Robinhood Charts a New Course Onchain, curated by Steakhouse
Robinhood Earn and Steakhouse will bring millions of eligible users on the journey to new frontiers in onchain finance.
Overview
Robinhood has announced the mainnet launch of Robinhood Chain, its new network for onchain financial infrastructure. The chain extends Robinhood’s mission of widening access to global financial markets, giving users and developers blockchain tooling to move, access, and manage digital assets from anywhere, without intermediaries or platform lock-in.
Launching alongside the chain is Robinhood Earn, which enables eligible users to access, through a non-custodial wallet, a variable yield from onchain lending markets, with no fixed lock-up period.
How it works
On the front end, Robinhood Earn is accessible through the Robinhood app that users are already familiar with, offering access to onchain products through an embedded self-custody wallet with Privy, while removing the complexity that has historically been a barrier to blockchain adoption. On the backend, the product leverages Morpho infrastructure, with vaults exclusively curated by Steakhouse Financial.
Morpho is a decentralized, non-custodial protocol for lending and borrowing tokenized assets. Vault users obtain exposure to multiple lending markets, held as a single diversified position. Each vault is built on Morpho Blue, the protocol’s base layer, where isolated lending markets are defined by their own set of rules. Lenders earn interest paid by borrowers, who post collateral and draw against it. Interest rates adjust algorithmically with supply and demand in each market.
The protocol itself stays neutral and permissionless. Steakhouse designs and maintains the vault’s curation policy, defining and monitoring the parameters the vault operates within. Curation is the layer that lets an institution offer an onchain product with a defined risk framework around it.
The Robinhood Earn vault, denominated in USDG, is launching with exposure to three collateral markets:
spUSDG, powered by Spark, an institutional onchain savings protocol within the Sky Ecosystem with a multi-billion-dollar track record.
USDe, Ethena’s digital dollar.
SyrupUSDG, from Maple finance, earns returns from overcollateralized lending to vetted institutions, on Global Dollar (USDG).
Other collateral types may be onboarded in the future on the basis of demand and consistent with our published risk management framework: https://steakhouse.financial/docs.
Ecosystem
Robinhood Earn is a simple user experience that is supported by an ecosystem of partners. The table below outlines each partner and their role:
Looking ahead
We launched the Steakhouse vaults product line as a day-0 partner with Morpho back in January 2024. Since then, we have focused on making the most of the noncustodial and security features that vaults can offer to stablecoin users. This has found tremendous uptake and fit for institutional channels, in particular fintechs such as Robinhood. Steakhouse has become the partner of choice for fintechs around the world looking to offer stablecoin-based products to their users.
As more financial institutions evaluate onchain infrastructure, our focus is on helping them build successful stablecoin products with built-in transparency and operated through our published risk management frameworks.
Subscribe to Steakhouse Financial Insights for more on the infrastructure behind the stablecoin economy.
Onchain Lending Risks: Lending carries risk, one that cannot be removed but can be intentionally assessed, sized, and monitored, which is the role of a curator. The clearest risk is bad debt. If a borrower’s collateral falls below what they owe and liquidating it would not cover the loan, the shortfall stays in the market, the pool available to lenders shrinks, and a user’s balance can fall with it. The second is liquidity. The markets run at high utilization, so in stressed conditions a user may not be able to withdraw the instant they want. And each collateral carries its own risk-profile. Steakhouse reviews each asset and its market through quantitative modeling, including secondary-liquidity modeling, and sets exposure deliberately rather than evenly. For more on how Steakhouse evaluates collateral and monitors risk, see the Risk Framework and Information Hub at steakhouse.financial/docs.
Disclaimers: Robinhood Earn is a product offered by Robinhood, available to eligible users subject to Robinhood’s applicable product terms. Steakhouse Financial acts solely as curator of the vault behind Robinhood Earn and provides curation and risk frameworks across multiple vault infrastructures. Steakhouse does not offer the product, hold user accounts, take custody of user funds, or act as an investment adviser, manager, or fiduciary to any user. For more on how Steakhouse evaluates infrastructure and monitors risk, visit steakhouse.financial. This content is for informational purposes only. It is not an offer, solicitation, or recommendation to buy, sell, or hold any security, token, or financial product, and it does not constitute financial, investment, tax, or legal advice. It is not directed at any person in any jurisdiction where its publication or availability would be unlawful, and product availability is subject to geographic restrictions and eligibility requirements. Robinhood Earn is not a bank account or savings account. Yield is variable and not guaranteed, and is generated through third-party DeFi protocols, which carry risks including smart-contract, protocol, collateral, and liquidity risk that in extreme cases could result in partial or total loss. Withdrawals and redemptions are subject to available liquidity and applicable product terms. Current and past performance and yield are not indicative of future results. Statements about future plans or developments are forward-looking and subject to change.
Review the applicable product terms, eligibility requirements, and risk disclosures before participating.
Disclaimers → steakhouse.financial/disclaimers