bbqUSDC (Steakhouse High Yield USDC) Stablecoin Risk Profile

Answer first

What is Steakhouse High Yield USDC (bbqUSDC)?

bbqUSDC is Steakhouse's high-yield Morpho Vault V2 over USDC; withdrawals depend on lending liquidity and losses reduce share value. The static profile records its USDC-denominated NAV accounting mechanism as: ERC-4626 shares accrue net USDC lending interest and realize losses at NAV.

Is bbqUSDC safe?

bbqUSDC holds a C+ Safety Score grade (60/100) in Pharos's latest published rating — a middle-tier grade that meets baseline expectations but carries meaningful weaknesses, so Pharos does not consider it clearly safe. Static metadata says Steakhouse High Yield USDC uses a CeFi-Dependent governance model and Crypto-Collateralized backing, with live reserve feed configured; the main caveat is that freeze exposure is inherited through upstream collateral, custody, or wrapper dependencies. Treat the live peg, liquidity, reserve, dependency, and Safety Score sections below as the current risk read.

Static profile

Static stablecoin profile

Steakhouse High Yield USDC (bbqUSDC) static profile: governance model CeFi-Dependent; backing model Crypto-Collateralized; peg USDC-denominated NAV.

CeFi-Dependent Crypto-Collateralized USDC-denominated NAV

Variant relationship

Steakhouse High Yield USDC (bbqUSDC) is modeled as a strategy vault variant of USD Coin (USDC). Pharos treats parent stress, redemption, mint authority, and dependency context as relevant to this variant before interpreting its own live metrics.

Strategy vault variantspUSDC gtUSDCp gtUSDC krUSDC

AI summary / Updated Oct 2, 2026

Steakhouse High Yield USDC is a distinct Morpho Vault V2, separate from the legacy Smokehouse vault that uses the same bbqUSDC ticker. It lends USDC against a broader collateral book and passes borrower interest, fees and credit losses into its share value. Ordinary redemption returns USDC only while idle assets and the selected liquidity market can fund the withdrawal; force-deallocation capacity is separate.

Collateral: USDC in the Steakhouse-curated Morpho Vault V2 on ethereum, held idle or lent through its MorphoMarketV1AdapterV2; borrower collateral and credit losses remain local strategy exposure
Peg mechanism: ERC-4626 shares accrue net USDC lending interest and realize losses at NAV. Ordinary withdraw/redeem uses idle USDC and the configured liquidity adapter, subject to liquidity; force-deallocation and in-kind exits are separate, not guaranteed dollar settlement
Jurisdiction: Not disclosed in the static profile.
Proof of reserves: No proof-of-reserves entry in the static profile.
Contracts: 1 deployment tracked across Ethereum.

Next actions

Compare bbqUSDC Telegram alerts Digest RSS API access

Exact bot target: /subscribe dews,depeg,safety bbqusdc-steakhouse-v2

Source: checked-in StablecoinMeta profile fields. Live price, supply, reserve, liquidity, event, and safety data load in the interactive dossier below; the summary above was last updated Oct 2, 2026.

bbqUSDC quick answers

What is Steakhouse High Yield USDC (bbqUSDC)?

Is bbqUSDC safe?

What backs bbqUSDC?

Pharos classifies bbqUSDC backing as Crypto-Collateralized. Collateral, per the static profile: USDC in the Steakhouse-curated Morpho Vault V2 on ethereum, held idle or lent through its MorphoMarketV1AdapterV2; borrower collateral and credit losses remain local strategy exposure Reserve evidence: live reserve feed configured.

Can bbqUSDC be frozen or blacklisted?

Based on tracked contract metadata and blacklist coverage, freeze exposure is inherited through upstream collateral, custody, or wrapper dependencies. Live freeze and blacklist events for bbqUSDC, when applicable, appear in the dossier below.

Backing evidence

bbqUSDC

Partly disclosed

Held by

Steakhouse High Yield USDC VaultV2
MorphoMarketV1AdapterV2
Morpho lending markets

Shares not disclosed

SegregatedUnknown
Bankruptcy-remoteUnknown
No rehypothecationNot in place: Permitted

Reserves sit with 3 named custody providers; the account structure is undisclosed. Rehypothecation is permitted.

