Morpho’s live API put the Steakhouse vault at $63.1M with a 4.55% six-hour net APY excluding rewards on July 11. Robinhood Earn is already a retail-funded Ethena credit pipe: $39.4M of $56.3M deployed capital sat in the USDe/USDG market. Robinhood’s FAQ says Morpho rewards top up the displayed rate; the live vault is 0xBeEff033F34C046626B8D0A041844C5d1A5409dd.

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