1) Executive summary

Steakhouse Financial is an onchain risk curator for lending vaults. Founded in 2023 by Mark Phillips, Sébastien Derivaux, and Adrian Cachinero Vasiljevic, Steakhouse operates as a lean, globally distributed team with backgrounds across DeFi and traditional finance. The team describes its mission as providing institutional-grade tools and advisory to raise, manage, and distribute capital for the stablecoin economy. Depositors access lending yield through managed vault products, while the underlying lending infrastructure is provided by Morpho and Kamino.

Onchain lending markets are permissionless and complex: collateral quality, market parameters, and liquidity conditions vary widely, and most institutions and end users are not equipped to evaluate them directly. That gap is Steakhouse's business. Steakhouse does not custody user funds or operate its own lending infrastructure; instead it evaluates collateral, sets risk parameters, manages allocations, and monitors liquidity across vault products with different risk profiles. Morpho is the main infrastructure layer in the current data set, while Kamino gives Steakhouse exposure to Solana lending markets. Distribution partners embed Steakhouse-curated vaults into familiar user surfaces: Coinbase's USDC lending product on Base routes users into Steakhouse-curated Morpho vaults, the MetaMask Money Account launched on the same model on the final day of Q2, and Robinhood Earn extended it to a major brokerage immediately after quarter-end, technically a Q3 event.

The opportunity Steakhouse is positioned for is the distribution of stablecoin yield through mainstream financial surfaces. As wallets, exchanges, and fintechs add onchain earn products, each needs a curation layer that defines and monitors the risk framework the product operates within. Steakhouse enters that market as the largest Morpho vault curator, with a product set spanning dollar and euro stablecoins and partner-specific vault structures.

Q2 2026 was a quarter in which Steakhouse held its ground while the lending market kept shrinking. Aggregate lending TVL fell for a third consecutive quarter, but Steakhouse TVL edged higher, and fees and revenue both returned to quarter-over-quarter growth. The growth came from newer products rather than the existing base: the Coinbase partnership expanded with a second curated USDC lending option in June, EURCV lending scaled steadily through the quarter, and the Kamino deployment continued to shrink. Morpho v2 set the product direction from April, and the quarter closed with the MetaMask Money Account going live on June 30.

🔑 Key metrics (Q2 2026)

  • Total value locked: $1.7 B (+0.9% QoQ, +245.5% YoY)

  • Fees: $16.2 M (+15.5% QoQ, +209.0% YoY)

  • Revenue: $502.4 K (+29.7% QoQ, +974.3% YoY)

  • Monthly active users: 35.4 K (-1.9% QoQ, +2,428.6% YoY)

👥 Steakhouse Financial team commentary

"After a period in which multi-sigma events arrived with enough regularity to feel almost routine, in Q2 the industry returned its attention to what this infrastructure exists for in the first place: building products that empower onchain finance so it makes a difference.

The lending market contracted for a third consecutive quarter, yet through that contraction the Steakhouse book held steady, which we read as positive market feedback, coming from depositors who remain free to leave and chose to stay.

The early tone of the quarter was set by a debate over what onchain lending should pay, and this was a discussion we were glad to contribute to. We shared our view widely, but for us the highlight is that the market is now discussing decompositions rather than headline numbers. That's a sign of maturity.

Much of the quarter's work happened alongside our partners, bringing new products to life with them or integrating our curation into theirs. We worked with Trezor to bring Prime vaults to its users; with Coinbase to release a High Yield USDC vault in the app; with Zama to release the first Confidential USDC Prime vault; with MetaMask to create the new Money Account; among others. Being selected for each of these is a responsibility we take seriously. Alongside these launches and integrations, the migration to Morpho v2 was a milestone we had set for ourselves this year and one that hardens the guardrails around every vault we curate (approximately 270% growth in v2 deposits over the quarter).

The quarter also offered a clear look at where the market will move next, with tokenized credit drawing the industry's attention. We have been adapting our underwriting to this collateral type, onboarding FLHYon on Ethereum and paving the path to expand from there.

Looking ahead, Robinhood Earn went live on July 1, one day into Q3 but the product of work that ran through the first half of the year, with Steakhouse acting as the product's risk curator. Robinhood is our second major fintech distribution partner. Morpho Midnight was also announced, and we are exploring how best to integrate it into our operations once it is fully deployed. Finally, Commissioner Peirce's recent statement brought the regulatory conversation to vaults directly, and we welcome that conversation, intending to be among the voices shaping it. 

If this quarter showed anything, it is that the industry does its best work when it is building rather than firefighting, and we intend to keep doing ours, driving toward finance that is open and transparent."

2) Total value locked

Total value locked (TVL) measures the total USD value of assets deposited into Steakhouse-curated vault products. In this section, aggregate lending TVL provides the market backdrop, while Steakhouse TVL measures the capital deposited into Steakhouse-curated vault products across Morpho and Kamino.

