---
title: "Smokehouse USDC (bbqUSDC) Stablecoin Analytics"
canonical: "https://pharos.watch/stablecoin/bbqusdc-steakhouse/"
description: "Build-time stablecoin profile for Smokehouse USDC (bbqUSDC). Live price, supply, peg, liquidity, and flow data are served by the Pharos API."
dateModified: "2026-06-20"
---



# Smokehouse USDC (bbqUSDC)

**Peg:** US Dollar

**Backing:** Crypto-Collateralized

**Governance:** CeFi-Dependent

**Status:** active

## Overview

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 still starts with Circle's dollar, but the yield stack is Morpho lending exposure curated toward wider and more exotic collateral markets, including tokenized private-credit style additions. Pharos tracks bbqUSDC as a USDC {{term:yield-bearing}}strategy vault{{/term}}, not a new issuer dollar: share price appreciates through borrower interest, while exits depend on available Morpho liquidity and the curator not having allocated too much into slow-to-unwind markets. The token is transparent and deposit-backed, but the word Smokehouse is doing useful labeling work here; this is the spicy Steakhouse sleeve, not the boring one.

## 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

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| ethereum | `0xbeefff209270748ddd194831b3fa287a5386f5bc` | 18 |

## Live Data

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