Steakhouse High Yield USDT

Risk reportEthereum0xbeef…deb7

Risk

Depositing into Steakhouse High Yield USDT means underwriting risks you usually can't see: how much you could lose, whether you'd get out in time, and what would cover it.

Morpho BlueVault (aggregates across markets)

How much could be lost?

Your deposit (optional)

$898,699realistic worst · −50% collateral crashup to $2.34mSmart-contract bug · extreme only

−10%−30%−50%extreme

Left to right, a deeper collateral crash. Hover any point for the scenarios that drive the loss — only a smart-contract bug reaches a total loss.

Can I exit?

Via underlying marketsonly governance changes give a 3-day timelock to exit — every other modeled failure is no-warning

What backs it?

No committed backstopnothing committed would cover a loss

Track record

No pool-level losses recorded36 audits, latest 15 Dec, 2025

Collateral and oracle exposure

Each token you're exposed to, and the market it backs. If that market breaks, this is how much the vault loses, in dollars and as a share of the vault. Open a row for the price feed, stress curve, and supply-cap detail. Below, the oracles those prices depend on and what is at stake if one is compromised.

If collateral prices dropvault-wide · no liquidations · stress estimate

−30%est. bad debt up to $410,362

tap a preset or drag

Driven by WBTC $124,941 · cbBTC $104,300 · wstETH $101,925 · other $79,197 · −100% $2.12m modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

WBTCMarketChainlink$671,55729% of vault · bad debtOracle exposure $70,399

$741,95632% of vault$671,55729% of vault$70,399separate path

What it's made of

Market· Chainlink(aggregator, managed)

WBTC uses a deviation/timelock managed oracle over Chainlink price-source leg(s), not a direct raw market-rate feed.

BaseWBTC / BTCMarketBTC / USDMarketChainlinkQuoteUSDT / USDMarketChainlink

Markets this collateral backs · 2

→ USDT86% LLTV0x008b…e1efChainlink
→ USDT86% LLTV0xf156…0cf4Chainlink

Aggregate Collateral Trust (ACT):$412.94m144 vaultsToken:0x2260…c599Allocation: $741,956 · 32% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $124,941Uses 2 market LLTV curves · capped at allocation $741,956 · inherits vault-wide stress

Oracle exposure: up to $70,399 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

cbBTCMarketChainlink$560,61324% of vault · bad debtOracle exposure $58,960

$619,57327% of vault$560,61324% of vault$58,960separate path

What it's made of

Market· Chainlink(composite, aggregator, managed)

cbBTC is priced via BTC / USD — market-rate feed (Chainlink).

BaseBTC / USDMarketChainlink

Heartbeat 1h · Deviation 50bps

Markets this collateral backs · 2

→ USDT86% LLTV0x9f98…34d2Chainlink
→ USDT86% LLTV0x0e05…38acChainlink

Aggregate Collateral Trust (ACT):$236.6m148 vaultsToken:0xcbb7…33bfAllocation: $619,573 · 27% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $104,300Uses 2 market LLTV curves · capped at allocation $619,573 · inherits vault-wide stress

Oracle exposure: up to $58,960 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

wstETHMarketChainlink$547,84523% of vault · bad debtOracle exposure $57,027

$604,87126% of vault$547,84523% of vault$57,027separate path

What it's made of

Market· Chainlink(composite)

wstETH is priced via Custom price feed for wstETH / ETH × ETH / USD — 2-hop market-rate feeds (Chainlink).

BaseCustom price feed for wstETH / ETHMarketETH / USDMarketChainlink

Markets this collateral backs · 2

→ USDT86% LLTV0x95db…6992Chainlink
→ USDT86% LLTV0xe087…9f9fChainlink

Aggregate Collateral Trust (ACT):$818.57m163 vaultsToken:0x7f39…2ca0Allocation: $604,871 · 26% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $101,925Uses 2 market LLTV curves · capped at allocation $604,871 · inherits vault-wide stress

Oracle exposure: up to $57,027 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

reUSDHybrid$144,1716% of vault · bad debtOracle exposure $15,451

$159,6217% of vault$144,1716% of vault$15,451separate path

What it's made of

Hybrid(exchange-rate)

reUSD is priced from an exchange-rate/NAV leg (reUSD/USD exchange rate) — no market-rate feed, so it tracks redemption value, not market price.

