The Zama Protocol made confidential tokens possible on Ethereum. The natural next step is giving them utility. Starting June 23, Confidential $USDC holders gain access to Steakhouse Confidential USDC Prime, the first DeFi yield product built specifically for cUSDC, deployed on Morpho. What's notable here is that this isn't a new vault structure built from scratch, it's the same Steakhouse Prime v2 flagship vault, with unchanged parameters, credit strategy, and collateral basket of cbBTC, WBTC, and wstETH. The only variable that changes is the deposit asset itself. The architecture inherits Morpho's full security model and capital efficiency alongside Steakhouse's existing credit curation, meaning this isn't asking DeFi to rebuild around confidentiality, it's adding a confidential deposit surface onto infrastructure that already works. The institutional framing is the real story. Morpho's co-founder Merlin Egalite noted that institutions have consistently signaled demand for onchain confidentiality, and that Zama's layer lets them allocate into Morpho vaults without sacrificing operational privacy. Steakhouse's Sébastien Derivaux framed it similarly, emphasizing privacy where needed while keeping compliance and auditability intact. That last point, compliance and auditability remaining intact, is what separates this from pure privacy-coin thinking. This isn't about hiding from regulators, it's about hiding position size and strategy from competitors and front-runners while the underlying supply stays auditable. Morpho currently holds over $11 billion in deposits, and Steakhouse manages over $4.5 billion in TVL across vaults powering earn products at Coinbase, Bitget and others. Plugging confidential deposits into infrastructure already moving that much institutional capital is a meaningfully different distribution strategy than launching a standalone confidential DeFi product nobody trusts yet. $ZAMA #BTC Price Analysis# #Altcoin Season#