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



# Ethena x Steakhouse USDC (ethenaUSDC)

**Peg:** US Dollar

**Backing:** Crypto-Collateralized

**Governance:** CeFi-Dependent

**Status:** active

## Overview

Ethena x Steakhouse USDC is a Morpho Vault V2 on Base that issues NAV-bearing shares against USDC deposits. Its current lender positions include Coinbase-wrapped collateral, with a concentrated credit book whose losses pass through to holders. Ordinary USDC redemption uses the configured liquidity market, while force-deallocation and in-kind exits require separate execution and capacity treatment. The vault owner is a supervisor controlled by a five-of-ten Safe; curator replacement is immediate, and allocation delays do not cover fee changes. Direct transfers and withdrawals have zero gates with their setters abdicated, although deposit gating remains mutable and USDC's upstream freeze exposure remains. No exact-vault financial attestation or enforceable shareholder insolvency priority was established.

## Collateral

USDC in the Ethena x Steakhouse-curated Morpho Vault V2 on base, 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 |
| --- | --- | --- |
| base | `0xbeeff0be997cca5b1c13a7433c2004637975739e` | 18 |

## Live Data

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