Steakhouse Confidential Prime USDC

Steakhouse Confidential Prime USDC (steakcUSDC) is a share token representing a depositor's ownership stake in a Morpho Vault v2 on Ethereum, curated by Steakhouse Financial. The vault is designed for users who want to lend USDC and earn yield while keeping their balances private, addressing a privacy concern that standard on-chain lending exposes. It targets USDC holders who wish to participate in lending markets without their positions being publicly readable on the blockchain.

Depositors supply Confidential USDC, a token whose balances are encrypted using fully homomorphic encryption under the ERC-7984 standard, through the Zama application. Once deposited into the Morpho Vault, the underlying USDC is lent out against blue-chip collateral including cbBTC, WBTC, and wstETH, with Morpho's lending infrastructure handling the credit and liquidation logic. The steakcUSDC token itself lives on Ethereum and represents a proportional claim on the vault's assets; its price relative to USDC reflects accumulated lending yield.

The vault generates yield from interest paid by borrowers who post collateral such as cbBTC, WBTC, and wstETH in exchange for USDC loans. That interest accrues to depositors and is reflected in the steakcUSDC token price, which the stored data places at 1.028 USD at the point-in-time recorded. The data provided does not include a specific protocol fee rate or a breakdown of how fees are split between depositors, Steakhouse Financial as curator, and the Morpho protocol, so no precise fee-flow figures can be stated here beyond what is shown.