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



# Steakhouse High Yield USDC Edition (sirloinUSDC)

**Peg:** US Dollar

**Backing:** Crypto-Collateralized

**Governance:** CeFi-Dependent

**Status:** active

## Overview

sirloinUSDC is a Steakhouse-curated Morpho Vault V2 receipt over USDC, with lending interest reflected in assets per share. Holders redeem to the underlying token through idle balances and a selected liquidity adapter, so withdrawal capacity depends on available market liquidity. The immutable core requires deposited assets for user minting, but fee-share issuance and strategy losses can change each holder’s claim. The native Base contract charges a 25% performance fee, despite the product family’s generic 10% description. Parent-token reserve protections remain upstream, and no exact-vault signed financial reconciliation or funded stressed-recovery guarantee was established.

## Collateral

USDC held idle in the exact Morpho VaultV2 and supplied through its sole MorphoMarketV1 adapter; borrower collateral and market liquidity determine strategy risk.

## Peg Mechanism

ERC-4626 shares represent a proportional USDC-denominated lending position. Interest and fee-share accrual change assets per share; bad debt reduces NAV. Holder withdrawals burn shares and pay USDC atomically when idle assets plus the selected liquidity adapter suffice.

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| base | `0xbeeff2490feffa212fac2f6553682c219e6a8845` | 18 |

## Live Data

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