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Steakhouse Ethena USDtb

steakUSDTBethena
Ethereum
Curated by Steakhouse Financial·Inception 2025-05-16·Guardian 0xdc4c05B966d2aB92aA36d222ae8F5926Ec0333fa
Ethereum
USDtb
Open on Morpho
Net APY1.57%
-1.31%30d 2.88%
Trend up
TVL$105.16M
+110.01%Capacity $157.74M
Trend up
Utilization82%
Healthy
Risk score
14
Low
Market 13
·Loan demand 31
Complexity36Standard strategy
Liquidity38/100
Instant redemption available
Performance fee5%Below median
Plain English explanationWritten by vaults.xyz research · model card · last update 2026-05-12
What this vault actually does

The Steakhouse Ethena USDtb vault aims to optimize yield on USDtb lending against a wide range of collateral assets.

Yield decomposition

What you are actually getting paid for, expressed as a share of net APY.

Hover for source breakdownTotal · 1.57% gross APY
Curator performance fee−5.00%→1.57% net
Borrower lending demand
Structural

Interest paid by borrowers on Morpho Blue markets the vault supplies into.

1.49%94.9% of yield · 149 bps
Protocol incentives
Incentive

Estimated boost from Morpho-side rewards programs and curator rebates active on these markets.

0.08%5.1% of yield · 8 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.

Weighted LLTV across markets is 91.5%. Sharp collateral drawdowns can trigger cascading liquidations faster than vault parameters can be adjusted.

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.

sUSDe
100%
StablecoinCollateral asset in vault allocations.
USDe
0%
StablecoinCollateral asset in vault allocations.
USDtb
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.

Markets2+ idle buffer
sUSDe / USDtb100.0%
USDe / USDtb0.0%
idle / USDtb0.0%
MarketProtocolAllocationLTV / LLTVUtilizationOracleIRM
sUSDe / USDtbMorpho Blue
100.0%$105.16M
78% / 91.5%13.7 pts headroom
82%0x67BcC034…0x870aC11D…
USDe / USDtbMorpho Blue
0.0%$7.77
78% / 91.5%13.7 pts headroom
84%0xaE4750d0…0x870aC11D…
idle / USDtbMorpho Blue
0.0%$0
——0x00000000…0x00000000…
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
computed

Tail-case: a vulnerability surfaces in Morpho Blue that affects the vault's largest single market (100% of TVL). Modeled at 50% loss on that exposure; full vault is not assumed at risk since markets are isolated.

−50% × 100% (largest market) × 100% pass-through
-50.0%
Recovery patch + governance
100% exposed
Curator misallocation
unlikely
computed

Curator routes into a market that develops bad debt or an oracle break. Worst single position is 100.0% of TVL; top-3 concentration is 100%. Modeled at 50% bad-debt recovery on the worst position.

−50% × 100.0% (worst market) × 100% pass-through
-50.0%
Recovery 30–90 days
100% exposed
Activity

Curator and parameter changes detected by VaultScope's snapshot diff. Refreshed every 6 hours.

Full feed →
No events yet. The next snapshot tick will start populating this.
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% – 7.55%
trailing 180d
APY volatility (σ)2.38 pts
standard deviation
Max APY drawdownNaN%
peak-to-trough
APY trend+1.68 pts
180d delta