Confidence: Probable

Providers (3)

Steakhouse High Yield USDC VaultV2 0xbeeff2c5bf38f90e3482a8b19f12e5a6d2fca757
Other
Share not disclosed
MorphoMarketV1AdapterV2 0xbfe734baab130048e20a64e800c4c2ec25756284
Other
Share not disclosed
Morpho lending markets 0xbbbbbbbbbb9cc5e90e3b3af64bdaf62c37eeffcb
Other
Share not disclosed

Review notes & sources (8)

The complete current immediate inventory is held by onchain vault/adapter/Morpho contracts. USDC is intentionally lent to borrowers. This identifies operational position custody, not legal segregation, borrower-collateral whole-book custody, signer independence or insolvency priority. The aggregate custodyModel remains unknown rather than inheriting an all-onchain claim from older precedents.

Reviewed 2026-10-02

Control evidence

bbqUSDC

Mint Authority

Not rated — bbqUSDC wraps USDC and inherits its mint risk; no local privileged mint path was found.

Confidence: VerifiedInherits USDC mint riskControl posture: Wrapper / inherited

Control map

IssuerWrapped / inherited

ControlsWrapperGovernorGovernor Safe2/7

SupplybbqUSDCNo privileged mint path

Scoring breakdown

Derived posture Unknown

Component score NR

The mint control posture is not rated because the review is missing, unknown, or unresolved.

Primary controls (4)

bbqUSDC VaultV2 share issuer
Wrapper / Contract
ethereum / 0xbeeff2...fca757
MintNone
bbqUSDC owner
Governor / Contract
ethereum / 0x4d7bd4...07f71d
MintParameter-only
bbqUSDC curator
Governor / Safe
ethereum / 0x827e86...adecdb
MintParameter-onlySetupSafe, 2/7 thresholdSafe modules/guardNo modules or guards detected
bbqUSDC supervisor owner Safe
Governor / Safe
ethereum / 0x0a0e55...9cf8dd
MintParameter-onlySetupSafe, 5/10 thresholdSafe modules/guardNo modules or guards detected

Review notes & sources (13)

bbqUSDC mints shares against USDC deposits and may mint fee shares through interest accounting. Vault parameter controls remain local; durable USDC issuance is inherited from Circle.

Control posture

The token is classified primarily as a wrapper whose control posture depends on an underlying asset or parent system.

CeFi-Dependent is the broader governance classification. Control posture describes more precisely where operational authority sits.

Control posture is not a Safety Score input. Economic Control is scored from the reviewed mint authority, oracle and bridge evidence.

bbqUSDC is a tracked variant of USD Coin (USDC); this posture describes wrapper-level control inherited from that parent.

Reviewed 2026-10-03

bbqUSDC

Collateral pricing & liquidation

Privileged internal pricing

10 branches price collateral from a privileged internal price.

Confidence: Limited

Max LTV91.5%

Pricing path

SourcesMidas manual NAV via CustomAggregatorV3CompatibleFeedDiscounted (7.7% discount)ChainlinkOracleV2 adapter (Morpho API classification; feed operator/custody not independently established)Unresolved feed/rate topology+1 more

AggregatorPrivileged internal pricing12 feeds · 10 branches

ConsumerLiquidation engine

Branches

First 5 of 10 · debt shares not measured

mF-ONE collateral market 0xef2c308bPricing tier: Privileged internal pricingMax LTV 91.5%
wFalconX collateral market 0x2a0b8934Pricing tier: Opaque / unknownMax LTV 91.5%
PT-reUSD-10DEC2026 collateral market 0x1e9d6146Pricing tier: Opaque / unknownMax LTV 91.5%
TSLAon collateral market 0xeffa583fPricing tier: Opaque / unknownMax LTV 62.5%
reUSD collateral market 0x4565ac05Pricing tier: Opaque / unknownMax LTV 91.5%

