Steakhouse PYUSD V2
STEAKPYUSD
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
STEAKPYUSD (Steakhouse PYUSD V2) is an ERC-4626 vault share token representing deposits in the Steakhouse PYUSD vault on the Morpho protocol. While the vault is curated by Steakhouse Financial—an established institutional curator managing over $2B in TVL—the specific STEAKPYUSD token suffers from negligible adoption, micro-scale liquidity, and a tiny holder base (~39 holders with over 95% supply concentration). Active development specific to the token is virtually nonexistent, and the curator has shown signals of winding down adjacent products. Governance is highly centralized in the curator without token-holder voting. On the security side, while the underlying supervisor infrastructure received a Cantina audit in February 2026, there is no dedicated public audit for this specific vault contract, and the curator experienced a DNS social-engineering incident in March 2026 (though no on-chain vault funds were compromised). Overall, the lack of liquidity, demand, and independent traction makes it an uncompelling holding.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About Steakhouse PYUSD V2 (STEAKPYUSD)
STEAKPYUSD (Steakhouse PYUSD V2) is an ERC-4626 yield-bearing vault share token on the Ethereum blockchain. It represents pro-rata claims on PayPal USD (PYUSD) deposited into the Steakhouse PYUSD vault deployed on the Morpho lending protocol. Curated by Steakhouse Financial, the vault is designed to generate yield by deploying depositor PYUSD into overcollateralized lending markets backed by crypto assets and real-world asset (RWA) collateral, such as USYC. The token's supply expands and contracts dynamically based on user deposits and redemptions, with its share price reflecting accrued lending yield.
Governance of the vault is centralized under Steakhouse Financial, utilizing a curator model with a seven-day timelock and on-chain fee disclosures, but without direct token-holder voting mechanisms. The token maintains a micro-scale market footprint characterized by limited liquidity and minimal adoption, featuring approximately 39 holder addresses and high supply concentration, with the top five holders controlling over 95% of circulating tokens. Furthermore, the curator has been observed winding down adjacent products within its broader portfolio.
From a security perspective, Steakhouse Financial's vault supervisor infrastructure underwent an audit by Cantina in February 2026, though a dedicated, standalone public smart contract audit for this specific PYUSD vault contract has not been established. In March 2026, Steakhouse Financial experienced an operational security incident involving a social engineering attack against its DNS provider, allowing an unauthorized party to temporarily modify DNS records and host a phishing frontend. The compromise was confined to the web domain layer, and no smart contracts, vault infrastructure, or depositor funds were affected.