Steakhouse Confidential Prime USDC Secures Early Success with $30 Million in TVL

Steakhouse Confidential Prime USDC, also known as steakcUSDC, is an Ethereum-based vault that allows holders of Confidential USDC to earn lending yield without exposing individual balances or deposit sizes.

The vault was launched on June 23, 2026, by a collaboration among Zama, Morpho, and Steakhouse Financial. It addresses the issue of information leakage when institutional or high-balance wallets deploy capital into transparent DeFi vaults.

SteakcUSDC combines an existing Morpho lending strategy with Steakhouse's credit curation and Zama's fully homomorphic encryption stack to provide a confidential representation of claims on a USDC lending vault. The vault is auditable, but individual balances are encrypted using FHE (Fully Homomorphic Encryption).

As of August 5, 2026, the vault had around $30.1 million in TVL and 11 holders, with the top holder controlling roughly 73% of tracked exposure.