Welcome to another DeFi Markets Update—your no-nonsense briefing on the cryptobanking plumbing and market pulse.
Steakhouse USDG Vault Growth on Robinhood Chain
The Steakhouse USDG vault on Robinhood Chain has grown to around $425m, making it the second-largest vault on Morpho. Steakhouse curates which Morpho lending markets the vault can allocate deposited USDG into.
On August 26, mGLO was added as a new collateral market for the Steakhouse USDG vault on Robinhood Chain. The vault now allocates USDG across markets where borrowers post USDe, syrupUSDG, spUSDG or mGLO as collateral.
We covered mGLO’s launch and growth on Base in previous DeFi Markets Updates, where Steakhouse USDC vaults supply USDC into the mGLO/USDC market and borrowers post mGLO as collateral. That market currently has $21.9m of USDC borrowed, compared with around $28m of USDG borrowed against mGLO on Robinhood Chain.
Steakhouse USDG is also starting to be used as yield-bearing infrastructure in permissionless applications on Robinhood Chain. One emerging use of Uniswap v4’s DualPool hook parks idle USDG in the Steakhouse vault between trades, showing how the vault can be plugged into other DeFi products while liquidity is not actively being used for swaps.
Additionally, MORPHO, the token, was listed for trading on Robinhood Crypto on August 27. This is separate from Robinhood Earn and the Steakhouse USDG vault, but gives Robinhood users direct access to the token alongside the protocol’s growing use within Robinhood Chain.
MetaMask Money Account Growth and Vault Market Exposure
The MetaMask Money Account has now surpassed $20m in deposits and sits above $21.5m, with Steakhouse providing curation and risk frameworks for the underlying vault.
Money Account is MetaMask’s self-custodial stablecoin account, letting users earn, trade and spend from the same balance. Supported stablecoins are converted into mUSD and move through Veda’s vault infrastructure on Monad.
The vault deploys mUSD across Morpho lending markets and monitors liquidity and risk. At launch, the available markets were WETH/mUSD, wstETH/mUSD and WBTC/mUSD. Since then, six additional markets have been added.
Around $9m of Money Account deposits currently flow through Steakhouse’s mUSD vault on Morpho, which has generated about 3.5% 7-day APY. The strategy runs through a dedicated Morpho vault built for MetaMask and is accessed directly through Money Account.
Vultisig Adds Direct Access to Steakhouse USDC on Kamino
Vultisig, a self-custodial multi-chain crypto wallet, added direct access to selected Kamino Earn vaults from Steakhouse, RockawayX and Allez. Users can now deposit into these strategies directly inside the Vultisig app.
The integration features the Steakhouse USDC, our USDC vault on Kamino. The vault has over $18m supplied.
Steakhouse USDC is currently yielding 3.3% supply APY. The vault is 83% utilised, with $15.5m borrowed against the current supply.
Vultisig has over 50K+ active vaults and support for 36+ chains, so the integration opens Steakhouse USDC to a broader set of users, and it also gives our vault another place to pick up deposits directly from wallet users.