The Steakhouse USDC vault on Morpho is a curated lending vault that allocates deposited USDC across vetted Morpho lending markets, with risk parameters set and managed by Steakhouse Financial. Depositors earn lending interest with flexible withdrawals subject to underlying liquidity. It scores 77/100 (Tier 3) on the RWTS Trust Score, high for a DeFi vault, reflecting Morpho's audited, isolated-market architecture and a conservative, professional curator. The residual risks are the usual DeFi ones: smart-contract exposure, curator allocation decisions, and withdrawal availability when borrow demand is high.
- Issuer / protocol
- Morpho
- Backing
- USDC deposits lent via curated lending markets
- Redemption / lock-up
- None (flexible withdrawal)
- Audit & proof of reserves
- Independently audited
- Availability
- Global
- Chain
- Ethereum
- Tier
- Tier 3 — Secured DeFi
Scored on the published RWTS methodology (v1.1), reviewed quarterly and on material events. Ratings are independent and never pay-influenced.
Calculations are indicative. Actual yields may vary.
Price data from CoinGecko. Not financial advice.
Current yield of 4.20% sits at -60% of the observed range. There may be room for rates to improve.
Projections assume constant APY of 4.20%. Actual returns may vary. Not financial advice.
Beyond mUSDC-SH's own score, two structural questions matter: what is it built on, and what has broken before in this part of the market. A high score in isolation can still carry hidden, shared exposure.
What this and similar assets are built on, and where contagion could spread.
The depegs, defaults, and exploits that inform the Track Record dimension.
Liquidity read: TVL of $64.94M indicates developing on-chain liquidity. Lock-up: None (flexible withdrawal).
Is mUSDC-SH safe?
mUSDC-SH (Morpho USDC Vault (Steakhouse)) scores 77/100 on the independent RWTS Trust Score, which places it in Secured DeFi (Tier 3). Tier 3 carries real DeFi exposure: the backing is sound but smart-contract and collateral risk are live, so size positions accordingly. Backing: USDC deposits lent via curated lending markets. It is independently audited. The score reflects backing, verification, redeemability, audit, regulatory standing, and track record, not headline yield. We rate. You decide.
Exit routes
11/15 · right 8/8 · routes 3/7If the issuer stopped cooperating tomorrow, could you get out?
One route, and it does not depend on the issuer
- independent
Morpho vault redeem
ERC-4626 redemption to USDC, permissionless and unconditional, subject to liquidity in the underlying markets. The curator (Steakhouse) sets allocations but cannot refuse a withdrawal.
- issuer
none
No pool for the vault share token clears the capacity floor.
Route 3: one route, contract-enforced, and a good one. Right 8, unconditional with no minimum. What it does not have is a second way out if the underlying markets are fully utilised.
This is the redeemability component of the Trust Score above, which stands at 77/100 (B+). Until 1 September 2026 redeemability was a single figure measuring the right to redeem while ignoring how many routes existed to exercise it. Splitting it moved this asset’s score. How the score works
Assessed 2026-09-01. Route independence asks how many ways out the issuer cannot close, not how much the asset trades.
Compare mUSDC-SH
Head to head on the Trust Score with similar assets.