DeFi has rebuilt an underwriting oligopoly on top of permissionless lending: Steakhouse, Sentora and Gauntlet control 75.9% of the $7.18B curator market. Robinhood’s USDG Earn already routes users into a Steakhouse-curated Morpho vault, and [its disclosure](https://robinhood.com/us/en/support/articles/robinhood-earn/) says Robinhood does not select, approve or monitor downstream protocols.

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