steakUSDC

Steakhouse Prime USDC (steakUSDC)

· 62/100as of 2026-11-08

steakUSDC is Steakhouse's Morpho Vault V2 over USDC; withdrawals use idle USDC and a configured liquidity adapter, while strategy losses can reduce share price.

Updated —

Yield-Bearing Hybrid

USDC NAV Crypto-Backed Centralized-Dependent

27 Oct 2025

Price

$1.0388

NAV token — no fixed peg

Market cap

$143.64M

+4.17% 24h

Supply

138.28M steakUSDC

+42.11% 7d

+26.56% 30d

DEWS

PegNAVToken

Liq

30d Excess

Price

$1.0388

NAV token — no fixed peg

Market cap

$143.64M

+4.17% 24H

Supply

138.28M steakUSDC

+42.11% 7D · +26.56% 30D

30d Excess

MechanismProtocol PositionMintingWrapped / inherited FreezeUpstreamChains1 JurisdictionNot disclosed MiCAOut of Scope

MintingWrapped / inherited FreezeUpstreamChains1 JurisdictionNot disclosed MiCAOut of Scope

Steakhouse USDC Lending Vault

Steakhouse USDC is an immutable Morpho Vault V2 share over USDC, so the base dollar is Circle's but the yield comes from borrowers in Steakhouse-curated Morpho markets. The vault leaves Circle's reserve story unchanged and adds curator choices, lending collateral, and withdrawal liquidity on top of it. User shares mint only against USDC deposits, so Pharos inherits the underlying USDC issuer risk and tracks the Steakhouse governance surface separately. The C+ overall grade is set by a structural cap: Pharos finds the vault's own mint-control identity on reviewed paths of two independent tracked root liabilities, at deployment exposure of 25% or more. Withdrawals draw on idle USDC and a configured liquidity adapter, so exits still depend on available Morpho liquidity.

Updated 2026-10-27 · AI summary · drafted by claude-opus-5-5 · facts as of 2026-10-19

AI policy

CeFi-Dependent|Compare

Depeg Early Warning

Not applicableNAV tokens are priced by NAV, not peg

Exit evidence

Redemption route · Waiting for section

Redemption evidence loads when the Risk section approaches the viewport.

Control evidence

steakUSDC Mint Authority

steakUSDC wraps USDC and inherits its mint risk; no local privileged mint path was found.

Confidence: VerifiedInherits USDC mint riskControl posture: Wrapper / inherited

Control map

IssuerWrapped / inherited

ControlsWrapperGovernor Safe5/10

SupplysteakUSDCNo privileged mint path

Scoring breakdown

Derived posture Unknown

Component score Loading

The current Safety Score publication is loading; reviewed mint authority evidence is shown below.

Primary controls (2)

steakUSDC Morpho Vault V2 (immutable, asset-backed shares)
Wrapper / Contract
ethereum / 0xbeef08...ef0f51
MintNone
Steakhouse vault owner chain — 5-of-10 Safe (parameter control)
Governor / Safe
ethereum / 0x0a0e55...9cf8dd
MintParameter-onlySetupSafe, 5/10 thresholdSafe modules/guardNo modules or guards detected

Review notes & sources (8)

steakUSDC is an immutable Morpho Vault V2 ERC-4626 vault. User shares mint against USDC deposits, and interest accrual can mint fee shares; both fee rates were zero at the observed block. VaultV2Supervisor owns the vault and is owned by the observed Steakhouse 5-of-10 Safe. Base USDC issuance remains inherited from Circle.

Control posture

The token is classified primarily as a wrapper whose control posture depends on an underlying asset or parent system.

CeFi-Dependent is the broader governance classification. Control posture describes more precisely where operational authority sits.

Control posture is not a Safety Score input. Economic Control is scored from the reviewed mint authority, oracle and bridge evidence.

steakUSDC is a tracked variant of USD Coin (USDC); this posture describes wrapper-level control inherited from that parent.

Reviewed 2026-10-01

steakUSDC Collateral pricing & liquidation

Privileged internal pricing

8 branches price collateral from a privileged internal price.

Oracle review: Probable

Max LTV86%

Pricing path

SourcesEACAggregatorProxyChainlink WBTC/BTC OCR2; 6-of-16 active report-signature requirementChainlink BTC/USD OCR2; 11-of-31 active report-signature requirement+12 more

AggregatorPrivileged internal pricing20 feeds · 8 branches

ConsumerLiquidation engine

Branches

First 5 of 8 · debt shares not measured

ethereum borrower-pricing root 0xf1561bc4b3d1ba49053986fb9ee88d4fe22d0cf4Pricing tier: Standard externalMax LTV 86%
ethereum borrower-pricing root 0xdddd770badd886df3864029e4b377b5f6a2b6b83Pricing tier: Standard externalMax LTV 86%
ethereum borrower-pricing root 0xa6d6950c9f177f1de7f7757fb33539e3ec60182aPricing tier: Standard externalMax LTV 86%
ethereum borrower-pricing root 0xe087ad7fe989cf63f8383579d160a20ee7e69f9fPricing tier: Standard externalMax LTV 86%
ethereum borrower-pricing root 0xa3a7a3cefee206f9d7fe00ec3c83324ed4228411Pricing tier: Privileged internal pricingMax LTV 86%