+ 5 more branches under Feeds, parameters & failure behavior

Feeds, parameters & failure behavior

Feeds

baseFeedOne of 0x0cb1928eca8783f05a07d9ae2afb33f38bfbeb78 for market 0xef2c308b5abecf5c8750a1aa82b47c558005feb7a03f4f8e1ad682d71ac8d0ba · Midas manual NAV via CustomAggregatorV3CompatibleFeedDiscounted (7.7% discount) · Ethereum
baseFeedOne of 0x52ea2c12734b5bb61e1edf52bb0f01d9206493fc for market 0x2a0b893471c785a1f0fda00df7fca578b703eef7ae7186d2429c2824b5212467 · ChainlinkOracleV2 adapter (Morpho API classification; feed operator/custody not independently established) · Ethereum
baseFeedOne of 0x217d6ddcdb95112c51657f6270e8c079cfdb51f0 for market 0x1e9d614631a7df0ec07fb05b2c8cb2491575fd1a63a33bf187a6afb295a4fc64 · ChainlinkOracleV2 adapter (Morpho API classification; feed operator/custody not independently established) · Ethereum
IOracle.price() at market oracle 0xeccf43900d96c79fb36122818b42f40bde01597c; API returns null topology · Unresolved feed/rate topology · Ethereum
baseFeedOne of 0xa66a4f03fd8031973f8c7718904ce32385f54e70 for market 0x4565ac05d38b19374ccbb04c17cca60ca9353cd41824f0803d0fc7704f60eaed · ChainlinkOracleV2 adapter (Morpho API classification; feed operator/custody not independently established) · Ethereum
baseFeedOne of 0x5635a2f38c5dfd1d8fdb176d9cb5aefa07bf6a68 for market 0x61765602144e91e5ac9f9e98b8584eae308f9951596fd7f5e0f59f21cd2bf664 · ChainlinkOracleV2 adapter (Morpho API classification; feed operator/custody not independently established) · Ethereum
IOracle.price() at market oracle 0xd703c55b871d999ea5435ac3721b19296ac249d1; API returns null topology · Unresolved feed/rate topology · Ethereum
baseFeedOne of 0xa3a7a3cefee206f9d7fe00ec3c83324ed4228411 for market 0x85252bb8485c99bba46fe149c7dd2aad83672640f53c630890673cf1848ba16e · ChainlinkOracleV2 adapter (Morpho API classification; feed operator/custody not independently established) · Ethereum
baseFeedTwo of 0xa3a7a3cefee206f9d7fe00ec3c83324ed4228411 for market 0x85252bb8485c99bba46fe149c7dd2aad83672640f53c630890673cf1848ba16e · ChainlinkOracleV2 adapter (Morpho API classification; feed operator/custody not independently established) · Ethereum
quoteFeedOne of 0xa3a7a3cefee206f9d7fe00ec3c83324ed4228411 for market 0x85252bb8485c99bba46fe149c7dd2aad83672640f53c630890673cf1848ba16e · ChainlinkOracleV2 adapter (Morpho API classification; feed operator/custody not independently established) · Ethereum
baseFeedOne of 0xa6d6950c9f177f1de7f7757fb33539e3ec60182a for market 0x64d65c9a2d91c36d56fbc42d69e979335320169b3df63bf92789e2c8883fcc64 · ChainlinkOracleV2 adapter (Morpho API classification; feed operator/custody not independently established) · Ethereum
Immutable Morpho oracle 0x80032f4cb6e3573b9ed61e888af658e48fb790cc calls syrupUSDC 0x80ac24aa929eaf5013f6436cda2a7ba190f5cc0b convertToAssets(100000000); all BASE_FEED/QUOTE_FEED slots and QUOTE_VAULT are zero. Pool manager is 0x7ad5ffa5fdf509e30186f4609c2f6269f4b6158f, implementation 0xfe02be1ad28edfd8e3dd6f29c402b244c2a258b8; manager.totalAssets sums pool USDC balance and every strategyList entry's assetsUnderManagement · syrupUSDC ERC-4626 conversion rate; no external Chainlink feed in this exact oracle · Ethereum

weETH collateral market 0x61765602Pricing tier: Opaque / unknownMax LTV 86%
FLHYon collateral market 0xfb8d9208Pricing tier: Opaque / unknownMax LTV 86%
weETH collateral market 0x85252bb8Pricing tier: Opaque / unknownMax LTV 86%
cbBTC collateral market 0x64d65c9aPricing tier: Opaque / unknownMax LTV 86%
syrupUSDC collateral market 0x729badf2Pricing tier: Opaque / unknownMax LTV 91.5%

mF-ONE collateral market 0xef2c308b

0x238a700ed6165261cf8b2e544ba797bc11e466ba · max LTV 91.5% · Immutable market LLTV per Morpho marketById; this is loan-to-liquidation value, not a vault share mint cap.

Exact creation/runtime-matched Morpho Blue liquidate checks oracle-valued health against immutable LLTV, transfers seized collateral and requires loan-token repayment. Independently reviewed branch-kind evidence covers mechanics, not feed correctness or executable liquidation availability.

No exact-market funded insurance or discretionary rescue commitment was verified in the cited inventory; that fact remains unknown.

