt is socialized among lenders per market with only discretionary DAO treasury
Temporary liquidity constraints during stress as demonstrated by market utilization spikes to 100% during November 2025 events