+ 3 more branches under Feeds, parameters & failure behavior

Feeds, parameters & failure behavior

Feeds

Primary composer BASE_FEED_1: BTC / USD · EACAggregatorProxy · Ethereum · 1h heartbeat
Backup composer BASE_FEED_1: WBTC / BTC · EACAggregatorProxy · Ethereum · 1d heartbeat
Backup composer BASE_FEED_2: BTC / USD · EACAggregatorProxy · Ethereum · 1h heartbeat
baseFeedOne of 0xdddd770badd886df3864029e4b377b5f6a2b6b83 for market 0x3a85e619751152991742810df6ec69ce473daef99e28a64ab2340d7b7ccfee49 · Chainlink WBTC/BTC OCR2; 6-of-16 active report-signature requirement · Ethereum
baseFeedTwo of 0xdddd770badd886df3864029e4b377b5f6a2b6b83 for market 0x3a85e619751152991742810df6ec69ce473daef99e28a64ab2340d7b7ccfee49 · Chainlink BTC/USD OCR2; 11-of-31 active report-signature requirement · Ethereum
quoteFeedOne of 0xdddd770badd886df3864029e4b377b5f6a2b6b83 for market 0x3a85e619751152991742810df6ec69ce473daef99e28a64ab2340d7b7ccfee49 · Chainlink USDC/USD OCR2; 6-of-16 active report-signature requirement · Ethereum
baseFeedOne of 0xa6d6950c9f177f1de7f7757fb33539e3ec60182a for market 0x64d65c9a2d91c36d56fbc42d69e979335320169b3df63bf92789e2c8883fcc64 · Chainlink BTC/USD OCR2; exact report quorum and mutable owner reviewed · Ethereum
BASE_FEED_1: Custom price feed for wstETH / ETH · WstETHPriceFeed · Ethereum
BASE_FEED_2: ETH / USD · EACAggregatorProxy · Ethereum · 1h heartbeat
WstETHPriceFeed.stETHtoETHPriceFeed: stETH / ETH; multiplied by wstETH exchange rate · Chainlink EACAggregatorProxy · Ethereum · 1d heartbeat
Collateral/USDC price(); BASE_VAULT_CONVERSION_SAMPLE=1; SCALE_FACTOR=10000000000 · MorphoChainlinkOracleV2 (pinned composer) · Ethereum
BASE_FEED_1; latestRoundData updatedAt=0 · weETH/ETH exchange rate · Ethereum
BASE_FEED_2; latestRoundData updatedAt=1791986687; owner=0x21f73d42eb58ba49ddb685dc29d3bf5c0f0373ca; aggregator=0xad88fc1a810379ef4efbf2d97ede57e306178e5a (DualAggregator 1.0.0) · ETH / USD · Ethereum
QUOTE_FEED_1; latestRoundData updatedAt=1791987287 · Dummy feed with 12 decimals · Ethereum
IOracle.price for market 0x94b823e6bd8ea533b4e33fbc307faea0b307301bc48763acc4d4aa4def7636cd · Morpho immutable market oracle · Ethereum
BASE_FEED_1() · Chainlink ETH / USD · Ethereum
baseFeedOne of 0x48f7e36eb6b826b2df4b2e630b62cd25e89e40e2 for market 0xb323495f7e4148be5643a4ea4a8221eef163e4bccfdedc2a6f4696baacbc86cc · WstETH conversion plus Chainlink stETH/ETH OCR2; 6-of-16 active report-signature requirement · Ethereum
quoteFeedOne of 0x48f7e36eb6b826b2df4b2e630b62cd25e89e40e2 for market 0xb323495f7e4148be5643a4ea4a8221eef163e4bccfdedc2a6f4696baacbc86cc · Chainlink quote-leg OCR2; 6-of-16 active report-signature requirement · Ethereum
Primary MorphoChainlinkOracleV2 BASE_FEED_1: BTC / USD · EACAggregatorProxy · Ethereum · 1h heartbeat
Backup MorphoChainlinkOracleV2 BASE_FEED_1: cbBTC / USD · EACAggregatorProxy · Ethereum · 1d heartbeat

ethereum borrower-pricing root 0x0f948cba8231db7898ef36a4212581ad7b1b4580Pricing tier: Standard externalMax LTV 86%
ethereum borrower-pricing root 0x48f7e36eb6b826b2df4b2e630b62cd25e89e40e2Pricing tier: Standard externalMax LTV 86%
ethereum borrower-pricing root 0x9f983115741d0f7f2eae07831415057ad3de34d2Pricing tier: Standard externalMax LTV 86%

ethereum borrower-pricing root 0xf1561bc4b3d1ba49053986fb9ee88d4fe22d0cf4

0x2260fac5e5542a773aa44fbcfedf7c193bc2c599 · max LTV 86% · Maximum immutable LLTV among the explicitly listed current markets using this exact oracle/collateral; not vault utilization, an asset allocation or a liquidation execution guarantee.

Morpho borrower liquidation depends on the market oracle price and immutable LLTV. This lender position therefore retains borrower-pricing exposure even with zero own borrowing; exact successful liquidation execution and stressed cash realization were not measured here.

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

If the selected composer price() reverts, the verified clone immediately calls the other composer. Deviation-based selection changes are permissionless but require challenge/healing calls and the configured delay; they are not automatic, and both composers can fail or share dependencies. Neither path adds an updatedAt freshness check.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

ethereum borrower-pricing root 0xdddd770badd886df3864029e4b377b5f6a2b6b83

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

All nonzero formula legs are required; a failed leg propagates and no alternate source is selected. Morpho discards timestamps. At block26237350 current proxy/aggregator owner is Safe0x21f73d42eb58ba49ddb685dc29d3bf5c0f0373ca, threshold4/9, with a manager-preconfirmed transaction module; accessController remains zero on the three feed proxies. Required report quorums are verified from each live digest and exact ConfigSet, not inferred from an operator brand. Human independence and key custody remain undisclosed, not redundant-source assurances.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

ethereum borrower-pricing root 0xa6d6950c9f177f1de7f7757fb33539e3ec60182a

0xcbb7c0000ab88b473b1f5afd9ef808440eed33bf · max LTV 86% · Maximum immutable LLTV among the explicitly listed current markets using this exact oracle/collateral; not vault utilization, an asset allocation or a liquidation execution guarantee.

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

The immutable outer formula discards updatedAt and has no alternate feed or age rejection. Source errors propagate. The shared owner Safe has one enabled ConfirmedTransactionModule 0x2e1b5a40edc922bce489668b11749b8eabd67f6b; its exact source requires manager-preconfirmed transaction hashes before executor delivery, not arbitrary executor pricing authority. Proxy replacement and OCR configuration remain owner-controlled. Current pin26237350; no independent financial valuation or key-custody proof is inferred.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

ethereum borrower-pricing root 0xe087ad7fe989cf63f8383579d160a20ee7e69f9f

0x7f39c581f595b53c5cb19bd0b3f8da6c935e2ca0 · max LTV 86% · Maximum immutable LLTV among the explicitly listed current markets using this exact oracle/collateral; not vault utilization, an asset allocation or a liquidation execution guarantee.

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

The composer combines configured external feed answers and, where present, ERC-4626 vault conversion arithmetically; zero feed/vault inputs use their documented neutral factors. It checks answer sign but not updatedAt age. Downstream reverts propagate; no independent composer failover or L2 sequencer protection is asserted.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

ethereum borrower-pricing root 0xa3a7a3cefee206f9d7fe00ec3c83324ed4228411

0xcd5fe23c85820f7b72d0926fc9b05b43e359b7ee · max LTV 86% · Maximum immutable LLTV among the explicitly listed current markets using this exact oracle/collateral; not vault utilization, an asset allocation or a liquidation execution guarantee.

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

Morpho core calls the immutable market oracle price(); no alternate core oracle. Configured feed/vault calls are composed arithmetically; the composer checks nonnegative answers but not updatedAt freshness. A downstream revert reverts price(); no independent failover or heartbeat guarantee is established.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

ethereum borrower-pricing root 0x0f948cba8231db7898ef36a4212581ad7b1b4580

0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2 · max LTV 86% · Maximum immutable LLTV among the explicitly listed current markets using this exact oracle/collateral; not vault utilization, an asset allocation or a liquidation execution guarantee.

