Smokehouse USDC (bbqUSDC) stablecoin analytics
Answer First
What is Smokehouse USDC (bbqUSDC)?
bbqUSDC is Steakhouse's high-yield MetaMorpho USDC vault; share price accrues borrower interest across wider-risk Morpho markets. The static profile records its USDC-denominated NAV accounting mechanism as: ERC-4626 MetaMorpho vault shares appreciate against USDC as borrower interest accrues; withdrawals redeem shares for available USDC liquidity or wait for Morpho market liquidity to return
Is bbqUSDC safe?
bbqUSDC holds a B+ Safety Score grade (77/100) in Pharos's latest published rating — a safe-tier grade, so Pharos assesses it as overall safe, though no stablecoin is entirely risk-free. Static metadata says Smokehouse 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
Smokehouse USDC (bbqUSDC) static profile: governance model CeFi-Dependent; backing model Crypto-Collateralized; peg USDC-denominated NAV.
Variant Relationship
Smokehouse 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.
AI summary / Updated Sep 7, 2026
Smokehouse USDC is Steakhouse's high-yield MetaMorpho vault over USDC, built for borrowers and collateral types that sit outside the calmer Prime line. The wrapper itself uses a clear mechanism: an immutable ERC-4626 vault with no proxy, shares minted only against USDC deposits, and a Steakhouse Safe that can steer allocations and fees but cannot conjure base dollars or block a holder's transfer. That structure is why the N/A overall grade sits at the ceiling set by its USDC parent: a child cannot rate above the...
AI summary · drafted by claude-fable-5-1 · facts as of Sep 7, 2026
- Collateral
- USDC deposited into Steakhouse's Smokehouse MetaMorpho vault, allocated across Morpho Blue lending markets that intentionally include wider and more exotic borrower collateral than Steakhouse's Prime line
- Peg Mechanism
- ERC-4626 MetaMorpho vault shares appreciate against USDC as borrower interest accrues; withdrawals redeem shares for available USDC liquidity or wait for Morpho market liquidity to return
- 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
Exact bot target: /subscribe dews,depeg,safety bbqusdc-steakhouse
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 Sep 7, 2026.
bbqUSDC quick answers
What is Smokehouse USDC (bbqUSDC)?
bbqUSDC is Steakhouse's high-yield MetaMorpho USDC vault; share price accrues borrower interest across wider-risk Morpho markets. The static profile records its USDC-denominated NAV accounting mechanism as: ERC-4626 MetaMorpho vault shares appreciate against USDC as borrower interest accrues; withdrawals redeem shares for available USDC liquidity or wait for Morpho market liquidity to return
Is bbqUSDC safe?
bbqUSDC holds a B+ Safety Score grade (77/100) in Pharos's latest published rating — a safe-tier grade, so Pharos assesses it as overall safe, though no stablecoin is entirely risk-free. Static metadata says Smokehouse 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.
What backs bbqUSDC?
Pharos classifies bbqUSDC backing as Crypto-Collateralized. Collateral, per the static profile: USDC deposited into Steakhouse's Smokehouse MetaMorpho vault, allocated across Morpho Blue lending markets that intentionally include wider and more exotic borrower collateral than Steakhouse's Prime line 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.
