Gauntlet USDC PrimeV2
A Morpho V2 vault on Arbitrum that lends out USDC deposits, curated by Gauntlet. Depositors earn 1.98% a year right now after a 0% performance fee.
Data from Morpho's API · updated
Net APY
1.98%
after fees, paid to depositors
30-day APY
3.86%
7-day 2.86%
Deposits
$845K
844.76K USDC
Withdrawable now
$617K
73% of deposits
Performance fee
0%
of the interest earned
Depositors
84
largest holds 35.5%
Gauntlet USDC Prime APY history
Net APY earned each day, measured from the vault's share price
| Day | Deposits | Net APY |
|---|
Deposits over time
Where the money goes
The markets this vault lends to right now, largest first
| Market | Lent | Share |
|---|---|---|
| WBTC / USDCLLTV 86% | $617K | 73.1% |
| wstETH / USDCLLTV 86% | $227K | 26.9% |
The curator decides which markets the vault may use and how much it may put in each (the cap). Allocators then move money between those markets within the caps. How vaults work.
What the loans are backed by
Share of this vault's lending by the collateral borrowers put up
| WBTC | 73.1% |
|---|---|
| wstETH | 26.9% |
| WETH | 0.0% |
| sUSDS | 0.0% |
Returns over time
Net APY actually earned over each period, from the share price
| Last day | 2.01% |
|---|---|
| Last 7 days | 2.86% |
| Last 30 days | 3.86% |
| Since the vault started | 3.37% |
Who controls this vault
| Curator | Gauntlet |
|---|---|
| Owner | 0x5a4E…d4D03-of-7 multisig |
| Timelock to raise a cap | 3 dayswait before more can go into a market |
| Timelock to add an adapter | 7 dayswait before a new kind of investment |
| Timelock to raise fees | 3 days |
| Allocators | 2addresses that move money between markets |
| Sentinels | 2can pull money back or cut caps in an emergency |
| Created | December 24, 2025 |
Timelocks give depositors time to leave before a change they dislike takes effect. Morpho risks explained.
Details
| Deposit asset | USDCprice $0.9999 |
|---|---|
| Vault version | Morpho Vault V2 |
| APY before fees | 1.98% |
| Vault contract | 0x610D…AE78 |
| USDC token | 0xaf88…5831 |
| Network | Arbitrum |
The curator's description: "The Gauntlet USDC Prime vault aims to optimize for risk-adjusted yield by allocating across large market cap assets and high liquidity yield sources. The vaults risk strategy follows the Gauntlet Prime conservative framework whereby we curate supply to manage security and yield to provide a low risk profile at competitive APY"
Largest depositors
84 addresses hold shares in this vault
| Address | Deposit | Share of vault |
|---|---|---|
| 0x1C83…d718 | $300K | 35.5% |
| 0x0ade…B6bc | $226K | 26.8% |
| 0xefdB…E1AC | $98.7K | 11.7% |
| 0x3d90…AB5C | $53.8K | 6.4% |
| 0xf798…5a42 | $19.7K | 2.3% |
| 0x5816…BFfa | $18.0K | 2.1% |
| 0x074f…9F88 | $15.2K | 1.8% |
| 0xB6A2…8F50 | $15.0K | 1.8% |
| 0xBA4E…33F1 | $13.9K | 1.6% |
| 0x77f9…A741 | $13.1K | 1.5% |
When a few addresses hold most of a vault, one large withdrawal can use up the liquidity that is free right now.
About Gauntlet USDC Prime V2
Gauntlet USDC Prime V2 is a Morpho V2 vault on Arbitrum, created on December 24, 2025. It takes USDC deposits and lends them to borrowers in 2 Morpho markets. The curator, Gauntlet, decides which markets it may use and how much can go into each.
It holds $845K (844.76K USDC) from 84 depositors and pays a net APY of 1.98% after its 0% performance fee. Over the last 30 days depositors actually earned 3.86% a year.
Its largest position is WBTC / USDC at 73% of what it lends, followed by wstETH / USDC (27%). Counting every market, its loans are backed mainly by WBTC (73%) and wstETH (27%). 73% of deposits could be withdrawn right now.
Risky changes, such as adding a market, wait behind a 3-day timelock on raising caps, which gives depositors time to leave first. The owner is a 3-of-7 multisig wallet. Morpho's app shows no warnings for this vault.
Gauntlet USDC Prime V2: quick answers
What is the APY of Gauntlet USDC Prime V2 on Arbitrum?
Gauntlet USDC Prime V2 pays 1.98% net APY right now, after its fees. Measured from the growth of its share price, it paid 3.86% over the last 30 days. The rate changes every day with what its borrowers pay.
What does Gauntlet USDC Prime V2 lend against?
It lends USDC through 2 Morpho markets. The biggest is WBTC / USDC with 73% of its lending. Overall its loans are backed mainly by WBTC (73%) and wstETH (27%).
Can I withdraw from Gauntlet USDC Prime V2 right now?
About $617K of its $845K in deposits (73%) could be withdrawn immediately. The rest is lent out and frees up as borrowers repay or as higher rates bring in new lenders.
Who runs Gauntlet USDC Prime V2 and what does it charge?
Gauntlet curates it. It keeps 0% of the interest earned as a performance fee. The net APY shown is after these fees.
What are the risks of Gauntlet USDC Prime V2?
Like every Morpho vault, it can lose money if a borrower's collateral crashes faster than it can be liquidated, if a price oracle fails, or through a smart contract bug. Withdrawals can wait when its markets are fully borrowed. Changes to it wait behind a 3-day timelock on raising caps. This is not advice.
Other USDC vaults
The same deposit asset, other curators and networks