GSR Launches $100M Onchain Credit Vault Business
Crypto trading firm GSR is committing $100 million through Hare, a new onchain credit and vault business built alongside liquidity platform Turtle.
Crypto trading firm GSR is committing $100 million, primarily through a credit facility, to Hare, a new business creating and managing onchain vaults with the liquidity platform Turtle. According to CoinDesk, the venture reflects growing institutional demand for vaults that deploy digital and tokenized assets across lending markets and yield-generating strategies.
Hare will initially offer Aave-powered vaults that allow investors to earn yield on major dollar stablecoins and Paxos’ tokenized gold products, with GSR providing anchor liquidity. GSR's multi-year commitment will act as deployment capital, ensuring issuers get liquidity from day one and allocators see the firm's own capital in the vaults.
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Expanding Onchain Vault Infrastructure
As tokenization spreads across traditional finance, more funds, commodities, and other assets are moving onto blockchain rails. This creates demand for infrastructure that can put those assets to work rather than simply hold or trade them. Data from Vaults.fyi shows that as of July, there were $8.6 billion in assets across 788 curated vaults, reaching 1.4 million users.
Hare plans to focus on the credit side of that equation, assessing collateral, counterparties, and how positions might behave when markets come under stress. Hare CEO Connor Milner previously served as a senior director at London-based DeFi hedge fund Re7 Capital.
Industry Adoption and Products
The model is drawing increased interest from other institutional firms. Crypto lender Two Prime recently introduced a bitcoin lending vault built on Pareto with $10 million of backing, while Galaxy Digital rolled out Galaxy Curator, a Morpho-based vault platform giving Fireblocks clients access to onchain yield strategies.
Hare's initial lineup includes Hare USD Earn for major dollar stablecoins and Hare Gold Earn for holders of Paxos tokenized gold products PAXG and PAXGy, in partnership with Paxos Labs.
Key facts
- GSR is committing $100 million, mostly through a credit facility, to new vault business Hare.
- Hare is built alongside liquidity distribution platform Turtle.
- Initial products include Aave-powered Hare USD Earn and Hare Gold Earn for Paxos tokenized gold.
- Vaults.fyi data shows $8.6 billion in assets across 788 curated vaults as of July.
Source: coindesk.com
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