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Steakhouse High Yield USDT0
bbqUSDT0
MonadCurated by Steakhouse Financial·Inception 2025-11-22·Guardian 0x827e86072B06674a077f592A531dcE4590aDeCdB
Monad
USDT0
AI vault read
Plain-English summary of this vault — what it does, who runs it, where the yield comes from, and what could break it. Generated from the same deterministic inputs shown elsewhere on this page; the numbers are the source, this is just the explanation.
What this vault does
Depositors put USDT0 (a stablecoin on Monad) into this vault, which lends it out on Morpho Blue to borrowers who post wsrUSD, wstETH, WETH, SOL, or WMON as collateral. The interest rate is set by supply and demand — borrowers pay based on how much lending demand exists versus available capital.
Who runs it
Steakhouse Financial runs this vault; the data shows a conservative posture concentrated in stablecoin collateral (92% in wsrUSD) with small LST exposure.
Where the yield comes from
The 5.04% APY comes from borrower interest (4.28%) on the stablecoin and LST loans, plus protocol incentives and curator rebates (0.76%). All capital is deployed — there is no idle cash buffer.
What could break it
The vault's risk score of 29/100 is low, but concentration is the material point: 92% of lending sits against wsrUSD at 86% loan-to-value with 90% utilization, meaning the vault is exposed to wsrUSD price moves and to the tight liquidation threshold if utilization spikes. Small LST exposure (6% in wstETH) adds some variance.
Who this is for
Good fit for an allocator seeking stablecoin yield on Monad with minimal complexity if comfortable holding USDT0; avoid if you need diversified collateral exposure or a capital buffer for market stress.
Risk decomposition
How the composite risk score breaks down. Every number traces to an explicit input — /methodology documents each factor's formula.
mainstream29/100
Warning floorfloor
Hard min from Morpho's own flags on the vault or its active markets.
Structuralweight 28%
Share-weighted collateral quality + LLTV buffer adequacy. Correlation-aware.
Liquidationweight 20%
Headroom (1 − LLTV) measured in σ-units of 30d realized vol, amplified by utilization.
Yield anomalyweight 20%
Peer-cohort z-score plus absolute-yield band. Excess yield is risk you may not yet model.
Concentrationweight 12%
Market HHI + asset-class HHI + curator's universe TVL share.
Liquidityweight 10%
Util curve position, share locked above 95%, idle buffer.
Maturityweight 10%
Vintage + TVL-time integral. V2 vaults carry an opacity surcharge.
Depeg floorfloor
Hard min from active depeg signal on the loan asset.
Composite = max(Σ weighted + floors). Warning and depeg floors are hard minimums; the weighted sum of the structural factors is the base. A floor highlighted in amber means it is what determines the final score — the protocol or peg signals are louder than our structural model.
Plain English explanationWritten by VaultScanner research · model card · last update 2026-05-12
What this vault actually does
Steakhouse Financial USDT0 vault on Monad, allocating across 8 Morpho Blue markets.
Yield decomposition
What you are actually getting paid for, expressed as a share of net APY.
Hover for source breakdownTotal · 5.04% gross APY
Curator performance fee−10.00%→5.04% net
Borrower lending demand
Structural
Interest paid by borrowers on Morpho Blue markets the vault supplies into.
4.28%84.9% of yield · 428 bps
Protocol incentives
Incentive
Estimated boost from Morpho-side rewards programs and curator rebates active on these markets.
0.76%15.1% of yield · 76 bps
What breaks this vault
The honest version. Every structural failure mode this vault is exposed to, ranked by severity. If you want to know whether to invest, start here.
Cap-weighted utilization is 87.3%, leaving little idle buffer. Large same-day redemptions may queue behind active loan repayments.
Vault is split across 8 markets. More markets means more parameter surface area for the curator to monitor.
Hidden exposure map
What this vault is actually exposed to — including dependencies that are not visible from the strategy name.
WETH
2%
Lending venueCollateral asset in vault allocations.
WMON
0%
Lending venueCollateral asset in vault allocations.
wsrUSD
92%
Lending venueCollateral asset in vault allocations.
SOL
0%
Lending venueCollateral asset in vault allocations.
WBTC
0%
Lending venueCollateral asset in vault allocations.
XAUt0
0%
Lending venueCollateral asset in vault allocations.
wstETH
6%
Liquid stakingCollateral asset in vault allocations.