Discounted feed 0x4386307a07c4de7ba11b4f4ec3e1f37bbe95dc99 reads Midas proxy 0x8d51dbc85ceef637c97d02bdaabb5e274850e68c. At block 26122340 its implementation is MFOneCustomAggregatorFeed 0x7cc057c382dea2d1d590386db13655f6ec8a65b4, whose feed admins submit prices manually. accessControl() returns 0x0312a9d1ff2372ddedcbb21e4b6389afc919ac4b, another mutable proxy; feedAdminRole() is 0xdb5e9dab3324bd3260229fbc56a0f12fa0317c8cb14bee310acef564572cd504. ProxyAdmin 0xbf25b58cb8dfad688f7bcb2b87d71c23a6600aac is owned by MidasTimelockController 0xe3eee3e0d2398799c884a47fc40c029c8e241852, whose getMinDelay() is 172800 seconds. That upgrade delay does not establish delayed price submission, independent signers or a complete freshness/fallback certificate.

Exact creation/runtime-matched Morpho Blue writes off remaining debt at zero borrower collateral and subtracts badDebtAssets from totalSupplyAssets. No guaranteed recovery, funded insurance or root-vault assurance is inferred.

wFalconX collateral market 0x2a0b8934

0x4614f7a56a3eb83b2ff9fa4b4b9575b28fb68644 · max LTV 91.5% · Immutable market LLTV per Morpho marketById; this is loan-to-liquidation value, not a vault share mint cap.

No exact-market funded insurance or discretionary rescue commitment was verified in the cited inventory; that fact remains unknown.

Market consumes its configured IOracle.price(); nested-feed stale-price handling and fallback/bypass paths are not yet verified for this exact oracle.

PT-reUSD-10DEC2026 collateral market 0x1e9d6146

0xecfafdc7741323a945a163ed068b5a3c43483957 · max LTV 91.5% · Immutable market LLTV per Morpho marketById; this is loan-to-liquidation value, not a vault share mint cap.

No exact-market funded insurance or discretionary rescue commitment was verified in the cited inventory; that fact remains unknown.

Market consumes its configured IOracle.price(); nested-feed stale-price handling and fallback/bypass paths are not yet verified for this exact oracle.

TSLAon collateral market 0xeffa583f

0xf6b1117ec07684d3958cad8beb1b302bfd21103f · max LTV 62.5% · Immutable market LLTV per Morpho marketById; this is loan-to-liquidation value, not a vault share mint cap.

No exact-market funded insurance or discretionary rescue commitment was verified in the cited inventory; that fact remains unknown.

Market consumes its configured IOracle.price(); nested-feed stale-price handling and fallback/bypass paths are not yet verified for this exact oracle.

reUSD collateral market 0x4565ac05

0x5086bf358635b81d8c47c66d1c8b9e567db70c72 · max LTV 91.5% · Immutable market LLTV per Morpho marketById; this is loan-to-liquidation value, not a vault share mint cap.

No exact-market funded insurance or discretionary rescue commitment was verified in the cited inventory; that fact remains unknown.

Market consumes its configured IOracle.price(); nested-feed stale-price handling and fallback/bypass paths are not yet verified for this exact oracle.

weETH collateral market 0x61765602

0xcd5fe23c85820f7b72d0926fc9b05b43e359b7ee · max LTV 86% · Immutable market LLTV per Morpho marketById; this is loan-to-liquidation value, not a vault share mint cap.

No exact-market funded insurance or discretionary rescue commitment was verified in the cited inventory; that fact remains unknown.

Market consumes its configured IOracle.price(); nested-feed stale-price handling and fallback/bypass paths are not yet verified for this exact oracle.

FLHYon collateral market 0xfb8d9208

0x54c1ff361b402f66c13107421e6a431c3375ef24 · max LTV 86% · Immutable market LLTV per Morpho marketById; this is loan-to-liquidation value, not a vault share mint cap.

No exact-market funded insurance or discretionary rescue commitment was verified in the cited inventory; that fact remains unknown.

Market consumes its configured IOracle.price(); nested-feed stale-price handling and fallback/bypass paths are not yet verified for this exact oracle.

weETH collateral market 0x85252bb8

0xcd5fe23c85820f7b72d0926fc9b05b43e359b7ee · max LTV 86% · Immutable market LLTV per Morpho marketById; this is loan-to-liquidation value, not a vault share mint cap.

No exact-market funded insurance or discretionary rescue commitment was verified in the cited inventory; that fact remains unknown.