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

No alternative feed or circuit breaker is selected by the exact composer. Zero feed/vault inputs contribute neutral factors; configured nonzero legs are arithmetic components, not redundant failover. A failed downstream price call reverts borrower valuation/liquidation. Source nonnegative-answer checks do not reject an elapsed updatedAt; pinned round timestamps do not establish an operational heartbeat guarantee. Proxy owner/aggregator identities are enumerated, but their signer/key-custody census and current operating cadence remain open.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

ethereum borrower-pricing root 0x48f7e36eb6b826b2df4b2e630b62cd25e89e40e2

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

Both required conversion legs must succeed; no failover exists. wstETH resolves to stETH0xae7ab96520de3a18e5e111b5eaab095312d7fe84 share accounting, not a second market-price source. Morpho does not reject old updatedAt. At pin26237350 exact OCR configs are bound to their current digests and source-enforced f+1 signatures; feed owners remain Safe0x21f73d42eb58ba49ddb685dc29d3bf5c0f0373ca, threshold4/9, with manager-preconfirmed transaction module. The human/operator independence and signer-device custody are not inferred from distinct keys.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

ethereum borrower-pricing root 0x9f983115741d0f7f2eae07831415057ad3de34d2

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

Review notes & sources (50)

R1 exact-endpoint artifact parity review, reviewed 2026-10-21. Book content as of 2026-10-20: morpho-lender-book:v1:4f4ab97d186eabdbdc0dfce3508a9eb1e1420df1bc55354b1c8aae9ac017b0c7, 8 chain-qualified root-oracle branches covering 8 NAV-accounted current market rows. Each original block/hash and nested feed observation clock is retained. Matching is exact chain+oracle source identity, not a sibling-vault risk assumption. No borrowed allocation, debt-share percentage, new successful RPC read, complete historical/off-list census or fresh capacity measurement is asserted. Missing nested topology stays bounded; live positive unmatched claims retain fail-closed aggregate behavior. Internal vault share NAV is not evidence that borrower markets are oracleless.

