Trezor's 2M+ users can now earn yield on USDC and USDT on Ethereum directly from Trezor Suite, powered by the Yield.xyz API.
The integration deploys on Morpho V2, with vault allocation managed by Steakhouse Financial. Every transaction is verified on the user’s Trezor device through Clear Signing, with no browser extensions or third-party wallet connections required.
Seamless Access to Morpho, Powered by Yield.xyz
Deposits route into two Morpho V2 vaults: the Steakhouse USDC Prime vault (symbol: trSHUSDCp) and the Steakhouse USDT Prime vault (symbol: trSHUSDTp). Rather than being presented with a list of vaults to choose from, users deposit to pre-selected vaults based on security and liquidity criteria.
As the vault curator, Steakhouse Financial manages allocation across curated lending markets on Morpho, monitors rates, and reallocates liquidity within predefined risk parameters. Yield comes from borrowers paying interest to access the deposited stablecoins.
Fees and rates
Trezor does not charge a management fee on its stablecoin yield offerings. A 10% performance fee applies to earned yield, collected via the Morpho Fee Wrapper smart contract deployed and managed by Trezor through a Gnosis Safe multi-sig.
The APY displayed in Trezor Suite is the net rate: the performance fee has already been deducted. If the vault earns 5% APY, the depositor receives 4.5%.
The APY is variable, driven by borrowing demand on Morpho.
Security
Every deposit, withdrawal, and reward claim is signed directly on the user’s Trezor hardware device. Clear Signing translates each smart contract interaction into plain language on the device screen before the user confirms. Private keys never touch an internet-connected environment, even while capital is deployed.
When a deposit is made, the vault returns an ERC-20 receipt token representing the depositor's share: trSHUSDCp for USDC, trSHUSDTp for USDT. If Trezor Suite were ever unavailable, the receipt token can be used to withdraw through any compatible Ethereum interface.
Trezor x Yield.xyz
Trezor leveraged Yield.xyz to build its integration with Morpho. Yield.xyz provides a unified discovery and execution layer for onchain yield, normalizing staking, lending, and DeFi vaults across 80+ networks into a single schema. Trezor accesses vault data, yield routing, and onchain execution through a single connection.
Getting started
Available now on desktop for any Trezor device running universal firmware. Open Trezor Suite, navigate to the Earn tab, and scroll to the Stablecoin Yield section.
Build with Yield.xyz: docs.yield.xyz