Steakhouse Prime USDC is a curated lending vault on Base where Steakhouse Financial allocates deposited USDC across Morpho V2 lending markets, targeting an efficient, conservative yield with same-block redemptions when underlying liquidity allows. It brings professional curation to Base's growing DeFi base. It scores 66/100 (Tier 3) on the RWTS Trust Score: Morpho's audited, isolated-market design plus a credible curator, balanced against smart-contract risk, the curator's allocation choices, and withdrawal availability under stress. The yield is variable and reflects lending demand on Base rather than a fixed or reserved rate.
- Issuer / protocol
- Morpho
- Backing
- USDC allocated by Steakhouse Financial across Morpho V2 lending markets
- Redemption / lock-up
- None (same-block redemption when underlying liquidity available)
- Audit & proof of reserves
- Independently audited
- Availability
- Global
- Chain
- Base
- Tier
- Tier 3 — Secured DeFi
- Contract
- 0xbeef…73C9
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 4.07% sits at 29% of the observed range. There may be room for rates to improve.
Projections assume constant APY of 4.07%. Actual returns may vary. Not financial advice.
Curated USDC yield vault on Morpho V2 (Base) managed by Steakhouse Financial. Steakhouse allocates depositor USDC across selected Morpho lending markets per published risk parameters. Same-block redemption verified via wallet adapter integration. T3 placement reflects overcollateralized lending mechanics; Morpho V2 architecture novelty captured as additive caveat in trackRecord scoring.
Methodology v1.0 · independent rating · published rubric · no issuer payments
Depositor USDC allocated across Morpho V2 lending markets; principal protected by overcollateralized borrower positions (150%+ via Morpho liquidation engine) with Steakhouse Financial curator selection. Overcollateralized crypto yield per rubric tier.
Vault state and underlying market positions fully visible on-chain (basescan); Morpho protocol metrics published; Steakhouse curator publishes vault performance and allocation reports; combined on-chain transparency + curator-level reporting.
Same-block redemption to USDC at par verified via RWTS wallet adapter integration. ERC-4626 standard withdraw with instant settlement when underlying market liquidity available.
Morpho protocol audited by Spearbit, Trail of Bits, ChainSecurity, others; active bug bounty; Steakhouse Financial brings institutional underwriting standard to curator role; financial audit + smart contract audit framework.
Morpho Labs is France-registered entity; Steakhouse Financial is US-registered entity; published frameworks for both protocol and curator roles; partially regulated structure.
Morpho V2 vault architecture launched early 2026 (~5 months operational maturity as of May 2026). Steakhouse Financial as a curator has longer history operating V1 MetaMorpho vaults; V2-specific deployment is in the 6-12 month band per strict rubric reading.
CURATED_VAULT_PRODUCTVault allocation decisions are made by Steakhouse Financial as curator. Curator selection of underlying Morpho markets and risk parameters is a governance dependency above pure protocol risk.
MORPHO_V2_NOVELTYMorpho V2 vault architecture launched early 2026; ~5 months operational maturity. V1 MetaMorpho architecture (predecessor) has longer track record; V2 inherits much but introduces Bundler and other architectural changes.
WALLET_ADAPTER_DESTINATIONThis vault is integrated as an active deposit destination in the RWTS Yield Wallet adapter system.
Caveats document operational realities that don't change the dimensional score but shape practical use.
Beyond spUSDC'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 $106.79M indicates healthy on-chain liquidity. Lock-up: None (same-block redemption when underlying liquidity available).