ethereum borrower-pricing root 0xf1561bc4b3d1ba49053986fb9ee88d4fe22d0cf4: Book content as of 2026-10-20T19:53:59Z at block 26236015: 0x09dc9e7eb5d8fc54b2bc41d1135fd4e99057a580f680321faeb90c7a21e631c1: collateral 0x2260fac5e5542a773aa44fbcfedf7c193bc2c599, LLTV raw 860000000000000000, included lender claim 845812992797 raw loan-token units. Exact chain+oracle feed evidence retained from gtusdtp-gauntlet, original source observation as of 2026-10-15. The following historical source scope is not a refreshed allocation or this vault's market census: At Ethereum block 26197394, market 0x3c5a244b778095e1e1b2e44b7c2ecc9bf4fda9cd85cc22740e09205a7a4bf510 uses this exact 45-byte EIP-1167 clone of MetaOracleDeviationTimelock 0x9b4655239e91dc9e1f7599bb88fba41b4542de5b. primaryOracle=0x8c9464d99512dcd6f80be72aac20dafd9ea2c831; backupOracle=0x09dbf9502d43445b33883837a51d06fc9b9cdec4; currentOracle=0x8c9464d99512dcd6f80be72aac20dafd9ea2c831. Deviation threshold is 2%, challenge duration 7200 seconds and healing duration 28800 seconds; both pending clocks are zero. Exact primary/backup composer feeds are listed below. Published heartbeat intervals are source update targets, not consumer-enforced freshness bounds or independent-redundancy proof.
ethereum borrower-pricing root 0xdddd770badd886df3864029e4b377b5f6a2b6b83: Book content as of 2026-10-20T19:53:59Z at block 26236015: 0x3a85e619751152991742810df6ec69ce473daef99e28a64ab2340d7b7ccfee49: collateral 0x2260fac5e5542a773aa44fbcfedf7c193bc2c599, LLTV raw 860000000000000000, included lender claim 22850216460775 raw loan-token units. Exact chain+oracle feed evidence retained from armusdcs-wintermute, original source observation as of 2026-10-21. The following historical source scope is not a refreshed allocation or this vault's market census: Current pin26237350 binds all three required WBTC/BTC, BTC/USD and USDC/USD formula legs to OCR2 aggregators a5e3a55c/4a3411ac/54bcc589. Exact active config digests join their ConfigSet logs: report signature thresholds6/16,11/31 and6/16 respectively. All share the same owner Safe4/9, so composition and separate signer sets do not establish independent failover.
ethereum borrower-pricing root 0xa6d6950c9f177f1de7f7757fb33539e3ec60182a: Book content as of 2026-10-20T19:53:59Z at block 26236015: 0x64d65c9a2d91c36d56fbc42d69e979335320169b3df63bf92789e2c8883fcc64: collateral 0xcbb7c0000ab88b473b1f5afd9ef808440eed33bf, LLTV raw 860000000000000000, included lender claim 50629616596111 raw loan-token units. Exact chain+oracle feed evidence retained from armusdcs-wintermute, original source observation as of 2026-10-21. The following historical source scope is not a refreshed allocation or this vault's market census: At block26237350 the sole BTC/USD feed 0xf4030086522a5beea4988f8ca5b36dbc97bee88c points to OCR2 aggregator 0x4a3411ac2948b33c69666b35cc6d055b27ea84f1. Current config digest matches ConfigSet at block25296199:31 registered signers/transmitters, f10 and11 required report signatures. Proxy/aggregator owner is Safe0x21f73d42eb58ba49ddb685dc29d3bf5c0f0373ca, threshold4/9. This is one aggregated price source, not independent failover or proof of human signer independence.
ethereum borrower-pricing root 0xe087ad7fe989cf63f8383579d160a20ee7e69f9f: Book content as of 2026-10-20T19:53:59Z at block 26236015: 0x7e585a933ffe8443c371b4f8cfeb4430f5f6a14c2f32a898c26662c67a1cb8b8: collateral 0x7f39c581f595b53c5cb19bd0b3f8da6c935e2ca0, LLTV raw 860000000000000000, included lender claim 7333500962977 raw loan-token units. Exact chain+oracle feed evidence retained from gtusdtp-gauntlet, original source observation as of 2026-10-15. The following historical source scope is not a refreshed allocation or this vault's market census: At Ethereum block 26197394, adapter market 0x6a57d77b9a173c5ed10d432e7009dd1ee9a97fac62a7bc970b4bd715e2fff5c8 binds this oracle to wstETH collateral and immutable LLTV 86%. Current nonzero composer inputs: BASE_FEED_1=0x4f67e4d9bd67efa28236013288737d39aef48e79, BASE_FEED_2=0xc0053f3fbccd593758258334dfce24c2a9a673ad. Pinned getters, feed descriptions and deployed source identities match the recorded addresses. Published Chainlink heartbeats describe upstream update targets; no consumer-enforced updatedAt limit or independent failover is established. The immutable WstETHPriceFeed points to stETH/ETH 0x86392dc19c0b719886221c78ab11eb8cf5c52812 and wstETH 0x7f39c581f595b53c5cb19bd0b3f8da6c935e2ca0; it calculates stETHPrice times 10^18 divided by tokensPerStEth(), retaining the underlying round timestamps.
ethereum borrower-pricing root 0xa3a7a3cefee206f9d7fe00ec3c83324ed4228411: Book content as of 2026-10-20T19:53:59Z at block 26236015: 0x85252bb8485c99bba46fe149c7dd2aad83672640f53c630890673cf1848ba16e: collateral 0xcd5fe23c85820f7b72d0926fc9b05b43e359b7ee, LLTV raw 860000000000000000, included lender claim 25772738022825 raw loan-token units. Exact chain+oracle feed evidence retained from kpkusdcyield-kpk, original source observation as of 2026-10-14. The following historical source scope is not a refreshed allocation or this vault's market census: At block 26191269 (2026-10-14): 54482065962669 shares / 55489558 expected raw USDC (0.0004%). Origami weETH/ETH adapter reads issuer WEETH.getRate(), not an external weETH market price; latestRoundData updatedAt=0 is synthetic metadata, not measured stale reporting. ETH/USD and dummy USDC=1 quote are identified. Historical review: Morpho API identifies weETH collateral 0xcd5fe23c85820f7b72d0926fc9b05b43e359b7ee, market 0x34377fc4f617c51818e92c79df31ff270c6a91bc94ad32e367fdf59b9f4ac5dd, oracle 0xa3a7a3cefee206f9d7fe00ec3c83324ed4228411, type ChainlinkOracleV2. Historical nonzero supply exposure was established; upstream feed/admin/staleness and per-oracle fallback controls remain unverified. Independently read Morpho 0xbbbbbbbbbb9cc5e90e3b3af64bdaf62c37eeffcb idToMarketParams(bytes32) at block 26110242 confirmed the exact oracle and LLTV; price() returned raw 2960620043535041308419566336. A returned price proves callability of pricing at this block, not feed freshness, liquidator execution or safe topology. Historical Morpho oracleByAddress publishes baseFeedOne=0x4270e1817576bba4b640466be79a408ef128f828, baseFeedTwo=0xc0053f3fbccd593758258334dfce24c2a9a673ad, quoteFeedOne=0xc3866d726c204c0836e0677a31973c649888973d. This improves the exact feed inventory; heartbeat/staleness enforcement, conversion-leg controls and complete privileged/manual update powers have not been established.
ethereum borrower-pricing root 0x0f948cba8231db7898ef36a4212581ad7b1b4580: Book content as of 2026-10-20T19:53:59Z at block 26236015: 0x94b823e6bd8ea533b4e33fbc307faea0b307301bc48763acc4d4aa4def7636cd: collateral 0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2, LLTV raw 860000000000000000, included lender claim 2104250348625 raw loan-token units. Exact chain+oracle feed evidence retained from steakcusdc-steakhouse, original source observation as of 2026-10-15. The following historical source scope is not a refreshed allocation or this vault's market census: At Ethereum block 26196563 (2026-10-15T07:57:11Z), exact engine parameters match the complete adapter census; LLTV is 86%. Composer inputs: BASE_FEED_1()=0xc0053f3fbccd593758258334dfce24c2a9a673ad, BASE_FEED_2()=0x0000000000000000000000000000000000000000, BASE_VAULT()=0x0000000000000000000000000000000000000000, BASE_VAULT_CONVERSION_SAMPLE()=1, QUOTE_FEED_1()=0x0000000000000000000000000000000000000000, QUOTE_FEED_2()=0x0000000000000000000000000000000000000000, QUOTE_VAULT()=0x0000000000000000000000000000000000000000, QUOTE_VAULT_CONVERSION_SAMPLE()=1, SCALE_FACTOR()=10000000000000000. Proxy 0xc0053f3fbccd593758258334dfce24c2a9a673ad owner=0x21f73d42eb58ba49ddb685dc29d3bf5c0f0373ca; aggregator=0xad88fc1a810379ef4efbf2d97ede57e306178e5a. ETH/USD prices the wrapped ETH collateral with no separate quote feed.
ethereum borrower-pricing root 0x48f7e36eb6b826b2df4b2e630b62cd25e89e40e2: Book content as of 2026-10-20T19:53:59Z at block 26236015: 0xb323495f7e4148be5643a4ea4a8221eef163e4bccfdedc2a6f4696baacbc86cc: collateral 0x7f39c581f595b53c5cb19bd0b3f8da6c935e2ca0, LLTV raw 860000000000000000, included lender claim 1186365665253 raw loan-token units. Exact chain+oracle feed evidence retained from armusdcs-wintermute, original source observation as of 2026-10-21. The following historical source scope is not a refreshed allocation or this vault's market census: At pin26237350 the exact WstETHPriceFeed combines wstETH's stETH-share conversion with Chainlink stETH/ETH0x86392dc19c0b719886221c78ab11eb8cf5c52812; the Morpho quote leg is0x986b5e1e1755e3c2440e960477f25201b0a8bbd4. Their live OCR aggregators c9c8efa8/26ae9b95 each require6 signatures from16 registered signers, matched to current config digests. Both share owner Safe4/9, not independent failover.
ethereum borrower-pricing root 0x9f983115741d0f7f2eae07831415057ad3de34d2: Book content as of 2026-10-20T19:53:59Z at block 26236015: 0xbc99de6a88904cd0e69042ad6f266e63182801f030c636507c3caf590ffd84fe: collateral 0xcbb7c0000ab88b473b1f5afd9ef808440eed33bf, LLTV raw 860000000000000000, included lender claim 156594795440 raw loan-token units. Exact chain+oracle feed evidence retained from gtusdtp-gauntlet, original source observation as of 2026-10-15. The following historical source scope is not a refreshed allocation or this vault's market census: At Ethereum block 26197394, market 0x4fe72543c5c95cd6b5f3cb516cd235ba882e2e705fe3424db6f99dfe5811d0d3 uses this exact 45-byte EIP-1167 clone of MetaOracleDeviationTimelock 0x9b4655239e91dc9e1f7599bb88fba41b4542de5b. primaryOracle=0x8c9464d99512dcd6f80be72aac20dafd9ea2c831; backupOracle=0x0acdc416c592a592edf2e64b178aa8d4d47e05a8; currentOracle=0x8c9464d99512dcd6f80be72aac20dafd9ea2c831. Deviation threshold is 2%, challenge duration 7200 seconds and healing duration 28800 seconds; both pending clocks are zero. Exact primary/backup composer feeds are listed below. Published heartbeat intervals are source update targets, not consumer-enforced freshness bounds or independent-redundancy proof.

Reviewed 2026-10-21

steakUSDC

Upstream

Freeze power sits upstream with USD Coin rather than in this token's own contract.

Sourced review

Power and scope

Upstreamvia USD Coin

PowerUpstream

ScopeCanonical · Permissionless

Reviewed deployments (1)

EthereumCanonical · Permissionless

Transfer posture reviewed 2026-10-03.

Review notes & sources (6)

Re-reviewed 2026-10-08. At Ethereum block 26148411, asset() returned canonical USDC (0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48); receiveSharesGate, sendSharesGate, and receiveAssetsGate were zero, and all three setters were permanently abdicated. The verified immutable VaultV2 source enforces abdication and has no administrator-only seizure, forced holder burn, or upgrade path. Those facts exclude a direct holder-freeze verdict but do not remove the vault's USDC exposure: Circle can blacklist USDC accounts and block underlying transfers, including settlement to a blacklisted recipient. Under the tracked parent/wrapper rule, steakUSDC therefore inherits USDC's freeze exposure and is Upstream. This corrects the 2026-10-01 No verdict, which scoped its conclusion to direct share controls and omitted the required parent inheritance.

