Rebank: Fintech Analysis Vault Curation and On-Chain Asset Management with Steakhouse Financial
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Feb 3, 2026 
Sébastien Derivaux, DeFi-native who launched MakerDAO’s first decentralized Core Unit, and Adrian Vasiljevic, ex-Goldman/Bain internet-native asset manager, discuss vault curation and non-custodial on-chain investment products for stablecoins. They talk about cryptographic guarantees and guardian vetoes. They explain Coinbase integration, vaults as institutional-grade alternatives to traditional structures, and scaling vaults for a stablecoin economy.
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From ALM To Unconstrained Vaults
- Steakhouse manages ~ $4bn across mandates including AM and ALM for Sky.
- Roughly half is asset-liability management while the vault side is unconstrained product innovation.
Coinbase Integration Example
- Coinbase users can deposit USDC into a Steakhouse vault inside the Coinbase app while remaining non-custodial.
- The vault uses deposits to lend against high-quality crypto collateral and includes a seven-day guardian veto on onboarding new collateral.
Vaults Versus Traditional ETFs
- Non-custodial cryptographic guarantees are a primary value proposition competing with ETFs.
- Vaults offer superior transparency and enforceable rules which can scale faster than traditional products.