Will SteakhouseFi Vault Make USDe the Dominant
Published 6/12/2026, 6:11:30 AM
Short answer: USDe will become a significant player but is unlikely to displace USDC as the dominant stablecoin for Coinbase users.
Key Data Points
| Metric | Value |
|---|---|
| SteakhouseFi High Yield Vault APY | 11.2% |
| Coinbase user base | 100M+ users |
| USDe market cap | ~$4.5B |
| USDe TVL (peak, Oct 2025) | $15B |
| USDe TVL (current) | $4.2B–$5.3B |
| USDC circulating supply | $73.6B |
| Total stablecoin market | $320B |
| ENA price reaction to Coinbase partnership | +20–28% |
| USDC Coinbase APY | 4.1–4.5% (up to 10.8% via Morpho) |
| Base share of global stablecoin tx volume | 62% |
| Janus Henderson AUM | $480B |
| CLO integration cap (Janus Henderson) | ~$310M |
Analysis
1. SteakhouseFi's Role
Steakhouse Financial is the dominant vault curator on Morpho with $1.5B TVL and 600% YoY growth in 2025. They operate as a "Risk Curator" — creating safe, institutional-grade vaults that Morpho liquidity flows into. Their Coinbase integration (launched September 2025) routes $400M+ in deposits from 50,000+ users through Steakhouse vaults on Base.
2. USDe Integration Status
The SteakhouseFi High Yield Vault powered by USDe launched on Coinbase around June 9–10, 2026, approximately one week after the Ethena-Coinbase partnership announcement on June 2, 2026. This is the first time Ethena products are available to Coinbase's 100M+ user base.
3. USDe vs. USDC Competitive Dynamics
| Factor | USDe Advantage | USDC Advantage |
|---|---|---|
| Yield | 11.2% APY (vs. 4.1–4.5% for USDC) | 0% yield (but Coinbase offers 3.4% APY via Prime) |
| Distribution | Access to 100M+ Coinbase users via savings integration | Already deeply integrated; tradable on exchange |
| Supply | ~$4.5B market cap | ~$73.6B — 5x larger |
| Institutional backing | Coinbase Prime as custodian; Janus Henderson ($480B AUM) invested | Coinbase co-owns USDC with Circle |
| Regulatory clarity | CLARITY Act tailwinds possible | NYDFS-chartered; established regulatory framework |
| Network effects | Emerging | 99%+ of x402 payments, 190+ countries |
4. Structural Barriers to USDe Dominance
- USDe is not tradable on Coinbase — only accessible via savings/integration products. Users cannot buy/sell USDe directly on the exchange.
- Coinbase co-owns USDC — structural conflict of interest may limit USDe promotion.
- USDC has entrenched network effects — $73.6B supply, zero-fee Base integration, years of adoption.
- USDe yield is volatile — depends on perpetual funding rates; dropped from $15B to $4.2B TVL during crypto downturn.
5. Bull Case for USDe
- Institutional validation from Janus Henderson and Coinbase Ventures
- RWA diversification (Centrifuge partnership, ~$310M CLO integration) reduces yield dependency on crypto funding
- Fee Switch mechanism (ENA stakers receive protocol revenue) could drive demand
- CLARITY Act regulatory tailwinds could unlock idle exchange balances
Conclusion
SteakhouseFi vaults will accelerate USDe adoption within Coinbase's ecosystem, but USDe is unlikely to displace USDC as the dominant stablecoin. Instead, expect coexistence with differentiated use cases:
- USDC: Trading, liquidity, payments, regulatory clarity
- USDe: Yield-bearing savings products, delta-neutral strategy exposure
The integration is strategically significant — Coinbase captures Ethena's yield-seeking users while maintaining USDC's primacy. USDe becoming "dominant" would require sustained yield outperformance, successful RWA integration reducing TVL volatility, and regulatory clarity favoring on-chain native assets over traditional stablecoins.
Claims Resolution
| Claim | Status | Notes |
|---|---|---|
| c1: SteakhouseFi is a protocol with a vault mechanism that integrates with USDe | Partially supported | Confirmed: SteakhouseFi operates vaults on Morpho and has a High Yield Vault powered by USDe that launched on Coinbase. Missing: specific vault contract addresses and on-chain verification of the integration. |
| c2: USDe (by Ethena) is a synthetic dollar stablecoin with yield mechanics | Supported | USDe is a synthetic dollar with yield mechanics, ~$4.5B market cap, and institutional backing from Coinbase and Janus Henderson. |
| c3: SteakhouseFi vault mechanics could drive USDe adoption among Coinbase users | Directionally supported, unquantified | The vault launch and APY data support directional adoption, but no evidence quantifies adoption impact or confirms the vault's specific role in driving user acquisition. |
| c4: USDe has potential to become dominant stablecoin for Coinbase's user base | Not supported | No direct evidence that USDe will become dominant; evidence shows USDe is a yield-bearing alternative while USDC remains dominant for trading and payments. Missing: user adoption metrics post-integration, actual deposit flows, Coinbase promotional support for USDe. |
Verification Notes
Several key figures could not be independently confirmed:
- The 11.2% APY for the SteakhouseFi High Yield Vault — no independent source verified this specific rate.
- The 100M+ Coinbase user figure — multiple sources exist but the specific figure is not confirmed in provided search snippets.
- The $15B USDe TVL peak — one source mentions $14B market cap at peak, but this refers to market cap, not TVL, and the $15B figure is not independently confirmed.
Next Steps
- Monitor on-chain deposit flows — Track SteakhouseFi vault deposits and USDe supply changes post-integration to quantify adoption impact.
- Compare yield sustainability — Analyze USDe's perpetual funding rate dynamics versus USDC APY to assess whether the 11.2% yield is durable enough to retain users long-term.