USDT0
100%
Lending venueLoan asset supplied by the vault.
Reading this map. Direct exposures are the assets the vault holds or lends against. Indirect dependencies (Tab 3) include the protocols that mint those assets, the oracles pricing them, and the bridges that move them. An incident at any indirect dependency can damage the vault even when the direct collateral looks healthy.
Allocation breakdown
Every market the vault has supplied into, with current LTV, LLTV, oracle, and IRM. Idle balances are listed explicitly.
Markets7+ idle buffer
wsrUSD / USDT092.5%
wstETH / USDT05.5%
WETH / USDT02.0%
SOL / USDT00.0%
WMON / USDT00.0%
WBTC / USDT00.0%
XAUt0 / USDT00.0%
idle / USDT00.0%
Stress scenarios
Modeled NAV impact under historical and hypothetical tail events. Each impact = − (shock magnitude) × (vault exposure) × (pass-through). Hover the calculator icon for the per-scenario formula.
Morpho contract vulnerability
rare
computedTail-case: a vulnerability surfaces in Morpho Blue that affects the vault's largest single market (92% of TVL). Modeled at 50% loss on that exposure; full vault is not assumed at risk since markets are isolated.
−50% × 92% (largest market) × 100% pass-through
-46.2%
Recovery patch + governance
92% exposed
Curator misallocation
unlikely
computedCurator routes into a market that develops bad debt or an oracle break. Worst single position is 92.5% of TVL; top-3 concentration is 100%. Modeled at 50% bad-debt recovery on the worst position.
−50% × 92.5% (worst market) × 100% pass-through
-46.2%
Recovery 30–90 days
92% exposed
Redemption queue under stress
possible
computed92% of TVL is in markets running >85% utilization. Redemption requests on that slice queue until borrowers repay; remaining LPs absorb a small forced-exit discount.
~1% forced-exit discount × 92% (stressed markets only)
-0.9%
Recovery 1–7 days
92% exposed
$50M same-day redemption
possible
computedVault has $0M idle buffer (13% of $0M TVL). $50M of the $50M request queues; the redeemer takes a ~0.53% forced-exit discount weighted across collateral mix plus 12-day TVM cost. $50M of the request exceeds the vault's $0M TVL and cannot be redeemed at all.
queued 100% of $50M × (0.53% forced-exit discount + 0.31% TVM over 12.2 days at 9.4% rate)
-0.8%
Recovery 0–14 days (queue depth)
100% exposed
L2 sequencer halt 48h
unlikely
computed48h sequencer halt on Monad. Collateral drifts while liquidations are frozen; the LLTV buffer absorbs liquidation-clearable moves, the excess accrues as bad debt. Plus a small forced-exit discount on the 92% of TVL sitting in markets above 85% utilization. Total -0.48% NAV loss.
48h × Monad severity 1.5×: bad-debt across 100% of TVL (≈0.01%) + forced-exit discount on 92% stressed-utilization markets (≈0.46%)
-0.5%
Recovery 48 hours + 1–3 day catch-up
100% exposed
Governance & configuration
On-chain contracts, control surface, and per-market parameters. The diligence checklist surface — every value here is what an allocator needs to copy into a memo before sizing a deposit.
Vault contractMetaMorpho v1 on Morpho Blue
Chain
Monad
CuratorRisk team setting market allocations
OwnerCan change curator, guardian, and timelock (after delay)
GuardianCan pause and revoke allocations if compromised
TimelockDelay before owner-initiated parameter changes take effect
3 days
Performance feeCurator's cut of generated yield
10.00%
Fee recipientAddress that collects the performance fee
Skim recipientReceives stray non-loan-asset tokens swept from the vault
not configured
Deployed6 mos on-chain
Nov 22, 2025
One-click redeem
available
Morpho app
Market parameters (8)
Oracle, IRM, and LLTV per Morpho Blue market the vault routes into. Click an address to inspect the contract on a block explorer.Activity
Curator and parameter changes detected by VaultScanner's snapshot diff. Refreshed every 6 hours.
Historical analytics
180 trailing days. APY, TVL, utilization, and an APY drawdown view to show how the vault has actually behaved — not just where it sits today.
APY range0.00% – 24.19%
trailing 180d
APY volatility (σ)4.26 pts
standard deviation
Max APY drawdownNaN%
peak-to-trough
APY trend+5.04 pts
180d delta