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We’re excited to announce a strategic partnership between Steakhouse Financial and PAO TECH Labs to introduce the first JPYC lending markets and a curator-led vault on Morpho.
Starting with JPYC / USDC, WBTC, and WETH market, the partnership is designed to support future expansion into additional JPYC-based markets, including pairings with other prime crypto assets over time.
Together, the teams will expand access to high-quality, risk-managed markets while establishing JPYC as a dependable asset within Morpho’s rapidly growing lending infrastructure.
The JPYC markets on Morpho are launched as a joint initiative, with each team contributing complementary expertise under clearly defined responsibilities.
Steakhouse Financial leads the risk framework and ongoing market oversight, including parameter configuration, oracle considerations, and continuous monitoring as liquidity and usage evolve.
PAO TECH Labs leads ecosystem expansion and market adoption, focusing on Japan-facing outreach, partner coordination, and expanding JPYC integrations across the broader DeFi ecosystem.
At the same time, market risk design is informed through active collaboration between both teams. PAO TECH Labs contributes JPYC-specific domain knowledge — including liquidity characteristics, redemption dynamics, and regional usage patterns — which is incorporated into Steakhouse Financial’s risk framework and parameter decisions.
The introduction of JPYC lending markets on Morpho marks a meaningful step toward making DeFi more currency-diverse and globally representative.
Today, most decentralized credit markets are USD-centric. JPYC brings a new dimension by enabling:
Yen-denominated liquidity
Cross-currency lending flows
New market structure opportunities for vaults, FX strategies, and stablecoin diversification
The partnership also reflects a shared commitment to safety-first market design. Early markets will launch with conservative parameters, gradually scaling as JPYC liquidity deepens and oracle infrastructure matures. Both teams will monitor market performance and refine configurations as needed.
Two fully isolated markets will be deployed:
JPYC → USDC borrowing
USDC → JPYC borrowing
WBTC → JPYC borrowing
WETH → JPYC borrowing
Each direction is independently risk-managed, aligned with Morpho’s minimal and modular market architecture.
Steakhouse Financial leads the design of risk parameters, while PAO TECH Labs contributes JPYC-specific assumptions and ecosystem context, ensuring safe behavior during the initial launch phase.
Steakhouse Financial and PAO TECH Labs will co-design a curated vault that aggregates liquidity into the JPYC markets on Morpho.
The vault is designed to:
simplify participation for lenders,
support consistent liquidity across JPYC markets, and
provide a structured, passive entry point for users seeking exposure without active position management.
This vault reflects the co-launch approach: combining Steakhouse’s market and risk expertise with PAO TECH Labs’ ecosystem and adoption strategy.
As JPYC liquidity and usage grow, both teams will continue to collaborate on market stewardship, including:
updating market caps and LTV settings,
refining oracle configurations,
exploring additional markets.
While Steakhouse Financial leads ongoing risk management, PAO TECH Labs remains closely involved to ensure that risk assumptions remain aligned with JPYC’s real-world liquidity, redemption dynamics, and ecosystem adoption.
The partnership is designed to be iterative and long-term, scaling JPYC’s role as a yen-based asset across Morpho and the broader DeFi ecosystem over time.
Building on the initial JPYC / USDC, WBTC, and WETH markets, the partnership is exploring the possibility of additional JPYC-based markets paired with other prime crypto assets, such as wstETH / JPYC, as a potential next phase.
This potential expansion would allow JPYC to be used against more crypto-native collateral types, further extending its role within on-chain lending and liquidity markets.
JPYC's introduction on Morpho is an important step in building robust onchain FX markets and expand repo access to one of the world's most important reserve currencies. We're pleased to collaborate with PAO TECH Labs to help bring our market-leading framework for DeFi lending to yen-based repo markets onchain
— Steakhouse Financial
Steakhouse Financial is a leading curator in decentralized finance, working with institutions, asset issuers, and protocols to design and steward on-chain market structures. Their work spans asset onboarding, parameter design, risk and incentive alignment, and liquidity strategy, helping emerging financial primitives grow safely and sustainably across multiple ecosystems. Steakhouse brings a multidisciplinary approach that supports the development of robust, transparent, and scalable on-chain markets.
We are pioneering open and transparent finance, aspiring to build with institutional-grade DeFi tools to raise, manage and distribute the capital they need to make a difference.
PAO TECH Labs is a curator and development team focused on integrating JPYC into the global DeFi ecosystem. We specialize in identifying, designing, and supporting high-quality markets where JPYC can deliver meaningful utility and sustainable liquidity—beginning with lending, stablecoin, and yield markets such as Morpho.
To date, we have designed and developed multiple DeFi protocols and on-chain products, including InsureDAO, Orange Finance, Berancia, and Saisen, reflecting our commitment to expanding practical and accessible DeFi use cases.
