Zama, Morpho and Steakhouse Financial are launching the Steakhouse Confidential USDC Prime vault, the first DeFi yield product for confidential USDC stablecoins on Ethereum, The Block has exclusively learned.
The integration lets holders of Zama's encrypted cUSDC deposit directly into Morpho's existing Steakhouse USDC Prime vault and earn yield without exposing their balances, transaction amounts or strategy onchain.
"Until now, operating on a public blockchain meant exposing your entire financial playbook to your competitors," said Zama co-founder and CEO Dr. Rand Hindi. He called the launch the official start of a "confidential DeFi" category on Ethereum.
Deposits for the vault go live on June 23 via the Zama app, according to the teams.
Zama's cUSDC uses fully homomorphic encryption to shield balances and transfer amounts while preserving auditability and compliance checks, converting standard USDC directly on Ethereum without requiring a bridge to another chain.