The lending market contracted for a third consecutive quarter. Aggregate lending TVL averaged $62.7 B in Q2 '26, down from $83.0 B in Q1 '26 (-24.4% QoQ) and slightly below the $63.6 B of Q2 '25 (-1.4% YoY).

Against that backdrop, Steakhouse total TVL averaged $1.7 B in Q2 '26, essentially flat quarter-over-quarter (+0.9% QoQ) and up sharply from a year earlier (+245.5% YoY). TVL has increased in every charted quarter since the series began in Q2 '24. The growth was again Morpho-led: vaults on Morpho averaged $1.7 B of TVL, up 5.9% from Q1, while vaults on Kamino averaged $40.7 M, down 66.1% from Q1.

The product mix makes the flat headline more specific. Morpho Vault Curation accounted for 97.7% of Q2 TVL, while Kamino Vault Curation accounted for 2.3%, continuing the decline from Kamino's Q4 '25 average peak of $286.1 M. Steakhouse's capital base held steady in a quarter when the lending market shed roughly a quarter of its deposits, which extends the pattern from Q1: the curation layer has kept attracting capital through a market-wide drawdown.

👥 Steakhouse Financial team commentary

"Steakhouse TVL held relatively flat through the quarter, which we read as a good indicator of users' trust in our work and the direct result of the integrations and releases we shipped over the period.

Diving into the numbers, Base was a key driver, adding roughly $110M and crossing half of Steakhouse TVL by June, while other chains lost some share. Ethereum held mostly flat throughout the quarter.

Three things are worth watching in Q3. Monad now hosts the MetaMask Money Account, which could be a positive driver. Incentive campaigns are taking shape on Kamino, which we expect to lift the Solana side of the book. Robinhood Chain, launched in early July, showing positive early signs. We expect these to have a meaningful impact on the book in Q3."

3) Morpho vaults

Morpho vault deposits measures the total USD value of assets deposited into Morpho vaults. In this section, the metric is used to compare Steakhouse with other Morpho risk curators and to show the composition and allocation of Steakhouse's Morpho vault base.

Steakhouse remained the largest Morpho vault curator. Steakhouse averaged $1.7 B of Morpho vault deposits in Q2 '26, compared with $849.3 M for Gauntlet, $553.6 M for Sentora, and $164.0 M for Sky Money, a lead of roughly $0.8 B over the next largest curator.

The vault-level composition shifted materially during the quarter. Steakhouse Prime USDC (Base) accounted for $499.1 M of vault deposits at the end of Q2 '26, the largest single vault. The quarter also brought new products into the mix: the Steakhouse High Yield USDC Edition (Base) reached $104.5 M, the Ethena x Steakhouse USDC (Base) vault reached $79.8 M within weeks of launch, and Steakhouse Prime EURCV (Ethereum) reached $94.5 M. Several established vaults declined over the same window, so the quarter reads as capital rotating toward newer curated structures rather than uniform growth.

The High Yield USDC Edition is the quarter's clearest new-product story and an expansion of the Coinbase partnership. On June 11, Coinbase introduced a second Steakhouse-curated, Morpho-powered USDC lending option in its app: alongside the existing Core USDC Vault, which lends against blue chip collateral such as BTC and ETH, the High Yield vault lends USDC against a range of collateral, including assets issued by Ethena, where borrowers typically pay a premium to borrow, offering the potential for higher yield. Deposits ramped immediately from availability, ending the quarter at $104.5 M and continuing to climb into August.

The Prime EURCV vault anchors Steakhouse's euro-denominated niche. EURCV is a euro stablecoin issued by SG-FORGE, Société Générale's digital-asset subsidiary, and the vault gives depositors curated exposure to euro stablecoin lending markets on Morpho. Deposits grew from $28.2 M at the start of Q2 to $94.5 M at the end of the quarter, more than tripling over the period. The growth makes euro-denominated credit one of the more distinct threads in Steakhouse's product set, alongside the dollar-stablecoin vaults that make up most of the base.

Vault APY measures the 7-day net annualized yield shown for a vault. Across Steakhouse's five top vaults, APY ranged from 2.0% to 6.5% in Q2 '26. Steakhouse USDT (Ethereum) was the most volatile series, briefly reaching 6.5% on June 5 before easing back to 2.4% by quarter-end, while Steakhouse Prime EURCV held near 4.0% for much of the quarter. The High Yield USDC Edition's displayed rate ramped after launch and settled in the mid-2% range by the end of June. Rates stayed in a moderate band overall, consistent with a lower-rate lending environment.

