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

$162.46m+16.14%

APY

3.79%+27.18%

BB+Rated Protocol

Updated Mar 30, 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 providing mathematical proofs of critical invariants
Active $2.5M bug bounty on Cantina with hundreds of findings submitted
Immutable Morpho Blue core with non-upgradeable vault contract minimizing upgrade risk
Strong governance controls with Owner multisig (5-of-8), 7-day timelock, and Aragon DAO Guardian veto providing depositor protection
Zero bad debt across all Steakhouse vaults since inception, including through November 2025 market stress

Key Risks

USDT issuer counterparty risk with S&P rating Tether stability as weak, creating denomination risk independent of vault performance
High wrapped asset concentration (~98%) in cbBTC, WBTC, and xAUT markets creating custodian dependency
Public Allocator can increase vault exposure without human approval and lacks automatic circuit breakers for abnormal conditions
Single oracle per market with no fallback mechanism due to immutable design
No dedicated loss reserve; bad debt socialized among lenders per market with DAO treasury representing a small fraction of protocol TVL
Temporary liquidity constraints during November 2025 stress demonstrated that instant full exit is not guaranteed