Market consumes its configured IOracle.price(); nested-feed stale-price handling and fallback/bypass paths are not yet verified for this exact oracle.

cbBTC collateral market 0x64d65c9a

0xcbb7c0000ab88b473b1f5afd9ef808440eed33bf · max LTV 86% · Immutable market LLTV per Morpho marketById; this is loan-to-liquidation value, not a vault share mint cap.

No exact-market funded insurance or discretionary rescue commitment was verified in the cited inventory; that fact remains unknown.

Market consumes its configured IOracle.price(); nested-feed stale-price handling and fallback/bypass paths are not yet verified for this exact oracle.

syrupUSDC collateral market 0x729badf2

0x80ac24aa929eaf5013f6436cda2a7ba190f5cc0b · max LTV 91.5% · Immutable market LLTV per Morpho marketById; this is loan-to-liquidation value, not a vault share mint cap.

No exact-market funded insurance or discretionary rescue commitment was verified in the cited inventory; that fact remains unknown.

Exact immutable Morpho oracle directly calls syrupUSDC convertToAssets(100000000); zero feed/quote-vault slots are identity factors, not redundant providers. There is no external-feed heartbeat, oracle administrator setter, timestamp check or fallback at this oracle. Independently executable-matched pool and manager source compute convertToAssets from manager.totalAssets/totalSupply; manager sums pool USDC balance plus all four strategy assetsUnderManagement calls without its own timestamp-age check. Any nested revert propagates rather than selecting an alternative. Strategy-level update/staleness and complete upgrade/signing controls remain unreviewed; no numeric heartbeat or staleness bound is established. This pricing path does not subtract unrealizedLosses as convertToExitAssets does. Manager setImplementation/migrate require its factory; upgrade permits the scheduled poolDelegate or globals.securityAdmin. At the pin, poolDelegate=0xc1e18ffd8825ffb286d177ddebeba345ec70b49f, factory=0xe463cd473ecc1d1a4ecf20b62624d84dd20a8339 and globals=0x804a6f5f667170f545bf14e5ddb48c70b788390c. Globals getters return governor=0x2efff88747eb5a3ff00d4d8d0f0800e306c0426b, securityAdmin=0x6b1a78c1943b03086f7ee53360f9b0672bd60818 and operationalAdmin=0xce1ce7c7f436dcc4e28bc8bf86115514d3dc34e8; these are observed role addresses, not independently verified quorum or ownership claims.

Review notes & sources (29)

A positively evidenced funded mF-ONE collateral branch establishes privileged internal NAV pricing, not an independently determined external market feed. At Ethereum block 26122340 (2026-10-04T23:40:11Z), exact adapter 0xbfe734baab130048e20a64e800c4c2ec25756284 has nonzero supplyShares in market 0xef2c308b5abecf5c8750a1aa82b47c558005feb7a03f4f8e1ad682d71ac8d0ba. Its reviewed discounted feed 0x4386307a07c4de7ba11b4f4ec3e1f37bbe95dc99 uses MFOneCustomAggregatorFeed implementation 0x7cc057c382dea2d1d590386db13655f6ec8a65b4; exact published source states price is submitted manually by feed admins and binds M_FONE_CUSTOM_AGGREGATOR_FEED_ADMIN_ROLE. Other branch control, freshness, fallback and complete administrator membership remain unresolved. Profile-wide confidence deliberately stays limited; this concrete adverse pricing authority does not promote the aggregate review or five branch-component reviews.