On the allocation side, concentration in the largest market increased. cbBTC/USDC on Base accounted for $667.7 M, or 54.3% of allocated deposits in the displayed mix, up from 36.8% in Q1. BTC-collateralized USDC markets together (cbBTC on Base and Ethereum, WBTC/USDC, and vbWBTC/vbUSDC) accounted for roughly 64% of displayed allocations.

👥 Steakhouse Financial team commentary

"The pattern seen this quarter is a continuation of what we already noticed last quarter, showing the market believes we are heading in the right direction. Steakhouse's share of stablecoin deposits increased from 49% in January to 52% by the end of June, excluding incentive-driven stablecoin farms.

At the vault level, that concentration held, with the three largest vaults still on Base and holding approximately $765M on July 1, around 46% of Steakhouse Morpho TVL. Newer vaults such as the High Yield USDC Edition with Coinbase and the Ethena x Steakhouse USDC vault grew quickly from launch and expanded the range of lending strategies available to depositors. EURCV also deserves a note, having grown faster than we expected and given euro-denominated credit a real book onchain.

Allocation across markets follows the process we set out last quarter, and this quarter it produced more of the same. cbBTC/USDC on Base took a larger share of the book than it did in Q1, and remains the main market. 

Tokenized markets are where we expect the next shift to come from. We are seeing an appetite from institutional users for collateral they already understand from offchain markets, which is a different kind of demand from the one that built the crypto-collateral book. How far it scales depends on liquidity and pricing infrastructure keeping pace with issuance, and that is where our underwriting work is now pointed."

4) Fees

Fees measures the total USD value of interest and related fees generated by Steakhouse-curated vault activity. For Steakhouse, fees reflect whether the deposit base is economically active across rates, utilization, and product mix.

Steakhouse fees totaled $16.2 M in Q2 '26, up from $14.0 M in Q1 '26 (+15.5% QoQ) and from $5.2 M in Q2 '25 (+209.0% YoY). The sequential increase returns fees to growth after the Q1 decline, though the total remains below the $17.6 M of Q4 '25. The move ran against the sector: lending market fees fell roughly a fifth quarter-over-quarter, so Steakhouse generated more fee activity from a roughly flat capital base while the market generated less.

The product mix concentrated further toward Morpho. Morpho Vault Curation accounted for 97.0% of Q2 fees, up from 94.2% in Q1, while Kamino Vault Curation fell to 3.0%. This mirrors the TVL mix, where Morpho became nearly the entire tracked capital base.

The chain mix crossed a threshold: Base accounted for 55.0% of Q2 fees, overtaking Ethereum at 38.1% for the first time in the charted window. Ethereum had led every prior quarter, including a narrow 44.7% to 43.9% edge in Q1. Solana fell to 3.0%, Arbitrum One was 2.0%, and Monad rose to 1.8% from 0.2%. Base's rising share tracks the vaults where the quarter's growth concentrated.

👥 Steakhouse Financial team commentary

"Fee generation tracks essentially three drivers: higher-yield strategies, where curation carries more weight; partner-specific structures; and product designs that bring new demand into the market. This quarter fees grew while the deposit base held flat, because depositors chose to allocate more into the vaults we released with partners and into vaults with differentiated strategies behind them.

The growth came from where deposits went, with fee terms on existing vaults unchanged."

5) Revenue

Revenue measures the total USD value of fees retained by Steakhouse. Revenue is distinct from fees: fees capture the gross economic activity generated by users, while revenue captures the portion retained by Steakhouse.

Steakhouse revenue totaled $502.4 K in Q2 '26, up from $387.3 K in Q1 '26 (+29.7% QoQ) and from $46.8 K in Q2 '25 (+974.3% YoY). This was the fourth consecutive quarterly increase, and revenue grew faster than fees, so retained economics strengthened: Q2 revenue represented approximately 3.1% of fees, compared with 2.8% in Q1.

The product mix aligned further with the capital base. Morpho Vault Curation accounted for 95.1% of Q2 revenue, up from 89.5% in Q1, while Kamino Vault Curation fell to 4.9%.

Revenue by chain was more distributed than fees by chain. Base accounted for 57.0% of Q2 revenue, Ethereum 27.0%, Arbitrum One 6.5%, Solana 4.9%, and Monad 4.6%. Monad's revenue share sat well above its 1.8% fee share, indicating that retained economics vary materially by chain and vault configuration; the network hosts Steakhouse's mUSD vault curation, the same infrastructure behind the MetaMask Money Account that launched on the final day of the quarter.

👥 Steakhouse Financial team commentary

"Revenue is an indirect output of the fee mechanics, so the growth here follows the factors described above. Retained economics vary materially by chain and vault configuration, and that is why some chains' share of fees differs from their share of revenue.

