Crypto market maker GSR launched Hare, a vault-curation business built with Turtle, on Oct. 7, committing $100 million of its own capital to products that will start with stablecoins and tokenized gold.
GSR’s money is intended to sit alongside outside investors’ deposits. Hare CEO Connor Milner told CoinDesk that “allocators see GSR’s own capital in the same vaults as theirs.” CoinDesk reported that the commitment spans multiple years and will mostly take the form of a credit facility providing initial liquidity.
The business launch precedes the opening of its products. “Our first two vaults are coming soon,” Hare said, with opening dates and subscription terms to follow. The amount of GSR capital already deployed was not disclosed in the launch materials.
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Hare USD Earn will use Aave and accept major dollar stablecoins in a single vault. Hare says it is designing the product for large allocations and will also offer fixed-rate yield, though it has not detailed how that rate will be generated.
Hare Gold Earn, also powered by Aave, will combine $PAXG and PAXGy to offer gold holders onchain yield, in partnership with Paxos Labs. The partners say holders will pay no fees at launch.
Hare’s role is to assess and structure the products, while Turtle supplies distribution tools to connect the vaults with investors. The launch materials do not identify deployment chains, vault contract addresses or detailed eligibility rules for depositors and borrowers.
The venture enters an established market for managed onchain lending. Digital-asset lending vault deposits reached approximately $10 billion in September 2026, up from $1.5 billion in September 2024, according to S&P Global Ratings. As The Defiant reported, S&P has introduced a framework assessing risks including the curator and mismatches between assets’ liquidity and investors’ ability to withdraw.
In a GSR-published interview, Milner said Hare would assess underlying offchain credit risks as well as smart-contract and market risks, and stress-test how quickly investors could get their money back during a rush to redeem.
“That’s really important because saying these products are riskless would be a lie,” he said.
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