---
title: "Steakhouse High Yield USDC (bbqUSDC) Stablecoin Analytics"
canonical: "https://pharos.watch/stablecoin/bbqusdc-steakhouse-v2/"
description: "Build-time stablecoin profile for Steakhouse High Yield USDC (bbqUSDC). Live price, supply, peg, liquidity, and flow data are served by the Pharos API."
dateModified: "2026-10-02"
---



# Steakhouse High Yield USDC (bbqUSDC)

**Peg:** US Dollar

**Backing:** Crypto-Collateralized

**Governance:** CeFi-Dependent

**Status:** active

## Overview

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. The supervisor is controlled by a five-of-ten Safe, but curator replacement is immediate and its ownership delay does not protect every vault action. Direct share transfers and withdrawals are ungated with their setters abdicated, while deposit gating remains mutable and the underlying USDC freeze risk remains. The vault has no established independent financial reconciliation or legal priority for shareholders.

## 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

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| ethereum | `0xbeeff2c5bf38f90e3482a8b19f12e5a6d2fca757` | 18 |

## Live Data

Real-time price, supply, peg score, liquidity, and flow data live at https://api.pharos.watch/api/stablecoin/bbqusdc-steakhouse-v2.