Revenue is what keeps us in business and we have no interest in pretending otherwise, yet our focus continues to be book quality and distribution ahead of near-term revenue extraction. Distribution and product adoption are still scaling, and retention matters more than revenue at this stage. We only expect retention to grow if we keep delivering what depositors optimize for: risk-adjusted return, transparency on what the vault is doing, and the curation discipline that produces both."

6) Monthly active users

Monthly active users (MAU) measures the number of unique wallet addresses that interacted with Steakhouse-curated products over a rolling 30-day period. MAU should be interpreted as wallet activity, not as a count of distinct individuals or institutions.

Steakhouse MAU averaged 35.4 K in Q2 '26, down from 36.1 K in Q1 '26 (-1.9% QoQ) but up from 1.4 K in Q2 '25 (+2,428.6% YoY). This was the second consecutive quarterly decline, though far milder than Q1's, and it landed better than the sector, where lending market active users fell roughly a tenth quarter-over-quarter. The year-over-year multiple continues to reflect how much larger Steakhouse's user footprint is than in early 2025.

The product mix of MAU was almost entirely Morpho-oriented. Morpho Vault Curation accounted for 97.6% of Q2 MAU, up from 94.4% in Q1, while Kamino Vault Curation fell to 2.5%.

MAU remained highly concentrated by chain. Base accounted for 92.3% of Q2 MAU, followed by Solana at 2.6%, Polygon at 2.2%, Ethereum at 1.9%, Arbitrum One at 0.8%, and Monad at 0.2%, while Robinhood Chain appeared in the mix for the first time at less than 0.1%. As in prior quarters, Base activity may originate from users interacting through Coinbase rather than directly through Morpho or Steakhouse interfaces, making Base wallet activity a distribution signal as much as a direct-user signal.

👥 Steakhouse Financial team commentary

"Monthly active users is the one metric where we did not manage to move against the macro trend. The more useful question is what we are doing about it, and the answer sits in the sections above. Distribution is what brings users in, so that is where the work has gone, and we expect the launches from Q2 and early Q3 to start showing in this number over the coming quarters.

What we want is more people using onchain finance, and our products where those serve them well. Turning this number around is something we intend to contribute to.

A note on measurement, for anyone reading Steakhouse data alongside this report. Our in-house view counts wallets connected to our vaults, while Token Terminal measures interaction over a rolling 30-day period. Neither is wrong, and the difference matters for reading the trend: a depositor who is not actively managing a position drops out of the second measure."

7) Outlook

Q2 showed a curation business becoming less dependent on market direction. Lending TVL fell by roughly a quarter for the second sharp sequential drop in a row, yet Steakhouse's capital base held flat, fees returned to growth against a declining sector, and revenue rose for a fourth consecutive quarter with a higher retained share of fees. The growth that did occur came from new curated products, the High Yield USDC Edition, Prime EURCV, and Ethena x Steakhouse vaults, rather than from a broad rise across the existing base.

The distribution strategy visible through the quarter accelerated at its edges. The MetaMask Money Account went live on June 30, the final day of the quarter, giving MetaMask users stablecoin yield through Steakhouse-curated vaults, powered by Morpho with Veda vault infrastructure on Monad. One day later, on July 1, Robinhood launched Robinhood Chain alongside Robinhood Earn, a lending product built on a Steakhouse-curated Morpho vault with USDG as the loan asset, in an initially limited rollout to eligible U.S. customers. The vault's traction is visible onchain, with deposits surpassing $300 M by late August. The two new-product threads from the quarter also carried forward: the High Yield USDC Edition climbed past $300 M over the same window, roughly tripling from quarter-end, and Prime EURCV deposits surpassed $125 M.

The watch items for Q3 are how far the new distribution surfaces scale on Robinhood Chain and Monad, whether the euro-denominated lending base keeps compounding, and whether fee growth can continue against a lending market that is still contracting. Steakhouse enters the quarter as the largest Morpho vault curator with its capital base, retained economics, and distribution reach all at their highest charted levels.

8) Definitions

Metrics:

  • Total value locked: measures the total USD value of assets deposited into Steakhouse-curated vault products.

  • Morpho vault deposits: measures the total USD value of assets deposited into Morpho vaults.

  • Vault APY: measures the 7-day net annualized yield shown for a vault.

  • Fees: measures the total USD value of interest and related fees generated by Steakhouse-curated vault activity.

  • Revenue: measures the total USD value of fees retained by Steakhouse.

  • Monthly active users: measures the number of unique wallet addresses that interacted with Steakhouse-curated products over a rolling 30-day period.

9) About this report

This report is published quarterly and produced leveraging Token Terminal's end-to-end onchain data infrastructure. All metrics are sourced directly from blockchain data. Charts and datasets referenced in this report can be viewed on the corresponding Steakhouse Financial Q2 2026 Report dashboard on Token Terminal.