DeFi Markets Update 2026-07-21

Jul 21, 2026

Welcome to another DeFi Markets Update—your no-nonsense briefing on the cryptobanking plumbing and market pulse.

Steakhouse became the first and only Morpho curator to surpass $2bn in curated deposits, extending its lead as the largest curator on the protocol. The milestone reflects growth across both newly launched products and established Prime vaults.

Over the past month, the newly launched Steakhouse High Yield USDC Edition attracted more than $220m in deposits following its launch on the Coinbase App, the Steakhouse USDG Morpho Vault powering Robinhood Earn grew to over $140m within 21 days from launch, and Steakhouse Confidential USDC Prime, the first lending vault supporting Zama’s confidential USDC (cUSDC), grew by over $20m in just 3 weeks.
Steakhouse’s flagship vaults also continued to attract deposits. Steakhouse Prime USDC V2 on Base grew by approximately $100m over the past month, while Steakhouse EURCV Prime on Mainnet added more than $20m, demonstrating continued demand for our low-risk established lending strategies.

In our most recent DeFi Markets Update, we highlighted Steakhouse’s continued growth as Morpho’s largest curator over the first half of 2026. We’re excited to see what the second half of the year brings as we continue building new products and expanding our lending ecosystem.

mGLO is now live as collateral in the mGLO/USDC Morpho market on Base, following Steakhouse’s collateral assessment of the market.

mGLO is a USD-denominated tokenised note issued by Midas that provides economic exposure to Fasanara Capital‘s Global Diversified Alternative Debt strategy. The underlying portfolio consists primarily of short-term trade receivables, bringing institutional specialised private credit into onchain lending infrastructure.
Holders of mGLO can deposit the token as collateral and borrow USDC while maintaining exposure to the underlying strategy. The market currently has $12m+ supplied with a 4.5% USDC borrow rate, creating new capital efficiency for private credit and expanding the use of tokenised private credit as onchain collateral.

Steakhouse’s review covered the underlying investment strategy, liquidity framework, oracle design and market parameters. The market uses a 6% discounted oracle as a liquidator-facing buffer, with market parameters calibrated to the quality of the underlying strategy and the available liquidity routes.

The AUSD Turbo vault on Mainnet, available through the Steakhouse App, is currently earning around 10% organic APY through leveraged lending strategies powered by the Steakhouse Box infrastructure.

Additionally, the AUSD High Yield Term vault on Mainnet currently offers over 11% incentivised 7-day average APY and manages more than $4.15m in AUSD deposits.

The vault combines a 5–6% organic yield with an additional 5% in AUSD incentives. Like the Turbo vault, it uses Box adapters to allocate capital to fixed-maturity positions designed to be held until maturity, offering enhanced yield opportunities for depositors in Agora’s dollar stablecoin.