ChainCatcher, citing The Block, reported that cryptography technology company Zama, DeFi lending protocol Morpho and Steakhouse Financial have announced the joint launch of the Steakhouse Confidential USDC Prime vault. The product is built around privacy stablecoins and DeFi yield, with cUSDC as its core asset. cUSDC is a privacy token processed through Zama’s fully homomorphic encryption, or FHE.
cUSDC Can Be Deposited Directly Into a Morpho Vault
According to the announcement, the Steakhouse Confidential USDC Prime vault is described as the first DeFi yield product on Ethereum designed for privacy stablecoins. The product allows users to deposit cUSDC directly into a Morpho vault to earn yield, combining a privacy-token format with a DeFi lending vault structure.
Within the collaboration, Zama contributes the cryptographic technology connected to fully homomorphic encryption, Morpho provides the DeFi lending protocol and vault infrastructure, and Steakhouse Financial participates in launching the USDC Prime vault. The disclosed details focus on the privacy stablecoin use case, the Ethereum-based DeFi yield product, and the ability for users to place cUSDC into Morpho’s vault.