Steakhouse Financial grows their curation business to $1.5B in 1.5 years
Steakhouse Financial is a DeFi advisory and research firm specialized in institutional-grade DeFi risk curation, with deep knowledge across DeFi and TradFi assets.
"Steakhouse vaults now have more deposits than some regional banks in the US, and this is only 1.5 years in." — Sébastien Derivaux, Chef at Steakhouse Financial
The Opportunity
Steakhouse Financial catalyzed the emergence of the tokenized real-world assets industry by onboarding US treasuries and private credit assets to MakerDAO, which currently has a portfolio size of over $2.5B.
When Morpho V1 launched in 2024, it offered the infrastructure Steakhouse needed to transform its business model: global reach, instant composability, borderless borrowing with 24/7 access, built-in transparency, and automated pricing, accounting, and compliance.
The Solution
Steakhouse joined as one of the first vault curators when Morpho V1 launched in early 2024, transitioning from consulting to vault curation. Using Morpho's infrastructure, Steakhouse curates institutional-grade yield strategies by allocating and rebalancing deposits across Morpho lending markets—focusing on stablecoins, sophisticated risk analysis, and portfolio optimization.
Steakhouse has become the largest stablecoin risk curator on Morpho and a provider of choice for fintechs, exchanges, and institutions building robust stablecoin yield products with a DeFi backend. Building on TradFi experience, Steakhouse also scaled private credit repo strategies—including Fasanara's mF-ONE tokenized private credit fund growing TVL from 0 to $75m in less than two months with Steakhouse risk curation.
The Results
In about 1.5 years, Steakhouse reached well over $1B in user deposits with a lean team. As the largest curator on Morpho, Steakhouse manages vaults across Ethereum, Base, Katana, Polygon, Unichain, and Arbitrum—and continues onboarding crypto-native assets, tokenized RWAs such as private credit funds and treasuries, and traditional finance institutions onchain.
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