Trezor has introduced a new feature within Trezor Suite that allows users to earn returns on their USDC and USDT holdings. This is made possible through a partnership with Morpho, a decentralized lending protocol. The integration enables users to deposit stablecoins into curated vaults managed by Steakhouse Financial, which then lend out these assets to borrowers, generating yield from interest payments rather than token incentives.
By keeping the entire process within the Trezor ecosystem, users maintain full control of their private keys. All transactions, including deposits, withdrawals, and reward claims, are signed directly on the hardware wallet using clear-signing technology, which displays transaction details in a human-readable format on the device screen. This setup ensures that funds remain in self-custody while being deployed on-chain.
The two vaults available at launch are the Steakhouse Prime USDC vault and the Steakhouse Prime USDT vault. They allocate deposited stablecoins against blue-chip cryptocurrency and real-world asset collateral, aiming for annual percentage yields between 4.5% and 6.5% for USDC and 4.5% to 6% for USDT, with a management fee of 15%. The yield is solely derived from borrowing demand on Morpho, not from any token incentive programs.
Morpho has become a popular backend for custodians and asset managers looking to integrate yield-generating features. Coinbase previously launched Bitcoin-backed loans powered by Morpho, and Bitwise launched its first on-chain vault on the protocol in January 2026. Apollo Global Management has also agreed to acquire up to 90 million MORPHO tokens over 48 months, indicating strong institutional interest.
Vitalik Buterin has criticized some USDC yield strategies for being overly reliant on centralized issuers, but Trezor’s offering is framed as decentralized lending with hardware-signed transactions, distinguishing it from custodial yield accounts.