Crypto trading giant GSR's new vault business is a $100M bet on onchain credit
Crypto market-maker GSR has launched a new onchain credit business named Hare, backed by a $100 million capital commitment to serve as anchor liquidity for institutional vaults. Developed alongside the liquidity platform Turtle, Hare aims to optimize the utility of tokenized assets by deploying capital into lending markets and yield-generating strategies. The initiative addresses the growing demand for infrastructure that moves beyond simple asset holding, allowing investors to put digital and tokenized assets to work. Hare will initially launch two products powered by the Aave lending protocol: Hare USD Earn for stablecoins and Hare Gold Earn for Paxos-issued tokenized gold. By providing initial capital, GSR seeks to lower the barrier for institutional allocators to enter these vaults. This move reflects a broader industry trend where firms like Galaxy Digital are also building curator platforms to facilitate onchain yield. As of July, the vault ecosystem tracked $8.6 billion in assets across 788 curated products, signaling significant market maturation. This development highlights the shift toward sophisticated credit management within the RWA sector, focusing on collateral assessment and counterparty risk.