Reviewed 2026-10-08

steakUSDC

MiCA out of scope

MiCA (EU): Out of scope

steakUSDC is out of MiCA scope.

Sources (2)

steakUSDC

Single-chain / native

No deployment routes in the review.

Confidence: Verified

Review notes & sources (3)

steakUSDC is tracked only as an Ethereum Morpho vault token in Pharos. The reviewed Steakhouse and Morpho sources do not show a durable bridge route for the vault share.

Reviewed 2026-06-13

Dependencies

steakUSDC Dependency context

Open in Dependency Map

Underlying asset

USD CoinUSDC

Modeled as a strategy vault variant of USDC.

Strategy

Related tracked variants: spUSDC, gtUSDCp, gtUSDC, krUSDC, arcUSDC, armUSDCs, pendleUSDC, yvUSDC-1, bbqUSDC, earnUSD, hyperUSDCa, bbqUSDC, CSCBUSDC, steakcUSDC, ethenaUSDC, sparkUSDC, sUSDC, AA_FalconXUSDC, USD3, pUSD, syrupUSDC, yoUSD, autoUSD, eEARN, DUSD, YUSD, stUSD, KPK_USDC_Prime, sirloinUSDC, KPK_USDC_Yield, gUSDCq.

Key links

Website Twitter Docs

steakUSDC Contracts

1 deployment tracked across Ethereum.

Primary contract

Ethereum

0xbeef...0f51

View on Ethereum explorer

Ethereum0xbeef...0f51

Contract addresses (1)

Ethereum 0xbeef088055857739c12cd3765f20b7679def0f51

Supply & Liquidity

Yield

History

Explore

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Peers

All US Dollar stablecoins

Taxonomy

All US Dollar stablecoins CeFi-Dependent stablecoins Crypto-Collateralized stablecoins

Trackers

Stablecoin safety scores DEX liquidity rankings Depeg tracker See all protocol-position stablecoins

Actions

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Profile

steakUSDC profile facts

Steakhouse Prime USDC (steakUSDC) static profile: governance model CeFi-Dependent; backing model Crypto-Collateralized; peg USDC-denominated NAV.

CeFi-Dependent Crypto-Collateralized USDC-denominated NAV

Variant relationship

Steakhouse Prime USDC (steakUSDC) 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.

Strategy vault variantSpark Savings USDC (spUSDC)Gauntlet USDC Prime (gtUSDCp)Gauntlet USDC Prime V1 (gtUSDC)Keyrock Prime USDC (krUSDC)

Collateral: USDC deposited into a Steakhouse-curated Morpho Vault V2 that aims to lend against blue-chip crypto and real-world asset collateral markets depending on market conditions
Peg mechanism: ERC-4626 Morpho Vault V2 shares accrue strategy interest and realize losses against USDC; withdrawals use idle assets and the configured liquidity adapter, subject to available market liquidity
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.

Source: Pharos registry profile fields. Live price, supply, reserve, liquidity, event, and safety data load in the interactive dossier on this page.

steakUSDC quick answers

What is Steakhouse Prime USDC (steakUSDC)?

steakUSDC is Steakhouse's Morpho Vault V2 over USDC; withdrawals use idle USDC and a configured liquidity adapter, while strategy losses can reduce share price. The static profile records its USDC-denominated NAV accounting mechanism as: ERC-4626 Morpho Vault V2 shares accrue strategy interest and realize losses against USDC; withdrawals use idle assets and the configured liquidity adapter, subject to available market liquidity.

Is steakUSDC safe?

As of Nov 8, 2026, Pharos grades steakUSDC C+ (62/100) on its Safety Score. Pharos's reviews record that freeze exposure is inherited through upstream collateral, custody or wrappers, and any holder can use its reviewed redemption route. That is a middle-band grade: it meets baseline expectations but carries meaningful weaknesses. The grade moves as reserve, redemption, peg and control evidence changes; the live Safety Score on this page shows the current reading.

What backs steakUSDC?

Pharos records steakUSDC's reserves as of Oct 27, 2026 as 100% Steakhouse USDC V2 deployed strategy positions. Reserve evidence: live reserve feed configured. Pharos classifies the backing as Crypto-Collateralized.

Can steakUSDC be frozen or blacklisted?

Based on tracked contract metadata and blacklist coverage, freeze exposure is inherited through upstream collateral, custody, or wrapper dependencies.

How do you redeem steakUSDC?

Under the route Pharos reviewed on May 11, 2026, any holder can redeem steakUSDC for a single stable asset, such as cash or a stablecoin. Redemption settles atomically on-chain. The reviewed terms charge no percentage redemption fee. Whether a given holder qualifies is set by the route's own terms, not by this summary.

Control evidence

steakUSDC Mint Authority

steakUSDC wraps USDC and inherits its mint risk; no local privileged mint path was found.

Confidence: VerifiedInherits USDC mint riskControl posture: Wrapper / inherited

Control map

IssuerWrapped / inherited

ControlsWrapperGovernor Safe5/10

SupplysteakUSDCNo privileged mint path

Scoring breakdown

Derived posture Unknown

Component score Loading

The current Safety Score publication is loading; reviewed mint authority evidence is shown below.

Primary controls (2)

steakUSDC Morpho Vault V2 (immutable, asset-backed shares)
Wrapper / Contract
ethereum / 0xbeef08...ef0f51
MintNone
Steakhouse vault owner chain — 5-of-10 Safe (parameter control)
Governor / Safe
ethereum / 0x0a0e55...9cf8dd
MintParameter-onlySetupSafe, 5/10 thresholdSafe modules/guardNo modules or guards detected

Review notes & sources (8)

Control posture

The token is classified primarily as a wrapper whose control posture depends on an underlying asset or parent system.

CeFi-Dependent is the broader governance classification. Control posture describes more precisely where operational authority sits.

Control posture is not a Safety Score input. Economic Control is scored from the reviewed mint authority, oracle and bridge evidence.

steakUSDC is a tracked variant of USD Coin (USDC); this posture describes wrapper-level control inherited from that parent.

Reviewed 2026-10-01

steakUSDC Collateral pricing & liquidation

Privileged internal pricing

8 branches price collateral from a privileged internal price.

