Ethena x Steakhouse USDC (ethenaUSDC) stablecoin analytics
Answer First
What is Ethena x Steakhouse USDC (ethenaUSDC)?
ethenaUSDC is an Ethena x Steakhouse USDC lending vault on Base; shares earn borrower interest and redeem subject to lending-market liquidity. The static profile records its USDC-denominated NAV accounting mechanism as: ERC-4626 shares accrue net USDC lending interest and realize losses at NAV.
Is ethenaUSDC safe?
Pharos does not mark ethenaUSDC as absolutely safe. Static metadata says Ethena x Steakhouse USDC uses a CeFi-Dependent governance model and Crypto-Collateralized backing, with live reserve feed configured; the main caveat is that freeze exposure is inherited through upstream collateral, custody, or wrapper dependencies. Treat the live peg, liquidity, reserve, dependency, and Safety Score sections below as the current risk read.
Static Profile
Static stablecoin profile
Ethena x Steakhouse USDC (ethenaUSDC) static profile: governance model CeFi-Dependent; backing model Crypto-Collateralized; peg USDC-denominated NAV.
Variant Relationship
Ethena x Steakhouse USDC (ethenaUSDC) is modeled as a strategy vault variant of USD Coin (USDC). Pharos treats parent stress, redemption, mint authority, and dependency context as relevant to this variant before interpreting its own live metrics.
AI summary / Updated Oct 2, 2026
Ethena x Steakhouse USDC is a Morpho Vault V2 on Base that issues NAV-bearing shares against USDC deposits. Its current lender positions include Coinbase-wrapped collateral, with a concentrated credit book whose losses pass through to holders. Ordinary USDC redemption uses the configured liquidity market, while force-deallocation and in-kind exits require separate execution and capacity treatment.
- Collateral
- USDC in the Ethena x Steakhouse-curated Morpho Vault V2 on base, held idle or lent through its MorphoMarketV1AdapterV2; borrower collateral and credit losses remain local strategy exposure
- Peg Mechanism
- ERC-4626 shares accrue net USDC lending interest and realize losses at NAV. Ordinary withdraw/redeem uses idle USDC and the configured liquidity adapter, subject to liquidity; force-deallocation and in-kind exits are separate, not guaranteed dollar settlement
- Jurisdiction
- Not disclosed in the static profile.
- Proof Of Reserves
- No proof-of-reserves entry in the static profile.
- Contracts
- 1 deployment tracked across Base.
Next Actions
Exact bot target: /subscribe dews,depeg,safety ethenausdc-steakhouse
Source: checked-in StablecoinMeta profile fields. Live price, supply, reserve, liquidity, event, and safety data load in the interactive dossier below; the summary above was last updated Oct 2, 2026.
ethenaUSDC quick answers
What is Ethena x Steakhouse USDC (ethenaUSDC)?
ethenaUSDC is an Ethena x Steakhouse USDC lending vault on Base; shares earn borrower interest and redeem subject to lending-market liquidity. The static profile records its USDC-denominated NAV accounting mechanism as: ERC-4626 shares accrue net USDC lending interest and realize losses at NAV.
Is ethenaUSDC safe?
Pharos does not mark ethenaUSDC as absolutely safe. Static metadata says Ethena x Steakhouse USDC uses a CeFi-Dependent governance model and Crypto-Collateralized backing, with live reserve feed configured; the main caveat is that freeze exposure is inherited through upstream collateral, custody, or wrapper dependencies. Treat the live peg, liquidity, reserve, dependency, and Safety Score sections below as the current risk read.
What backs ethenaUSDC?
Pharos classifies ethenaUSDC backing as Crypto-Collateralized. Collateral, per the static profile: USDC in the Ethena x Steakhouse-curated Morpho Vault V2 on base, held idle or lent through its MorphoMarketV1AdapterV2; borrower collateral and credit losses remain local strategy exposure Reserve evidence: live reserve feed configured.
Can ethenaUSDC be frozen or blacklisted?
Based on tracked contract metadata and blacklist coverage, freeze exposure is inherited through upstream collateral, custody, or wrapper dependencies. Live freeze and blacklist events for ethenaUSDC, when applicable, appear in the dossier below.