BasereUSD/USD exchange rateExchange rate

Markets this collateral backs · 1

→ USDT92% LLTV0xa66a…4e70

Aggregate Collateral Trust (ACT):$9.88m17 vaultsToken:0x5086…0c72Allocation: $159,621 · 7% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $33,876Uses 1 market LLTV curve · capped at allocation $159,621 · inherits vault-wide stress

Oracle exposure: up to $15,451 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

stcUSDHybridRedStone / Chainlink$79,9363% of vault · bad debtOracle exposure $7,751

$87,6874% of vault$79,9363% of vault$7,751separate path

What it's made of

Hybrid· RedStone / Chainlink(aggregator)

stcUSD mixes exchange-rate/NAV (RedStone Price Feed for cUSD_FUNDAMENTAL, ERC4626 vault share-rate) with market-rate (USDT / USD) — insulated from RedStone Price Feed for cUSD_FUNDAMENTAL, ERC4626 vault share-rate market deviation, but exposed to USDT / USD.

BaseRedStone Price Feed for cUSD_FUNDAMENTALNAVRedStoneQuoteUSDT / USDMarketChainlinkBaseERC4626 vault share-rateVault

Heartbeat 24h · Deviation 25bps

Markets this collateral backs · 1

→ USDT92% LLTV0x8c25…a814RedStone / Chainlink

Aggregate Collateral Trust (ACT):$148,08619 vaultsToken:0x8888…8888Allocation: $87,687 · 4% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $18,783Uses 1 market LLTV curve · capped at allocation $87,687 · inherits vault-wide stress

Oracle exposure: up to $7,751 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

PT-stcUSD-23JUL2026HybridPTMarket rateRedStone$78,6593% of vault · bad debtOracle exposure $3,026

$81,6853% of vault$78,6593% of vault$3,026separate path

What it's made of

Hybrid· RedStone(composite)PTMarket rate

PT-stcUSD-23JUL2026 PT is priced by a Pendle market-rate oracle, quoted via RedStone Price Feed for USDC_V2.

BaseOjo PT Feed Pendle Chainlink-compatible OracleNAVRedStone Price Feed for cUSD_FUNDAMENTALNAVRedStoneQuoteRedStone Price Feed for USDC_V2MarketRedStone

Markets this collateral backs · 1

→ USDT92% LLTV0x11ae…b674RedStone

Aggregate Collateral Trust (ACT):$44,84911 vaultsToken:0x2d3c…0b83Allocation: $81,685 · 3% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $18,483Uses 1 market LLTV curve · capped at allocation $81,685 · inherits vault-wide stress

Oracle exposure: up to $3,026 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

sUSDeMarketRedStone / Chainlink$24,0641% of vault · bad debtOracle exposure $4,258

$28,3221% of vault$24,0641% of vault$4,258separate path

What it's made of

Market· RedStone / Chainlink(aggregator)

sUSDe is priced via RedStone Price Feed for sUSDe, quoted in USDT / USD — 2-hop market-rate feeds (RedStone + Chainlink).

BaseRedStone Price Feed for sUSDeMarketRedStoneQuoteUSDT / USDMarketChainlink

Markets this collateral backs · 1

→ USDT92% LLTV0xe47e…bd99RedStone / Chainlink

Aggregate Collateral Trust (ACT):$199.39m79 vaultsToken:0x9d39…3497Allocation: $28,322 · 1% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $5,654Uses 1 market LLTV curve · capped at allocation $28,322 · inherits vault-wide stress

Oracle exposure: up to $4,258 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

weETHHybridChainlink$11,9170.5% of vault · bad debtOracle exposure $1,231

$13,1490.6% of vault$11,9170.5% of vault$1,231separate path

What it's made of

Hybrid· Chainlink(aggregator)

weETH mixes exchange-rate/NAV (weETH / ETH) with market-rate (ETH / USD, USDT / USD) — insulated from weETH / ETH market deviation, but exposed to ETH / USD, USDT / USD.

BaseweETH / ETHExchange rateChainlinkETH / USDMarketChainlinkQuoteUSDT / USDMarketChainlink

Heartbeat 24h · Deviation 50bps

Markets this collateral backs · 1

→ USDT86% LLTV0x631b…0f87Chainlink

Aggregate Collateral Trust (ACT):$325.43m106 vaultsToken:0xcd5f…b7eeAllocation: $13,149 · 0.6% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $2,217Uses 1 market LLTV curve · capped at allocation $13,149 · inherits vault-wide stress

Oracle exposure: up to $1,231 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

+10 markets with no current position

Oracle dependencies

2 feeds · 2 control points

Up to$218,189drainable if these feeds are mispriced · 9% of vault

Each price traces to a feed and the on-chain admin that can move it. Compromise either to misprice the collateral and borrow against it. Per-row amounts overlap and are not summed.

