Crypto market maker GSR committed $100 million of its own capital to Hare, a new Aave-powered vault curation business it launched Oct. 7 in partnership with distribution provider Turtle. The commitment spans multiple years and will largely take the form of a credit facility supplying initial liquidity.

Hare CEO Connor Milner told CoinDesk the structure is designed to put the market maker's balance sheet alongside outside investors. "Allocators see GSR's own capital in the same vaults as theirs," Milner said.

The first two vaults will target stablecoins and tokenized gold. Opening dates and subscription terms remain undisclosed.

What does the launch actually put onchain?

Hare's launch materials do not name the deployment chain, vault contract addresses, or detailed eligibility rules for depositors and borrowers. The company acts as curator, evaluating and structuring the products and managing risk, while Turtle provides the distribution tools that connect vaults to investors. GSR did not disclose how much of the $100 million is already deployed.

How will the first two vaults work?

• Hare USD Earn: Accepts major dollar stablecoins in a single Aave-powered vault, designed for large allocations. The product will also offer fixed-rate yield, though Hare has not explained how that rate will be generated.
• Hare Gold Earn: Combines PAXG and PAXGy to deliver onchain return on tokenized gold, built in partnership with Paxos Labs. The partners say holders will pay no fees at launch.

GSR's capital sits inside the same vaults as outside deposits, a deliberate alignment between the curator and its limited partners.

Why is vault curation attracting institutional capital now?

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. The agency introduced a framework this month that grades curated vaults on curator risk and on mismatches between underlying asset liquidity and the pace at which investors can redeem.

The growth has drawn risk assessors and, with them, sharper scrutiny of curator incentives. In a separate GSR-published interview, Milner framed honest underwriting as central to the new business.

"That's really important because saying these products are riskless would be a lie," Milner said.

Hare says it will assess offchain credit risks alongside smart-contract and market risks, and will stress-test how quickly investors could pull capital under stressed conditions.

What remains unanswered

GSR has not disclosed deployment chains, vault addresses, fee schedules, or the mechanics behind the fixed-rate yield promised for Hare USD Earn. The opening dates of the first two products, and the timing of outside capital commitments, are the next disclosures to watch. Those milestones will determine whether Hare's $100 million anchor translates into material onchain liquidity in Aave's markets, and whether the new business can win formal risk-grade recognition from assessors such as S&P.