Stablecoin Yield in Trezor Suite

Trezor Suite allows you to earn yield on USDC and USDT (on Ethereum) directly via the app. The feature connects to Morpho V2 vaults via an integration built natively into Suite. Every transaction is clear-signed on your Trezor device. There are no dApps to visit, no browser extensions to install, and no third-party wallet connections required.

What is Stablecoin Yield?

A stablecoin is a cryptocurrency designed to maintain a stable value, typically pegged to the US dollar. USDC and USDT are both examples. Holding a stablecoin in a wallet does not generate any return on its own.

Stablecoin yield is the return you earn when those stablecoins are put to work in financial activity such as lending. When you deposit into a lending protocol, your stablecoins are made available to borrowers. The interest borrowers pay is distributed back to depositors as yield, expressed as an APY (Annual Percentage Yield).

The rate is variable, rising when borrowing demand is high and falling when demand is low. It is not a fixed or guaranteed return.

Vault selection & curation

Trezor has pre-selected the Steakhouse USDC Prime and USDT Prime vaults on Morpho. You do not choose from a list of protocols or vaults. The evaluation work has been done for you based on security and liquidity criteria.

The vaults are managed by Steakhouse, an independent yield curator that routes deposits across curated lending markets on Morpho, monitors rates, and reallocates liquidity when needed within predefined risk parameters.

Morpho is a decentralized lending protocol on Ethereum that has been live since 2022 and has operated through multiple market cycles.

Fees

• Management fee: 0%
• Performance fee: 10% of earned yield

The performance fee is applied through the Morpho Fee Wrapper smart contract, which is deployed and managed by Trezor via a Gnosis Safe multi-sig. You retain 90% of the yield generated. For example, if the vault earns 5% APY, your net return is 4.5%. The APY displayed in Trezor Suite reflects current conditions before the fee is applied; the net figure will be lower.

Withdrawals

There are no lockup periods, unbonding queues, or exit delays. Initiate a withdrawal in Trezor Suite, sign the transaction on your Trezor device, and the transaction settles on-chain.

Your position is held as a standard ERC-20 vault token. If Trezor Suite were ever unavailable, you can withdraw through any compatible interface using those tokens.

How does it work in Trezor Suite?

The earn flow is built directly into Trezor Suite. When you deposit:

• Trezor Suite routes your stablecoins into a pre-selected Morpho V2 vault (Steakhouse USDC Prime or USDT Prime on Ethereum)
• Your Trezor device displays the transaction in plain language via Clear Signing before you confirm it.
• Your stablecoins are lent to borrowers through the Morpho protocol. The interest those borrowers pay is credited to your position as yield.
• You can withdraw at any time by signing a transaction on your Trezor. There are no lockup periods or exit queues.

Your private keys remain on your Trezor device throughout. The keys are never exposed to an internet-connected environment, even while your capital is deployed.

Step-by-step guide

• Click the Earn tab in the Trezor Suite side-bar menu, then scroll down to the Stablecoin Yield section.
• This shows a summary of the stablecoins you can deposit; if you don't hold eligible assets, click Buy and follow our guide on how to Buy crypto in Trezor Suite
• When you've got the funds, click on Deposit now:

• Read the Stablecoin yield explained information and click on Continue:

• Check the box to confirm you accept Morpho’s Disclaimer and Trezor’s Terms of Use; then click on Confirm:

• Enter the amount to deposit, then hit Approve:

• Select the appropriate Set limit option and Fee, then click on Continue:

• Review the transaction details on your Trezor hardware wallet
• After signing the transaction, complete the process by clicking Approve:

Stablecoin Yield FAQs

General

What is Stablecoin Yield?

Stablecoin Yield is a feature in Trezor Suite that lets you earn a return on USDC and USDT (Ethereum) by depositing them into Morpho V2 lending vaults. Your stablecoins are lent to borrowers on the Morpho protocol, and the interest they pay is distributed back to you as yield. Every transaction is authorized by your Trezor device using Clear Signing.

Which assets and networks are supported?

• USDC on Ethereum
• USDT on Ethereum

Do I need DeFi experience to use this feature?