Chainlink / RedStone·a 4/9 Safe multisigprices cbBTC, WBTC, wstETH, FLHYon, sUSDe, weETH, stcUSD, sUSDS, PT-srUSDe-25JUN2026, PT-USDG-24SEP2026, PT-USDG-28MAY20260x21f7…73ca$199,712 · 9% of vaultdrainable if it is compromised
RedStone / Chainlink·a 2/3 Safe multisigprices PT-cUSD-23JUL2026, sUSDe, stcUSD, PT-stcUSD-23JUL20260x6906…4472$15,036 · <1% of vaultdrainable if it is compromised
On-chain exchange rate· no external feed or adminprices reUSD, syrupUSDC$15,451 · <1% of vaultmispriceable only via the issuing contract

Loss scenarios

Each row is a distinct failure. Possible loss is the share of your deposit at the selected collateral drop; Worst case is the ceiling if everything goes wrong — a conditional loss if it happens, not a likelihood. Price-scaling rows move with the drop selector; the rest are fixed. Enter a deposit to see the dollar figures as your own. Open a row for conditions, mitigations, and the math.

10 scenarios · 8 with no time to exit

Collateral drop


Full-deposit & protocol-level(2)
	100%	$2.34m	Full deposit	Instant
	18%	$410,362	up to $2.12m	Instant
Price-driven collateral stress(1)
	18%	$410,362	up to $2.12m	Instant
Oracle & liquidation failures(4)
	18%	$410,362	up to $2.12m	Instant
	17%	$401,173	up to $2.07m	Instant
	8%	$184,419	up to $911,424	Instant
	—	—	up to $218,189	Instant
Vault role & allocator(3)
	—	—	Full deposit	3 days
	—	—	Full deposit	Instant
	—	—	up to $1.17m	3 days

Trust and control

The people and processes that can change this protocol under you.

Track record · no pool-level losses recorded · 5 protocol incidents · 36 audits

Vault operators

The roles that can actually move your deposit — the real principal-loss path.

Reaches deposit, no delayReaches deposit, timelockedCan't reach deposit

Role timelock 3 days to exit before owner/curator actions land

Ownercontract0x4d7b…f71d

Curator2-of-7 multisig0x827e…ecdb

Sentinels1 · 1 contractSafety role · veto only

Safety role, not an attack role: can revoke ANY pending timelocked curator change, instantly cut caps, and pull funds from adapters back to idle. Strictly risk-reducing — a captured sentinel cannot introduce new risk.

contract0xbec7…dfb6

Allocators3 · 1 multisig · 1 contract · 1 EOAReaches deposit · instant

Moves funds between markets the curator has ALREADY approved — instantly, with NO timelock and no exit window. Cannot reach a brand-new market, but can concentrate you into an approved-but-stressed market or order withdrawals so you hit weak liquidity first.

1-of-7 multisig0x0000…9da8
contract0xaad8…35e7
single key (EOA)0xfeed…3c9a

Audits

361 critical, 13 high findings logged

Certora· 15 Dec, 2025report
Blackthorn· 4 Dec, 2025report
Spearbit· 4 Dec, 2025report
Blackthorn· 15 Sep, 2025report

+32 more audits

Governance & control

Protocol-wide governance: bounded context, not the path to your deposit.

Governance owner5-of-912 chains0xcba2…9afa

Rewards owner3-of-70xf057…b2e9

Rewards updater3-of-50x5eb9…3297

Snapshot proposer3-of-80x6abf…f6a2

Governance contract0xcBa2…9AFa

Top-10 voter concentration100.0%

Quorum to pass500,000 MORPHO· top 10 hold 254,036

Voting token

MORPHO0x58D9…c2B2

Dependencies that can affect your deposit

10 things this pool relies on but doesn't control. Select one for its story.

Morpho Blue

oracles

Market Specific oracle

Every Morpho Blue market chooses an immutable oracle contract at creation; implementations can be Chainlink-like, exchange-rate, fixed-price, or custom. Failure modes: attacker-favourable price feed (covered in market-oracle-compromise) or price() revert / staleness blocking liquidations (covered in oracle-liveness-or-malfunction).

No quantified loss scenario references this dependency directly.

Updated 21 Jul, 2026Sources:on-chain reads via @defillama/sdkhttps://hub.snapshot.org/graphqlhttps://api.morpho.org/graphql