We’re excited to announce a strategic partnership between Steakhouse Financial and PAO TECH Labs to introduce the first JPYC lending markets and a curator-led vault on Morpho.
Starting with JPYC / USDC, WBTC, and WETH market, the partnership is designed to support future expansion into additional JPYC-based markets, including pairings with other prime crypto assets over time.
Together, the teams will expand access to high-quality, risk-managed markets while establishing JPYC as a dependable asset within Morpho’s rapidly growing lending infrastructure.
The JPYC markets on Morpho are launched as a joint initiative, with each team contributing complementary expertise under clearly defined responsibilities.
Steakhouse Financial leads the risk framework and ongoing market oversight, including parameter configuration, oracle considerations, and continuous monitoring as liquidity and usage evolve.
PAO TECH Labs leads ecosystem expansion and market adoption, focusing on Japan-facing outreach, partner coordination, and expanding JPYC integrations across the broader DeFi ecosystem.
At the same time, market risk design is informed through active collaboration between both teams. PAO TECH Labs contributes JPYC-specific domain knowledge — including liquidity characteristics, redemption dynamics, and regional usage patterns — which is incorporated into Steakhouse Financial’s risk framework and parameter decisions.
The introduction of JPYC lending markets on Morpho marks a meaningful step toward making DeFi more currency-diverse and globally representative.
Today, most decentralized credit markets are USD-centric. JPYC brings a new dimension by enabling:
Yen-denominated liquidity
Cross-currency lending flows
New market structure opportunities for vaults, FX strategies, and stablecoin diversification
The partnership also reflects a shared commitment to safety-first market design. Early markets will launch with conservative parameters, gradually scaling as JPYC liquidity deepens and oracle infrastructure matures. Both teams will monitor market performance and refine configurations as needed.
Two fully isolated markets will be deployed:
JPYC → USDC borrowing
USDC → JPYC borrowing
WBTC → JPYC borrowing
WETH → JPYC borrowing
Each direction is independently risk-managed, aligned with Morpho’s minimal and modular market architecture.
Steakhouse Financial leads the design of risk parameters, while PAO TECH Labs contributes JPYC-specific assumptions and ecosystem context, ensuring safe behavior during the initial launch phase.
Steakhouse Financial and PAO TECH Labs will co-design a curated vault that aggregates liquidity into the JPYC markets on Morpho.
The vault is designed to:
simplify participation for lenders,
support consistent liquidity across JPYC markets, and
provide a structured, passive entry point for users seeking exposure without active position management.
This vault reflects the co-launch approach: combining Steakhouse’s market and risk expertise with PAO TECH Labs’ ecosystem and adoption strategy.
As JPYC liquidity and usage grow, both teams will continue to collaborate on market stewardship, including:
updating market caps and LTV settings,
refining oracle configurations,
exploring additional markets.
While Steakhouse Financial leads ongoing risk management, PAO TECH Labs remains closely involved to ensure that risk assumptions remain aligned with JPYC’s real-world liquidity, redemption dynamics, and ecosystem adoption.
The partnership is designed to be iterative and long-term, scaling JPYC’s role as a yen-based asset across Morpho and the broader DeFi ecosystem over time.
Building on the initial JPYC / USDC, WBTC, and WETH markets, the partnership is exploring the possibility of additional JPYC-based markets paired with other prime crypto assets, such as wstETH / JPYC, as a potential next phase.
This potential expansion would allow JPYC to be used against more crypto-native collateral types, further extending its role within on-chain lending and liquidity markets.
JPYC's introduction on Morpho is an important step in building robust onchain FX markets and expand repo access to one of the world's most important reserve currencies. We're pleased to collaborate with PAO TECH Labs to help bring our market-leading framework for DeFi lending to yen-based repo markets onchain
— Steakhouse Financial
Steakhouse Financial is a leading curator in decentralized finance, working with institutions, asset issuers, and protocols to design and steward on-chain market structures. Their work spans asset onboarding, parameter design, risk and incentive alignment, and liquidity strategy, helping emerging financial primitives grow safely and sustainably across multiple ecosystems. Steakhouse brings a multidisciplinary approach that supports the development of robust, transparent, and scalable on-chain markets.
We are pioneering open and transparent finance, aspiring to build with institutional-grade DeFi tools to raise, manage and distribute the capital they need to make a difference.
PAO TECH Labs is a curator and development team focused on integrating JPYC into the global DeFi ecosystem. We specialize in identifying, designing, and supporting high-quality markets where JPYC can deliver meaningful utility and sustainable liquidity—beginning with lending, stablecoin, and yield markets such as Morpho.
To date, we have designed and developed multiple DeFi protocols and on-chain products, including InsureDAO, Orange Finance, Berancia, and Saisen, reflecting our commitment to expanding practical and accessible DeFi use cases.
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