Oracle review: Probable

Max LTV86%

Pricing path

SourcesEACAggregatorProxyChainlink WBTC/BTC OCR2; 6-of-16 active report-signature requirementChainlink BTC/USD OCR2; 11-of-31 active report-signature requirement+12 more

AggregatorPrivileged internal pricing20 feeds · 8 branches

ConsumerLiquidation engine

Branches

First 5 of 8 · debt shares not measured

ethereum borrower-pricing root 0xf1561bc4b3d1ba49053986fb9ee88d4fe22d0cf4Pricing tier: Standard externalMax LTV 86%
ethereum borrower-pricing root 0xdddd770badd886df3864029e4b377b5f6a2b6b83Pricing tier: Standard externalMax LTV 86%
ethereum borrower-pricing root 0xa6d6950c9f177f1de7f7757fb33539e3ec60182aPricing tier: Standard externalMax LTV 86%
ethereum borrower-pricing root 0xe087ad7fe989cf63f8383579d160a20ee7e69f9fPricing tier: Standard externalMax LTV 86%
ethereum borrower-pricing root 0xa3a7a3cefee206f9d7fe00ec3c83324ed4228411Pricing tier: Privileged internal pricingMax LTV 86%

+ 3 more branches under Feeds, parameters & failure behavior

Feeds, parameters & failure behavior

Feeds

Primary composer BASE_FEED_1: BTC / USD · EACAggregatorProxy · Ethereum · 1h heartbeat
Backup composer BASE_FEED_1: WBTC / BTC · EACAggregatorProxy · Ethereum · 1d heartbeat
Backup composer BASE_FEED_2: BTC / USD · EACAggregatorProxy · Ethereum · 1h heartbeat
baseFeedOne of 0xdddd770badd886df3864029e4b377b5f6a2b6b83 for market 0x3a85e619751152991742810df6ec69ce473daef99e28a64ab2340d7b7ccfee49 · Chainlink WBTC/BTC OCR2; 6-of-16 active report-signature requirement · Ethereum
baseFeedTwo of 0xdddd770badd886df3864029e4b377b5f6a2b6b83 for market 0x3a85e619751152991742810df6ec69ce473daef99e28a64ab2340d7b7ccfee49 · Chainlink BTC/USD OCR2; 11-of-31 active report-signature requirement · Ethereum
quoteFeedOne of 0xdddd770badd886df3864029e4b377b5f6a2b6b83 for market 0x3a85e619751152991742810df6ec69ce473daef99e28a64ab2340d7b7ccfee49 · Chainlink USDC/USD OCR2; 6-of-16 active report-signature requirement · Ethereum
baseFeedOne of 0xa6d6950c9f177f1de7f7757fb33539e3ec60182a for market 0x64d65c9a2d91c36d56fbc42d69e979335320169b3df63bf92789e2c8883fcc64 · Chainlink BTC/USD OCR2; exact report quorum and mutable owner reviewed · Ethereum
BASE_FEED_1: Custom price feed for wstETH / ETH · WstETHPriceFeed · Ethereum
BASE_FEED_2: ETH / USD · EACAggregatorProxy · Ethereum · 1h heartbeat
WstETHPriceFeed.stETHtoETHPriceFeed: stETH / ETH; multiplied by wstETH exchange rate · Chainlink EACAggregatorProxy · Ethereum · 1d heartbeat
Collateral/USDC price(); BASE_VAULT_CONVERSION_SAMPLE=1; SCALE_FACTOR=10000000000 · MorphoChainlinkOracleV2 (pinned composer) · Ethereum
BASE_FEED_1; latestRoundData updatedAt=0 · weETH/ETH exchange rate · Ethereum
BASE_FEED_2; latestRoundData updatedAt=1791986687; owner=0x21f73d42eb58ba49ddb685dc29d3bf5c0f0373ca; aggregator=0xad88fc1a810379ef4efbf2d97ede57e306178e5a (DualAggregator 1.0.0) · ETH / USD · Ethereum
QUOTE_FEED_1; latestRoundData updatedAt=1791987287 · Dummy feed with 12 decimals · Ethereum
IOracle.price for market 0x94b823e6bd8ea533b4e33fbc307faea0b307301bc48763acc4d4aa4def7636cd · Morpho immutable market oracle · Ethereum
BASE_FEED_1() · Chainlink ETH / USD · Ethereum
baseFeedOne of 0x48f7e36eb6b826b2df4b2e630b62cd25e89e40e2 for market 0xb323495f7e4148be5643a4ea4a8221eef163e4bccfdedc2a6f4696baacbc86cc · WstETH conversion plus Chainlink stETH/ETH OCR2; 6-of-16 active report-signature requirement · Ethereum
quoteFeedOne of 0x48f7e36eb6b826b2df4b2e630b62cd25e89e40e2 for market 0xb323495f7e4148be5643a4ea4a8221eef163e4bccfdedc2a6f4696baacbc86cc · Chainlink quote-leg OCR2; 6-of-16 active report-signature requirement · Ethereum
Primary MorphoChainlinkOracleV2 BASE_FEED_1: BTC / USD · EACAggregatorProxy · Ethereum · 1h heartbeat
Backup MorphoChainlinkOracleV2 BASE_FEED_1: cbBTC / USD · EACAggregatorProxy · Ethereum · 1d heartbeat

ethereum borrower-pricing root 0x0f948cba8231db7898ef36a4212581ad7b1b4580Pricing tier: Standard externalMax LTV 86%
ethereum borrower-pricing root 0x48f7e36eb6b826b2df4b2e630b62cd25e89e40e2Pricing tier: Standard externalMax LTV 86%
ethereum borrower-pricing root 0x9f983115741d0f7f2eae07831415057ad3de34d2Pricing tier: Standard externalMax LTV 86%

ethereum borrower-pricing root 0xf1561bc4b3d1ba49053986fb9ee88d4fe22d0cf4

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

ethereum borrower-pricing root 0xdddd770badd886df3864029e4b377b5f6a2b6b83

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

ethereum borrower-pricing root 0xa6d6950c9f177f1de7f7757fb33539e3ec60182a

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

ethereum borrower-pricing root 0xe087ad7fe989cf63f8383579d160a20ee7e69f9f

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

ethereum borrower-pricing root 0xa3a7a3cefee206f9d7fe00ec3c83324ed4228411

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

ethereum borrower-pricing root 0x0f948cba8231db7898ef36a4212581ad7b1b4580

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

ethereum borrower-pricing root 0x48f7e36eb6b826b2df4b2e630b62cd25e89e40e2

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

ethereum borrower-pricing root 0x9f983115741d0f7f2eae07831415057ad3de34d2

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

Review notes & sources (50)

