Morpho Steakhouse USDT DeFi Yield & Risk Rating
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
$76m
Net APY
3.4%
Active Users
246
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
Updated Sep 8, 2026Framework v0.1-betaDetailed scoring breakdown ↗Challenge this rating ↗Learn about our ratings ↗
Performance
Assets Under Management · 30D▼ 8.09%
$76m
Over the last 30 days, the total value of Morpho Steakhouse USDT has dropped 8.09% with $6.68M in outflows.
Net APY · 30D▲ 1.19%
3.4%
Over the last 30 days, the APY has increased from 3.36% to 3.40%.
Active Users · 30D▼ 1.99%
246
Over the last 30 days, active users have decreased by 1.99%, reaching 246 wallets.
Vault StrategySource: vaults.fyi · Updated Nov 4, 2026
Deployed100%
Markets9
Wtd APY2.96%
BTC collateral51.7%ETH collateral43.3%Other collateral4.9%+5 smaller: cbBTC 1.98%, wstETH 1.79%, weETH 1.58%, XAUt 0.71%, cbBTC 0.12%
TapClick a tile for market detailsDeployed100%
Active markets9
Largest marketWBTC / USDT · 46.6%
Top 3 markets90.8%
LLTV range77% – 96.5%
Market utilization80.2% – 85.1%
Weighted supply APY2.96%
Weighted supply APY is the live lending rate across the vault's markets, before the vault fee, so it can differ from the Net APY above.
46.60%$35.38m of vault deposits
Supply APY2.95%
APY contribution1.38%
Utilization82.7%
LLTV86%
Liq. penalty4.38%
Market size$107.21m
Market ID0xa921...df99
Market Details
ChainEthereum
Treasury$21.90M
Oracles UsedChainlink ↗
Asset ManagerSteakhouse Financial
Stated Withdrawal TimeInstant
Infrastructure ProviderMorpho
Component Ratings
Contract Addresses (5)
Key Strengths
S1Extensive audit coverage from top security firms, plus formal verification providing mathematical proofs of the protocol's core invariants.
S2A large active bug bounty running since 2024 with hundreds of findings submitted, covering both contract versions and the web apps.
S4Multi-layered key control: a verified multisig owner with a seven-day on-chain timelock and a depositor-controlled DAO guardian able to veto pending changes.
Key Risks
R1Exposure to the stablecoin issuer behind the deposit asset, whose reserve quality and stability have been assessed weakly by a major credit rating agency.
R2Very high concentration in wrapped assets as collateral, creating meaningful dependency on the underlying custodians rather than on native assets.
R3A single immutable oracle per market with no fallback and no ability to correct prices under abnormal conditions; this is a design constraint that cannot be improved.
R4Automated allocation can increase vault exposure without real-time human approval and without circuit breakers for abnormal conditions, and monitoring detects anomalies but cannot trigger protective actions automatically.
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