No. Trezor has pre-selected the vaults and handled the technical integration. You do not need to research protocols, compare yields, or connect to any external application. The entire flow is built into Trezor Suite and takes a few clicks to complete.

Is this available on mobile?

Yes. Stablecoin Yield is available on both the desktop and mobile versions of Trezor Suite.

Which Trezor devices are compatible?

The feature is available on any Trezor device running standard (non-Bitcoin-only) firmware. Devices running Bitcoin-only firmware will not see the Earn section in Suite.

Yield and Rates

Where does the yield come from?

The yield comes from real lending activity on Morpho. Borrowers pay interest to access your stablecoins, and that interest is passed back to you as yield. It is not generated from token reward programs or artificially inflated incentives.

Is the APY fixed?

No. The APY is variable and changes with borrowing demand on Morpho. When demand for borrowing is high, rates rise. When demand falls, rates come down. The rate displayed in Trezor Suite reflects current market conditions, not a guaranteed return.

Who selects and manages the vaults?

Trezor has selected the Steakhouse USDC Prime and USDT Prime vaults on Morpho. Steakhouse is an independent yield curator that manages the allocation of deposits across curated lending markets, monitors rates, and reallocates liquidity within predefined risk parameters. You are not presented with a list of vaults to choose from.

Security

Do my private keys leave my Trezor device?

No. Your private keys remain on your Trezor device at all times. Every deposit, withdrawal, and reward claim is signed directly on the device. The keys never touch an internet-connected environment, even while your stablecoins are deployed in a vault.

What is Clear Signing and how does it apply here?

Clear Signing is Trezor’s system for translating smart contract interactions into human-readable language on the device screen. Instead of displaying raw hexadecimal data, your Trezor shows you exactly what action you are authorizing — for example, “Deposit 500 USDC into Morpho vault” — before you press the button to confirm.

Do I need to connect to a dApp or browser extension?

No. The entire earn experience runs inside Trezor Suite. You do not need to visit any external website, install any browser extension, or connect your wallet to a third-party application.

Fees

What fees apply?

• Management fee: 0%
• Performance fee: 10% of earned yield

You keep 90% of the yield generated. For example, if the vault earns 5% APY, your net return is 4.5%. The performance fee is collected through the Morpho Fee Wrapper smart contract, which is deployed and managed by Trezor.

Are there gas fees?

Yes. Deposits and withdrawals are on-chain transactions on Ethereum and require gas fees. The current gas estimate is shown in Trezor Suite before you confirm any transaction.

Deposits and Withdrawals

How do I deposit?

Open Trezor Suite and navigate to the Earn section. Select the amount of USDC or USDT you want to deposit. Review and confirm the transaction on your Trezor device using Clear Signing. Once the transaction is confirmed on-chain, your position is active and begins accruing yield.

Are there lockup periods or withdrawal queues?

No. There are no lockup periods, unbonding queues, or exit delays. You can withdraw your full position at any time by initiating a withdrawal in Trezor Suite and signing the transaction on your Trezor device.

What if Trezor Suite is unavailable?

Your position is held as a standard ERC-20 vault token in your wallet. If Trezor Suite were ever unavailable, you can withdraw using any compatible Ethereum interface.

How are rewards claimed?

Yield accrues continuously in your vault position. You can claim rewards from within the Earn section of Trezor Suite. Each claim is a signed transaction on your Trezor device.

Risks

What are the risks of using Stablecoin Yield?

Depositing into a Morpho vault is not the same as holding assets in a wallet. Your stablecoins are lent to borrowers through smart contracts, and this introduces specific risks:

• Smart contract risk: Bugs or exploits in the underlying contracts could result in loss of funds.
• Liquidity risk: If borrowers have drawn all available liquidity from a vault, your withdrawal may be delayed until liquidity is restored.
• Stablecoin depeg risk: A loss of the peg on USDC or USDT would directly affect the value of your position.

The APY is variable and not guaranteed. Past rates are not indicative of future performance.

Are my assets held in custody by Trezor?

No. Trezor does not hold your assets at any point. Your stablecoins are deployed directly into Morpho vaults on the Ethereum blockchain via smart contracts. No intermediary holds your funds.