Confidential DeFi Yield Vault Launches on Ethereum Mainnet

Zama, Morpho, and Steakhouse Financial are launching a confidential DeFi yield vault on Ethereum's mainnet. The product, called Steakhouse Confidential USDC Prime, will open for deposits on June 23, 2026.

The central mechanism of the vault is cUSDC, a token that encrypts balances and transfer amounts through fully homomorphic encryption (FHE). This allows users to generate yields on USDC without publicly exposing their position, entry timing, or strategy direction.

Morpho's lending markets will provide the yield, backed by first-tier collateral such as cbBTC, WBTC, and wstETH. The deposited asset is confidential, but the underlying credit strategy and vault parameters remain unchanged.