The 3F x Steakhouse USDC Vault just crossed $20M in deposits on @Morpho! The vault is built around a simple conviction: upgrading the financial rails doesn’t change the fundamentals of finance. Trust, reputation, regulation and good risk management still matter. The 3F x Steakhouse USDC Vault starts with high-quality, regulated RWAs with professional underwriting. Yield is organic with no incentives in order to gauge PMF for lending against quality collateral, targeting a 100-150bps premium to SOFR. Thanks to the depositors who are helping us build this new fixed-income market that should scale to billions of savers around the world. Also grateful to our early partners @steakhousefi, @FalconXGlobal, @M11Credit, @centrifuge, @JHIAdvisors, @SuperstateInc, @Bitwise $20M down. Trillions to go.