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Steakhouse High Yield USDT0
bbqUSDT0
MonadV2
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, and the vault lends it out to borrowers who post wsrUSD, XAUt0, WBTC, and other collateral. The vault earns 5.04% APY from the interest that borrowers pay, set by supply-and-demand on Morpho Blue. Nearly all the USDT0 is currently lent out (98% against wsrUSD alone), so there is no idle cash buffer.
Who runs it
Steakhouse Financial runs this vault and is concentrating 98% of the book in a single collateral type (wsrUSD) at near-maximum utilization.
Where the yield comes from
The 5.04% APY comes entirely from borrowing demand against wsrUSD, which is running at 90% utilization — the vault is lending out nearly all its capital with almost no dry powder.
What could break it
The vault is heavily dependent on wsrUSD holding its peg and staying liquid; a 20% price drop in wsrUSD would trigger liquidation of borrowers at the 86% loan-to-value threshold. USDT0 itself is not a tracked stablecoin, adding an additional peg risk on the funding side.
Who this is for
Suitable only for allocators comfortable with concentrated single-collateral risk in an emerging ecosystem and willing to accept that USDT0 and wsrUSD are both less battle-tested than mainstream assets.
Risk decomposition
How the composite risk score breaks down. Every number traces to an explicit input — /methodology documents each factor's formula.
mainstream33/100
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
The Steakhouse High Yield USDT0 vault aims to optimize yields by lending USDT0 against a wide range of collaterals.
Where the yield comes from
Morpho V2 vault — wraps downstream Morpho markets and V1 vaults via adapters.
Why they may not
Some V2 adapters point at Morpho Blue markets directly; their underlying market detail isn't resolvable in the universe-level fetch, so this vault carries a V2 opacity surcharge in the risk model.
Hidden exposure map
What this vault is actually exposed to — including dependencies that are not visible from the strategy name.
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.
Markets5+ idle buffer
wsrUSD / USDT097.6%
XAUt0 / USDT01.3%
WBTC / USDT00.6%
wstETH / USDT00.4%
WETH / USDT00.2%
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.
V2 adapter routing failure
rare
computedV2 vaults route through adapters into downstream venues. A misbehaving adapter (paused, drained, or pointing at a compromised target) can lock or mismark a portion of the vault until governance acts.
−4% × 100% (adapter-stack-wide assumption; refined when per-adapter shares are available)
-4.0%
Recovery operational
100% exposed
L2 sequencer halt 48h
unlikely
computedSequencer halt on Monad blocks liquidations and redemptions for 48 hours. Without per-allocation buffers we apply a baseline 0.5% liquidity discount scaled by chain severity (1.5×).
−0.75% (chain severity 1.5× on a 0.5% baseline forced-exit discount during a 48h halt; allocation detail not yet available for V2 vaults)
-0.7%
Recovery 48 hours + 1–3 day catch-up
100% exposed
$50M same-day redemption
possible
computedVault has $2M idle buffer (100% of $2M TVL). $48M of the $50M request queues; the redeemer takes a ~0.50% forced-exit discount weighted across collateral mix plus 0-day TVM cost. $48M of the request exceeds the vault's $2M TVL and cannot be redeemed at all.
queued 96% of $50M × (0.50% forced-exit discount + 0.00% TVM over 0.0 days at 5.0% rate)
-0.5%
Recovery 0–14 days (queue depth)
96% 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
not configured
TimelockDelay before owner-initiated parameter changes take effect
none
Performance feeCurator's cut of generated yield
10.00%
Fee recipientAddress that collects the performance fee
not configured
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 (5)
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% – 17.52%
trailing 180d
APY volatility (σ)3.31 pts
standard deviation
Max APY drawdownNaN%
peak-to-trough
APY trend+0.00 pts
180d delta