mF-ONE collateral market 0xef2c308b: The nested mF-ONE feed is a Midas manually submitted NAV, not an independently established Chainlink market-price feed. At Ethereum block 26122340 its transparent proxy implementation and access-control deployment are pinned. Full feed-admin membership and stale-price/bypass review remain incomplete.
wFalconX collateral market 0x2a0b8934: Exact collateral/oracle identity and LLTV are established. Nested valuation inputs, operator controls, feed staleness enforcement and fallback behavior remain incompletely reviewed; no independence or redundancy credit is claimed.
PT-reUSD-10DEC2026 collateral market 0x1e9d6146: Exact collateral/oracle identity and LLTV are established. Nested valuation inputs, operator controls, feed staleness enforcement and fallback behavior remain incompletely reviewed; no independence or redundancy credit is claimed.
TSLAon collateral market 0xeffa583f: Exact collateral/oracle identity and LLTV are established. Nested valuation inputs, operator controls, feed staleness enforcement and fallback behavior remain incompletely reviewed; no independence or redundancy credit is claimed.
reUSD collateral market 0x4565ac05: Exact collateral/oracle identity and LLTV are established. Nested valuation inputs, operator controls, feed staleness enforcement and fallback behavior remain incompletely reviewed; no independence or redundancy credit is claimed.
weETH collateral market 0x61765602: Exact collateral/oracle identity and LLTV are established. Nested valuation inputs, operator controls, feed staleness enforcement and fallback behavior remain incompletely reviewed; no independence or redundancy credit is claimed.
FLHYon collateral market 0xfb8d9208: Exact collateral/oracle identity and LLTV are established. Nested valuation inputs, operator controls, feed staleness enforcement and fallback behavior remain incompletely reviewed; no independence or redundancy credit is claimed.
weETH collateral market 0x85252bb8: Exact collateral/oracle identity and LLTV are established. Nested valuation inputs, operator controls, feed staleness enforcement and fallback behavior remain incompletely reviewed; no independence or redundancy credit is claimed.
cbBTC collateral market 0x64d65c9a: Exact collateral/oracle identity and LLTV are established. Nested valuation inputs, operator controls, feed staleness enforcement and fallback behavior remain incompletely reviewed; no independence or redundancy credit is claimed.
syrupUSDC collateral market 0x729badf2: At Ethereum block 26154200, the exact syrupUSDC Morpho market uses immutable oracle 0x80032f4cb6e3573b9ed61e888af658e48fb790cc, syrupUSDC convertToAssets(100000000), and zero external-feed/quote-vault slots. This is internal pool NAV, not a Chainlink or Pyth feed. Independently source-matched MaplePool and current manager implementation establish balance-plus-strategy accounting; all four strategy addresses and direct manager/admin role addresses are pinned. Their downstream accounting, upgrade controllers and signing topology remain incompletely reviewed. No feed independence, redundancy, bounded freshness, recovery or current allocation credit is claimed.

Reviewed 2026-10-07

bbqUSDC

Inherited

Freeze power sits upstream with USD Coin rather than in this token's own contract.

Sourced review

Power and scope

Upstreamvia USD Coin

PowerInherited

ScopeCanonical · Permissionless

Reviewed deployments (1)

EthereumCanonical · Permissionless

Transfer posture reviewed 2026-10-03.

Review notes & sources (8)

At ethereum block 26107704 (0x18e5f38), observed 2026-10-02T22:44:15.742108+00:00, receiveSharesGate, sendSharesGate and receiveAssetsGate were zero and all three setters were abdicated. Reviewed VaultV2 transfer/transferFrom and withdraw/redeem use these gates. sendAssetsGate was zero with its setter not abdicated; it governs deposit/mint, not direct withdrawal or transfer. Deposit-dependent in-kind paths can be constrained by it. USDC freeze exposure is inherited from usdc-circle; this is not a direct share blacklist claim.

Reviewed 2026-10-02

bbqUSDC

MiCA out of scope

MiCA (EU): Out of scope

bbqUSDC is out of MiCA scope.

Sources (3)

bbqUSDC

Single-chain / native

One native deployment, on Ethereum; no bridge route.

Confidence: Probable

Review notes & sources (8)

One reviewed native ethereum VaultV2 share deployment; no bridge or separate confidential receipt supply is included. This does not prove absence of uncatalogued integrations.

Reviewed 2026-10-02

What is Steakhouse High Yield USDC (bbqUSDC)?

Is bbqUSDC safe?

Backing evidence

bbqUSDC

Partly disclosed

Held by

Steakhouse High Yield USDC VaultV2
MorphoMarketV1AdapterV2
Morpho lending markets

Shares not disclosed

SegregatedUnknown
Bankruptcy-remoteUnknown
No rehypothecationNot in place: Permitted

Reserves sit with 3 named custody providers; the account structure is undisclosed. Rehypothecation is permitted.

Confidence: Probable

Providers (3)

Steakhouse High Yield USDC VaultV2 0xbeeff2c5bf38f90e3482a8b19f12e5a6d2fca757
Other
Share not disclosed
MorphoMarketV1AdapterV2 0xbfe734baab130048e20a64e800c4c2ec25756284
Other
Share not disclosed
Morpho lending markets 0xbbbbbbbbbb9cc5e90e3b3af64bdaf62c37eeffcb
Other
Share not disclosed

Review notes & sources (8)

Reviewed 2026-10-02

Control evidence

bbqUSDC