Allocation shift
U
Steakhouse High Yield USDC v1.1
bbqUSDC
BaseOn peg1Curated by Steakhouse Financial·Inception 2025-08-01·Guardian 0xF8949d935d4e5Cb0A6641dddB53Db10246C0621C
Base
USDC
Plain English explanationWritten by vaults.xyz research · model card · last update 2026-05-12
What this vault actually does
The Steakhouse High Yield USDC vault aims to optimize for yield on a wide range of collaterals.
Yield decomposition
What you are actually getting paid for, expressed as a share of net APY.
Hover for source breakdownTotal · 4.97% gross APY
Borrower lending demand
Structural
Interest paid by borrowers on Morpho Blue markets the vault supplies into.
4.22%84.9% of yield · 422 bps
Protocol incentives
Incentive
Estimated boost from Morpho-side rewards programs and curator rebates active on these markets.
0.75%15.1% of yield · 75 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 90.2%, leaving little idle buffer. Large same-day redemptions may queue behind active loan repayments.
Primary loan or collateral asset is a stablecoin. A sustained depeg below 99 cents impacts NAV and disables liquidation routing for non-USD collateral.
Hidden exposure map
What this vault is actually exposed to — including dependencies that are not visible from the strategy name.
PT-USDai-18JUN2026-(ARB)
31%
Pendle PTCollateral asset in vault allocations.
cbETH
0%
Liquid stakingCollateral asset in vault allocations.
cbLTC
6%
Lending venueCollateral asset in vault allocations.
cbADA
10%
Lending venueCollateral asset in vault allocations.
weETH
0%
Liquid restakingCollateral asset in vault allocations.
AERO
0%
Lending venueCollateral asset in vault allocations.
reUSD
0%
Lending venueCollateral asset in vault allocations.
wsrUSD
0%
Lending venueCollateral asset in vault allocations.
cbBTC
21%
Lending venueCollateral asset in vault allocations.
cbXRP
7%
Lending venueCollateral asset in vault allocations.
SOL
13%
Lending venueCollateral asset in vault allocations.
WETH
1%
Lending venueCollateral asset in vault allocations.
LBTC
0%
Lending venueCollateral asset in vault allocations.
cUSDO
0%
Lending venueCollateral asset in vault allocations.
deSPXA
0%
Lending venueCollateral asset in vault allocations.
wstETH
0%
Liquid stakingCollateral asset in vault allocations.
cbDOGE
10%
Lending venueCollateral asset in vault allocations.
USDC
100%
StablecoinLoan 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.
Markets20+ idle buffer
PT-USDai-18JUN2026-(ARB) / USDC30.6%
cbBTC / USDC21.0%
SOL / USDC13.3%
cbDOGE / USDC10.2%
cbXRP / USDC7.0%
cbLTC / USDC6.4%
cbADA / USDC5.6%
cbADA / USDC4.9%
WETH / USDC0.8%
cbETH / USDC0.1%
LBTC / USDC0.1%
cbETH / USDC0.0%
wstETH / USDC0.0%
AERO / USDC0.0%
deSPXA / USDC0.0%
weETH / USDC0.0%
cUSDO / USDC0.0%
wsrUSD / USDC0.0%
reUSD / USDC0.0%
cbXRP / USDC0.0%
idle / USDC0.0%
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 Blue contract vulnerability
rare
computedTail-case: a vulnerability surfaces in Morpho Blue that affects the vault's largest single market (31% of TVL). Modeled at 50% loss on that exposure; full vault is not assumed at risk since markets are isolated.
−50% × 31% (largest market) × 100% pass-through
-15.3%
Recovery patch + governance
31% exposed
Curator misallocation
unlikely
computedCurator routes into a market that develops bad debt or an oracle break. Worst single position is 30.6% of TVL; top-3 concentration is 65%. Modeled at 50% bad-debt recovery on the worst position.
−50% × 30.6% (worst market) × 100% pass-through
-15.3%
Recovery 30–90 days
31% exposed
USDC depeg
unlikely
computedMarch 2023 SVB episode: USDC traded as low as $0.88 before banking exposure was clarified. Mark-to-market loss on 100% of vault TVL (the loan asset is USDC).
−12% × 100% exposed × 100% pass-through (loan-asset shock)
-12.0%
Recovery 7–14 days
100% exposed
Redemption queue under stress
possible
computed100% 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 × 100% (stressed markets only)
-1.0%
Recovery 1–7 days
100% exposed
Pendle PT dislocation
possible
computedPT collateral can trade at unexpected discounts before maturity if implied yield diverges from the underlying. 30.6% of TVL is in Pendle PT markets (weighted LLTV 91%). A 15% collateral shock translates to ~0.34% NAV loss after the 9-pt LLTV buffer absorbs liquidation-clearable price moves.
−15% × 30.6% exposed × 7% pass-through (LLTV 91%)
-0.3%
Recovery until maturity
31% exposed
Activity
Curator and parameter changes detected by VaultScope's snapshot diff. Refreshed every 6 hours.
Reallocation
Reallocation
Reallocation
Reallocation
Rotated funds from cbXRP / USDC into PT-USDai-18JUN2026-(ARB) / USDC
432.0k USDCexotic
Reallocation
Reallocation
Rotated funds from cbXRP / USDC into PT-USDai-18JUN2026-(ARB) / USDC
487.4k USDCexotic
Reallocation
Reallocation
Reallocation
Reallocation
Reallocation
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 range3.80% – 10.84%
trailing 180d
APY volatility (σ)1.62 pts
standard deviation
Max APY drawdown-65.0%
peak-to-trough
APY trend-5.86 pts
180d delta