Ethena launches SteakhouseFi high-yield vault on Coinbase using USDe on Morpho
The new vault links Ethena’s USDe with Morpho through a Coinbase launch, expanding access to onchain yield products built around the synthetic dollar token.
USDE
ENA
MORPHO
Fact Check
An official Ethena post (retweeted by @SteakhouseFi) confirms the SteakhouseFi High Yield Vault is the first live product of the Ethena x Coinbase collaboration. Crypto Briefing and Crypto.news independently corroborate that the vault uses USDe and runs on Morpho infrastructure (on Base) with Steakhouse Financial curating allocations, launched June 11, 2026. All core elements of the claim—Ethena/Coinbase partnership, SteakhouseFi curation, USDe, and Morpho—are confirmed across official and primary news sources.
Summary
Ethena has launched a SteakhouseFi high-yield vault on Coinbase, with the product powered by USDe and built on Morpho. The announcement points to a new onchain yield offering that combines Ethena’s synthetic dollar token with Morpho (decentralized lending protocol) infrastructure under the SteakhouseFi vault strategy. The move suggests broader distribution for yield-focused crypto products through Coinbase and adds another use case for USDe within decentralized finance.
Terms & Concepts
- USDe: Ethena’s synthetic dollar token.
- Morpho: A decentralized lending protocol.
- onchain yield: Returns generated through blockchain-based financial applications.