Steakhouse Financial

Steakhouse is a risk curator: it underwrites collateral, sets loan-to-value parameters and allocates depositor stablecoins across overcollateralised lending markets, which is the economic core of a money market even though the matching engine belongs to Morpho and Euler. DefiLlama classifies it under "Risk Curators" per the DefiLlama API, but the product a depositor buys is a variable-rate overcollateralised lending position. It is the single most important non-Morpho credit actor on Robinhood Chain because it curates the vaults behind Robinhood Earn per Morpho's announcement. It is the largest curator in DeFi lending, curating roughly $1.5bn across 51 Morpho vaults and about 53% of Morpho's stablecoin TVL against Gauntlet's roughly $0.7bn across 63 vaults, per Steakhouse's DeFi Markets Update of 2 July 2026. Total supplied $2.402bn as of 26 July 2026 (DefiLlama API). Morpho deposits grew from $1.55bn on 1 January to $1.70bn on 1 July 2026 (Steakhouse, 14 July 2026). Bad debt: the curator reports zero bad debt across the first half of 2026, and less than $0.1 of bad debt across Q1 (Steakhouse, 15 May 2026); a third-party tracker shows $0.23 cumulative bad debt (CuratorWatch curator profile). Borrowed, utilisation, supply APY and borrow APY are not published at the curator level: `n.a.`