ethereum borrower-pricing root 0xf1561bc4b3d1ba49053986fb9ee88d4fe22d0cf4: Book content as of 2026-10-20T19:53:59Z at block 26236015: 0x09dc9e7eb5d8fc54b2bc41d1135fd4e99057a580f680321faeb90c7a21e631c1: collateral 0x2260fac5e5542a773aa44fbcfedf7c193bc2c599, LLTV raw 860000000000000000, included lender claim 845812992797 raw loan-token units. Exact chain+oracle feed evidence retained from gtusdtp-gauntlet, original source observation as of 2026-10-15. The following historical source scope is not a refreshed allocation or this vault's market census: At Ethereum block 26197394, market 0x3c5a244b778095e1e1b2e44b7c2ecc9bf4fda9cd85cc22740e09205a7a4bf510 uses this exact 45-byte EIP-1167 clone of MetaOracleDeviationTimelock 0x9b4655239e91dc9e1f7599bb88fba41b4542de5b. primaryOracle=0x8c9464d99512dcd6f80be72aac20dafd9ea2c831; backupOracle=0x09dbf9502d43445b33883837a51d06fc9b9cdec4; currentOracle=0x8c9464d99512dcd6f80be72aac20dafd9ea2c831. Deviation threshold is 2%, challenge duration 7200 seconds and healing duration 28800 seconds; both pending clocks are zero. Exact primary/backup composer feeds are listed below. Published heartbeat intervals are source update targets, not consumer-enforced freshness bounds or independent-redundancy proof.
ethereum borrower-pricing root 0xdddd770badd886df3864029e4b377b5f6a2b6b83: Book content as of 2026-10-20T19:53:59Z at block 26236015: 0x3a85e619751152991742810df6ec69ce473daef99e28a64ab2340d7b7ccfee49: collateral 0x2260fac5e5542a773aa44fbcfedf7c193bc2c599, LLTV raw 860000000000000000, included lender claim 22850216460775 raw loan-token units. Exact chain+oracle feed evidence retained from armusdcs-wintermute, original source observation as of 2026-10-21. The following historical source scope is not a refreshed allocation or this vault's market census: Current pin26237350 binds all three required WBTC/BTC, BTC/USD and USDC/USD formula legs to OCR2 aggregators a5e3a55c/4a3411ac/54bcc589. Exact active config digests join their ConfigSet logs: report signature thresholds6/16,11/31 and6/16 respectively. All share the same owner Safe4/9, so composition and separate signer sets do not establish independent failover.
ethereum borrower-pricing root 0xa6d6950c9f177f1de7f7757fb33539e3ec60182a: Book content as of 2026-10-20T19:53:59Z at block 26236015: 0x64d65c9a2d91c36d56fbc42d69e979335320169b3df63bf92789e2c8883fcc64: collateral 0xcbb7c0000ab88b473b1f5afd9ef808440eed33bf, LLTV raw 860000000000000000, included lender claim 50629616596111 raw loan-token units. Exact chain+oracle feed evidence retained from armusdcs-wintermute, original source observation as of 2026-10-21. The following historical source scope is not a refreshed allocation or this vault's market census: At block26237350 the sole BTC/USD feed 0xf4030086522a5beea4988f8ca5b36dbc97bee88c points to OCR2 aggregator 0x4a3411ac2948b33c69666b35cc6d055b27ea84f1. Current config digest matches ConfigSet at block25296199:31 registered signers/transmitters, f10 and11 required report signatures. Proxy/aggregator owner is Safe0x21f73d42eb58ba49ddb685dc29d3bf5c0f0373ca, threshold4/9. This is one aggregated price source, not independent failover or proof of human signer independence.
ethereum borrower-pricing root 0xe087ad7fe989cf63f8383579d160a20ee7e69f9f: Book content as of 2026-10-20T19:53:59Z at block 26236015: 0x7e585a933ffe8443c371b4f8cfeb4430f5f6a14c2f32a898c26662c67a1cb8b8: collateral 0x7f39c581f595b53c5cb19bd0b3f8da6c935e2ca0, LLTV raw 860000000000000000, included lender claim 7333500962977 raw loan-token units. Exact chain+oracle feed evidence retained from gtusdtp-gauntlet, original source observation as of 2026-10-15. The following historical source scope is not a refreshed allocation or this vault's market census: At Ethereum block 26197394, adapter market 0x6a57d77b9a173c5ed10d432e7009dd1ee9a97fac62a7bc970b4bd715e2fff5c8 binds this oracle to wstETH collateral and immutable LLTV 86%. Current nonzero composer inputs: BASE_FEED_1=0x4f67e4d9bd67efa28236013288737d39aef48e79, BASE_FEED_2=0xc0053f3fbccd593758258334dfce24c2a9a673ad. Pinned getters, feed descriptions and deployed source identities match the recorded addresses. Published Chainlink heartbeats describe upstream update targets; no consumer-enforced updatedAt limit or independent failover is established. The immutable WstETHPriceFeed points to stETH/ETH 0x86392dc19c0b719886221c78ab11eb8cf5c52812 and wstETH 0x7f39c581f595b53c5cb19bd0b3f8da6c935e2ca0; it calculates stETHPrice times 10^18 divided by tokensPerStEth(), retaining the underlying round timestamps.
ethereum borrower-pricing root 0xa3a7a3cefee206f9d7fe00ec3c83324ed4228411: Book content as of 2026-10-20T19:53:59Z at block 26236015: 0x85252bb8485c99bba46fe149c7dd2aad83672640f53c630890673cf1848ba16e: collateral 0xcd5fe23c85820f7b72d0926fc9b05b43e359b7ee, LLTV raw 860000000000000000, included lender claim 25772738022825 raw loan-token units. Exact chain+oracle feed evidence retained from kpkusdcyield-kpk, original source observation as of 2026-10-14. The following historical source scope is not a refreshed allocation or this vault's market census: At block 26191269 (2026-10-14): 54482065962669 shares / 55489558 expected raw USDC (0.0004%). Origami weETH/ETH adapter reads issuer WEETH.getRate(), not an external weETH market price; latestRoundData updatedAt=0 is synthetic metadata, not measured stale reporting. ETH/USD and dummy USDC=1 quote are identified. Historical review: Morpho API identifies weETH collateral 0xcd5fe23c85820f7b72d0926fc9b05b43e359b7ee, market 0x34377fc4f617c51818e92c79df31ff270c6a91bc94ad32e367fdf59b9f4ac5dd, oracle 0xa3a7a3cefee206f9d7fe00ec3c83324ed4228411, type ChainlinkOracleV2. Historical nonzero supply exposure was established; upstream feed/admin/staleness and per-oracle fallback controls remain unverified. Independently read Morpho 0xbbbbbbbbbb9cc5e90e3b3af64bdaf62c37eeffcb idToMarketParams(bytes32) at block 26110242 confirmed the exact oracle and LLTV; price() returned raw 2960620043535041308419566336. A returned price proves callability of pricing at this block, not feed freshness, liquidator execution or safe topology. Historical Morpho oracleByAddress publishes baseFeedOne=0x4270e1817576bba4b640466be79a408ef128f828, baseFeedTwo=0xc0053f3fbccd593758258334dfce24c2a9a673ad, quoteFeedOne=0xc3866d726c204c0836e0677a31973c649888973d. This improves the exact feed inventory; heartbeat/staleness enforcement, conversion-leg controls and complete privileged/manual update powers have not been established.
ethereum borrower-pricing root 0x0f948cba8231db7898ef36a4212581ad7b1b4580: Book content as of 2026-10-20T19:53:59Z at block 26236015: 0x94b823e6bd8ea533b4e33fbc307faea0b307301bc48763acc4d4aa4def7636cd: collateral 0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2, LLTV raw 860000000000000000, included lender claim 2104250348625 raw loan-token units. Exact chain+oracle feed evidence retained from steakcusdc-steakhouse, original source observation as of 2026-10-15. The following historical source scope is not a refreshed allocation or this vault's market census: At Ethereum block 26196563 (2026-10-15T07:57:11Z), exact engine parameters match the complete adapter census; LLTV is 86%. Composer inputs: BASE_FEED_1()=0xc0053f3fbccd593758258334dfce24c2a9a673ad, BASE_FEED_2()=0x0000000000000000000000000000000000000000, BASE_VAULT()=0x0000000000000000000000000000000000000000, BASE_VAULT_CONVERSION_SAMPLE()=1, QUOTE_FEED_1()=0x0000000000000000000000000000000000000000, QUOTE_FEED_2()=0x0000000000000000000000000000000000000000, QUOTE_VAULT()=0x0000000000000000000000000000000000000000, QUOTE_VAULT_CONVERSION_SAMPLE()=1, SCALE_FACTOR()=10000000000000000. Proxy 0xc0053f3fbccd593758258334dfce24c2a9a673ad owner=0x21f73d42eb58ba49ddb685dc29d3bf5c0f0373ca; aggregator=0xad88fc1a810379ef4efbf2d97ede57e306178e5a. ETH/USD prices the wrapped ETH collateral with no separate quote feed.
ethereum borrower-pricing root 0x48f7e36eb6b826b2df4b2e630b62cd25e89e40e2: Book content as of 2026-10-20T19:53:59Z at block 26236015: 0xb323495f7e4148be5643a4ea4a8221eef163e4bccfdedc2a6f4696baacbc86cc: collateral 0x7f39c581f595b53c5cb19bd0b3f8da6c935e2ca0, LLTV raw 860000000000000000, included lender claim 1186365665253 raw loan-token units. Exact chain+oracle feed evidence retained from armusdcs-wintermute, original source observation as of 2026-10-21. The following historical source scope is not a refreshed allocation or this vault's market census: At pin26237350 the exact WstETHPriceFeed combines wstETH's stETH-share conversion with Chainlink stETH/ETH0x86392dc19c0b719886221c78ab11eb8cf5c52812; the Morpho quote leg is0x986b5e1e1755e3c2440e960477f25201b0a8bbd4. Their live OCR aggregators c9c8efa8/26ae9b95 each require6 signatures from16 registered signers, matched to current config digests. Both share owner Safe4/9, not independent failover.
ethereum borrower-pricing root 0x9f983115741d0f7f2eae07831415057ad3de34d2: Book content as of 2026-10-20T19:53:59Z at block 26236015: 0xbc99de6a88904cd0e69042ad6f266e63182801f030c636507c3caf590ffd84fe: collateral 0xcbb7c0000ab88b473b1f5afd9ef808440eed33bf, LLTV raw 860000000000000000, included lender claim 156594795440 raw loan-token units. Exact chain+oracle feed evidence retained from gtusdtp-gauntlet, original source observation as of 2026-10-15. The following historical source scope is not a refreshed allocation or this vault's market census: At Ethereum block 26197394, market 0x4fe72543c5c95cd6b5f3cb516cd235ba882e2e705fe3424db6f99dfe5811d0d3 uses this exact 45-byte EIP-1167 clone of MetaOracleDeviationTimelock 0x9b4655239e91dc9e1f7599bb88fba41b4542de5b. primaryOracle=0x8c9464d99512dcd6f80be72aac20dafd9ea2c831; backupOracle=0x0acdc416c592a592edf2e64b178aa8d4d47e05a8; currentOracle=0x8c9464d99512dcd6f80be72aac20dafd9ea2c831. Deviation threshold is 2%, challenge duration 7200 seconds and healing duration 28800 seconds; both pending clocks are zero. Exact primary/backup composer feeds are listed below. Published heartbeat intervals are source update targets, not consumer-enforced freshness bounds or independent-redundancy proof.

