Morpho Steakhouse USDG DeFi Yield & Risk Rating
Morpho Steakhouse USDG is a Morpho Vault V2 on Robinhood Chain curated by Steakhouse Financial, denominated in USDG. 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
$447m
Net APY
3.46%
Active Users
53k
Type
Vault
Network
robinhood-chain
B-
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 B- 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 Exposures73
GGovernance100
FRFinancial Resilience42
TLCTeam Legal Compliance78
DTDocumentation Transparency100
Performance
Assets Under Management · 30D▲ 54.35%
$447m
Over the last 30 days, the total value of Morpho Steakhouse USDG has grown 54.35% with $157.55M in inflows.
Net APY · 30D▲ 14.95%
3.46%
Over the last 30 days, the APY has increased from 3.01% to 3.46%.
Active Users · 30D▲ 21.97%
53k
Over the last 30 days, active users have increased by 21.97%, reaching 53.1K wallets.
Market Details
Chainrobinhood-chain
Treasury$26.76M
Oracles UsedUSDe/USDG challengeable meta-oracle (hardcoded 1:1 primary with live backup feed, 0.5% deviation threshold, 16h challenge / 24h heal) ↗syrupUSDG/USDG exchange-rate oracle ↗spUSDG/USDG exchange-rate oracle ↗
Asset ManagerSteakhouse Financial
Stated Withdrawal TimeInstant
Infrastructure ProviderMorpho
Component Ratings
Contract Addresses (12)
Key Strengths
S1Inherits Morpho's immutable, formally-verified Vault V2 and Morpho Blue codebase, audited by top firms with active bug bounties on major platforms.
S2Robust key management: the owner is an MPC wallet wrapped by a Supervisor contract with a verified, immutable 14-day ownership-transfer timelock, and the withdrawal-relevant gates are permanently abdicated so address-level withdrawal censorship is structurally impossible.
S3Fully non-custodial with permissionless ERC-4626 redemption, and a forceDeallocate in-kind exit backstop.
S4Regulated, natively-issued underlying stablecoin: USDG is issued by Paxos under MAS supervision with monthly attestations, and is natively issued on Robinhood Chain rather than bridged.
Key Risks
R1The MPC signer threshold and independent key-holder count remain undisclosed, so the ownership structure cannot be independently verified beyond confirming it is not a single externally owned account.
R2The dominant collateral market's oracle carries a bounded liquidation-blind window: the hardcoded parity primary stays active until a deviation persists for many hours, leaving a fast depeg unprotected on a high-LLTV market.
R3Aggressive loan-to-value against synthetic and credit-backed collateral, materially riskier than the blue-chip collateral backing comparable mainnet vaults from the same curator.
R4Runs on Robinhood Chain, a very new Arbitrum Orbit L2 with a single centralized sequencer that has already halted once, making the single-point-of-failure risk concrete rather than theoretical.
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