Steakhouse Confidential Prime USDC

Steakhouse Confidential Prime USDC (steakcUSDC) is a share token representing a depositor's ownership stake in a Morpho Vault on Ethereum, curated by Steakhouse Financial. The vault is designed for users who want to earn yield on USDC while keeping their balance information private, using fully homomorphic encryption to conceal individual holdings. It targets users who want the functionality of a lending-based yield strategy combined with on-chain financial privacy.

Depositors submit Confidential USDC (cUSDC), an ERC-7984 token whose balances are encrypted using fully homomorphic encryption, through the Zama application. The vault then lends that USDC to borrowers on Morpho's lending infrastructure, accepting blue-chip collateral such as cbBTC, WBTC, and wstETH. In return, depositors receive steakcUSDC shares, which represent their proportional claim on the vault's assets and any yield accumulated over time.

The vault generates yield by collecting interest from borrowers who post collateral to access USDC liquidity, with that interest flowing back to depositors in proportion to their share holdings. The data provided does not include a specific fee rate, fee recipient structure, or protocol revenue figure, so no fee-based measures can be reported from the information stored on this site. The current price of 1.016 USD per steakcUSDC against a USDC-denominated deposit base reflects accumulated yield to date, but no breakdown of fees versus gross yield is available in the stored data.