Morpho Steakhouse USDG DeFi Yield & Risk Rating
Steakhouse USDG is a Morpho Vault V2 on Robinhood Chain curated by Steakhouse Financial, denominated in USDG (Paxos Global Dollar). It lends deposited USDG into Morpho Blue markets against synthetic and credit-backed stablecoin collateral, earning borrower interest. It is the on-chain engine behind Robinhood's retail Earn product.
AUM
$337m
Net APY
3.07%
Active Users
48k
Type
Vault
Network
robinhood-chain
CCC+
High 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 CCC+ 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 Permissions67
MMarket73
LLiquidity63
CCollateral56
PMProtocol Mechanics70
ICEInfra Counterparty Exposures33
PCEProtocol Counterparty Exposures60
GGovernance100
FRFinancial Resilience42
TLCTeam Legal Compliance78
DTDocumentation Transparency100
Performance
Assets Under Management · 30D▲ 99.09%
$337m
Over the last 30 days, the total value of Morpho Steakhouse USDG has grown 99.09% with $167.68M in inflows.
Net APY · 30D▲ 16.73%
3.07%
Over the last 30 days, the APY has increased from 2.63% to 3.07%.
Active Users · 30D▲ 19.81%
48k
Over the last 30 days, active users have increased by 19.81%, reaching 47.8K wallets.
Market Details
Chainrobinhood-chain
Treasury$26.76M
Oracles UsedMorpho Meta-Oracle (USDe/USDG) ↗Morpho Exchange-Rate Oracle (syrupUSDG/USDG) ↗Morpho Exchange-Rate Oracle (spUSDG/USDG) ↗
Asset ManagerSteakhouse Financial
Stated Withdrawal TimeInstant
Infrastructure ProviderMorpho
Component Ratings
Contract Addresses (11)
Key Strengths
S1Inherits Morpho's immutable, formally verified Vault V2 and Morpho Blue codebase, reviewed by multiple top-tier security firms and covered by large active bug bounties.
S2Fully non-custodial with permissionless ERC-4626 redemption, and the withdrawal-side gates are permanently abdicated, so address-level withdrawal censorship can never be introduced on this vault.
S3Vault ownership sits behind a Supervisor contract with an immutable multi-week transfer timelock, and custody logic is immutable, so no single key can move user funds or upgrade custody.
S4USDG is a regulated stablecoin issued by Paxos Digital Singapore under MAS supervision, MiCA-compliant, with bank-held reserves and monthly attestations, and is natively issued on Robinhood Chain rather than bridged.
Key Risks
R1Aggressive loan-to-value against synthetic and credit-backed stablecoin collateral leaves a thin buffer compared with the blue-chip collateral backing comparable mainnet vaults.
R2The dominant collateral market is priced by a challengeable meta-oracle whose primary feed is fixed at parity, leaving a multi-hour window in which a depeg would not trigger liquidations; the parameters are immutable on this market and can only be improved by migrating to a new one.
R3Runs on Robinhood Chain, a very new Arbitrum Orbit rollup whose single centralized sequencer has already halted once, blocking all transactions including withdrawals until it recovered without reported fund loss.
R4On-chain relative caps are set to the maximum, so no hard concentration limit prevents the vault from allocating heavily to a single market.
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