Summary
Robinhood Earn lets users buy USDG (a dollar-backed stablecoin) on Robinhood Crypto, then lend it onchain via a self-custody wallet through Morpho's decentralized lending protocol. The estimated APY is ~7%. The vault is curated by Steakhouse Financial with three initial collateral markets: spUSDG (Spark/Sky Ecosystem), USDe (Ethena), and SyrupUSDG (Maple Finance). Private keys are stored in a Trusted Execution Environment operated by Privy — Robinhood cannot access them.
Key Points
- USDG: dollar-backed stablecoin, redeemable 1:1, issued by a regulated entity (not Robinhood)
- Vault curated by Steakhouse Financial — sets risk parameters, collateral types, lending allocations
- Three initial collateral markets: spUSDG (Spark/Sky), USDe (Ethena's digital dollar), SyrupUSDG (Maple Finance)
- Self-custody wallet via Privy TEE — Robinhood cannot access private keys
- No lockup period — withdrawals depend on vault liquidity
- Insurance: Lloyd's of London + Relm covers certain technical failures/exploits (not lending losses)
- Not available in New York or Texas
- Not FDIC-insured, not a bank account — smart contract, protocol, and stablecoin depeg risks apply
- Users can export private keys (wallet becomes read-only on Robinhood)
- Morpho is a decentralized, non-custodial protocol — interest rates adjust algorithmically with supply/demand