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. It is designed for users who want to earn yield on USDC while keeping their balances private, using a form of encrypted token technology called fully homomorphic encryption. The vault targets those who want yield from lending markets without exposing their holdings in readable on-chain form.

Depositors supply Confidential USDC (cUSDC), an ERC-7984 token whose balances are encrypted, through the Zama application, and the vault then lends that capital against collateral assets including cbBTC, WBTC, and wstETH via Morpho's lending infrastructure on Ethereum. In return, depositors receive steakcUSDC shares, which represent their proportional claim on the vault's assets and any yield it accumulates. The asset has no consensus algorithm of its own, as it lives entirely within Ethereum's execution environment.

The data stored for this asset does not include a fee stream, fee rate, or protocol revenue figure, so no fee-based measures are available on this page. The vault generates yield through interest paid by borrowers who use blue-chip collateral to borrow USDC via Morpho, but how that yield is split between depositors, Steakhouse Financial, and the Morpho protocol is not captured in the data provided. Because no fee metrics are present, any fee-based ratios that this site would ordinarily display are not applicable here.