Steakhouse Ethena USDtb

USDtb·Ethereum·curated by Steakhouse Financial

APY0.53%-1.95% vs 30d

TVL$13.62M

Risk score22/ 100

Plain English explanationWritten by Sharpe Finance research · model card · last update 2026-05-12

What this vault actually does

The Steakhouse Ethena USDtb vault aims to optimize yield on USDtb lending against a wide range of collateral assets.

What breaks this vault

The honest version. Every structural failure mode this vault is exposed to, ranked by severity. If you want to know whether to invest, start here.

Weighted LLTV across markets is 91.5%. Sharp collateral drawdowns can trigger cascading liquidations faster than vault parameters can be adjusted.

Primary loan or collateral asset is a stablecoin. A sustained depeg below 99 cents impacts NAV and disables liquidation routing for non-USD collateral.

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