Steakhouse PYUSD V2 wallet

What is Steakhouse PYUSD V2 (STEAKPYUSD)?

What sits in the wallet under this name is a Morpho vault share denominated in PYUSD, the dollar token PayPal issues through Paxos. Deposits are lent out across Morpho markets picked by the vault's curator, against crypto and real-world-asset collateral, and the share you hold is a proportional claim on that book. It is not PYUSD, and sending it to someone expecting dollars accomplishes nothing.

The V2 in the name is worth taking literally. A Vault V2 share is a different contract from earlier Steakhouse PYUSD vault shares; the two do not combine, do not migrate on their own, and a position in one has to be withdrawn and redeposited to become a position in the other. If you hold both, they are two separate line items with two separate redemption routes, whatever the interface names them.

Everything here is on Ethereum mainnet, which means ETH for gas and a real cost per action, so this is not a position anyone should plan to enter and exit weekly. Withdrawals clear through the vault and depend on the liquidity available in the underlying markets when you ask.

On a Tangem card the key lives in the chip and never comes out, and the backup is a second card you keep somewhere separate rather than a phrase written on paper, though a seed phrase remains an option if you want one. A vault share you intend to hold untouched for a long stretch is best protected by exactly that: a key that goes nowhere.

Supported networks in Tangem (1): Ethereum.