Steakhouse Financial grows their curation businesses to $1.5B in 1.5 years

Steakhouse Financial is one of the most pioneering and established names in DeFi. They 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 and bring its expertise to scale. Morpho provided significant advantages over traditional structures: global reach, instant composability, borderless borrowing with 24/7 access, built-in transparency, and automated pricing, accounting, and compliance.

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 different Morpho lending markets. This allows them to focus entirely on their core expertise: stablecoins, sophisticated risk analysis and portfolio optimization. As a result, Steakhouse has become the largest stablecoin risk curator on Morpho by a wide margin and the provider of choice for fintechs, exchanges and institutions looking to create robust stablecoin yield products with a DeFi backend.

Building on their experience and track record in traditional finance, Steakhouse Financial have also scaled the first private credit repo strategy in DeFi thanks to Morpho’s flexible stack. Fasanara’s mF-ONE tokenized private credit fund grew TVL from 0 to $75m in less than two months with Steakhouse’s risk curation and underwriting prioritizing risk mitigation and liquidity for vault lenders.

Steakhouse launched its risk curation business 1.5 years ago, and has reached well over $1B in user deposits with a lean team of less than 20 people.

Steakhouse Financial is now the largest curator on Morpho, managing 48 vaults across Ethereum, Base, Katana, Polygon, Unichain and Arbitrum, generating $0.5M+ annual recurring revenue (and growing).

Steakhouse achieved this with virtually no DeFi infrastructure costs. As a result of recent success, Steakhouse is doubling down on curation on Morpho, onboarding new crypto-native assets, tokenized real-world assets such as private credit funds and treasuries and helping bring traditional finance institutions onchain.