Reviewed 2026-10-21

steakUSDC

Upstream

Freeze power sits upstream with USD Coin rather than in this token's own contract.

Sourced review

Power and scope

Upstreamvia USD Coin

PowerUpstream

ScopeCanonical · Permissionless

Reviewed deployments (1)

EthereumCanonical · Permissionless

Transfer posture reviewed 2026-10-03.

Review notes & sources (6)

Reviewed 2026-10-08

steakUSDC

MiCA out of scope

MiCA (EU): Out of scope

steakUSDC is out of MiCA scope.

Sources (2)

steakUSDC

Single-chain / native

No deployment routes in the review.

Confidence: Verified

Review notes & sources (3)

steakUSDC is tracked only as an Ethereum Morpho vault token in Pharos. The reviewed Steakhouse and Morpho sources do not show a durable bridge route for the vault share.

Reviewed 2026-06-13

Steakhouse Prime USDC (steakUSDC)

Steakhouse USDC Lending Vault

Depeg Early Warning

Exit evidence

Redemption route · Waiting for section

Control evidence

steakUSDC Mint Authority

Control posture

steakUSDC Collateral pricing & liquidation

Branches

Feeds

ethereum borrower-pricing root 0xf1561bc4b3d1ba49053986fb9ee88d4fe22d0cf4

ethereum borrower-pricing root 0xdddd770badd886df3864029e4b377b5f6a2b6b83

ethereum borrower-pricing root 0xa6d6950c9f177f1de7f7757fb33539e3ec60182a

ethereum borrower-pricing root 0xe087ad7fe989cf63f8383579d160a20ee7e69f9f

ethereum borrower-pricing root 0xa3a7a3cefee206f9d7fe00ec3c83324ed4228411

ethereum borrower-pricing root 0x0f948cba8231db7898ef36a4212581ad7b1b4580

ethereum borrower-pricing root 0x48f7e36eb6b826b2df4b2e630b62cd25e89e40e2

ethereum borrower-pricing root 0x9f983115741d0f7f2eae07831415057ad3de34d2

steakUSDC Freeze & seizure

steakUSDC Regulatory standing

steakUSDC Bridging & deployments

steakUSDC Dependency context

Underlying asset

Key links

steakUSDC Contracts

Explore next

steakUSDC profile facts

steakUSDC quick answers

Steakhouse Prime USDC (steakUSDC)

Steakhouse USDC Lending Vault

steakUSDC Mechanism

Peg mechanism

Collateral

Collateral

Mechanism review

steakUSDC Reserves

Depeg Early Warning

Exit evidence

Redemption route · Waiting for section

Control evidence

steakUSDC Mint Authority

Control posture

steakUSDC Collateral pricing & liquidation

Branches

Feeds

ethereum borrower-pricing root 0xf1561bc4b3d1ba49053986fb9ee88d4fe22d0cf4

ethereum borrower-pricing root 0xdddd770badd886df3864029e4b377b5f6a2b6b83

ethereum borrower-pricing root 0xa6d6950c9f177f1de7f7757fb33539e3ec60182a

ethereum borrower-pricing root 0xe087ad7fe989cf63f8383579d160a20ee7e69f9f

ethereum borrower-pricing root 0xa3a7a3cefee206f9d7fe00ec3c83324ed4228411

ethereum borrower-pricing root 0x0f948cba8231db7898ef36a4212581ad7b1b4580

ethereum borrower-pricing root 0x48f7e36eb6b826b2df4b2e630b62cd25e89e40e2

ethereum borrower-pricing root 0x9f983115741d0f7f2eae07831415057ad3de34d2

steakUSDC Freeze & seizure

steakUSDC Regulatory standing

steakUSDC Bridging & deployments

steakUSDC Dependency context

Underlying asset

Key links

steakUSDC Contracts

Explore next

steakUSDC Mechanism

Peg mechanism

Collateral

Collateral

Mechanism review

steakUSDC Reserves

steakUSDC

steakUSDC

steakUSDC

steakUSDC

steakUSDC

steakUSDC