$129M+ in cUSDT has already been cumulatively shielded on Zama; putting cUSDC into Steakhouse Prime moves private stablecoin balances from storage into productive credit. The credit leg stays familiar: Morpho Blue markets against cbBTC, WBTC, and wstETH, curated by Steakhouse, with confidentiality added at the deposit layer. Metadata and issuer control are the weak spots; Zama’s recent court-driven USDC freeze showed the wrapper still inherits Circle’s blacklist surface, and a thin June 23 privacy set could let timing/size flows dox the whales anyway.

Top comment by @Benthic