Gauntlet USDC FrontierV2
A Morpho V2 vault on Ethereum that lends out USDC deposits, curated by Gauntlet. Depositors earn 6.39% a year right now after a 0% performance fee.
Data from Morpho's API · updated
Net APY
6.39%
after fees, paid to depositors
30-day APY
5.78%
7-day 6.13%
Deposits
$24.04M
24.04M USDC
Withdrawable now
$3.47M
14% of deposits
Performance fee
0%
of the interest earned
Depositors
217
largest holds 33.6%
Gauntlet USDC Frontier 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 |
|---|---|---|
| AA_FalconXUSDC / USDCLLTV 77% | $22.22M | 92.4% |
| PT-sUSDD-26NOV2026 / USDCLLTV 91.5% | $860K | 3.6% |
| LBTC / USDCLLTV 86% | $714K | 3.0% |
| PRIME / USDCLLTV 86% | $179K | 0.7% |
| weETH / USDCLLTV 86% | $56.7K | 0.2% |
| PT-sUSDD-27AUG2026 / USDCLLTV 91.5% | $4.3K | 0.0% |
| PT-USDG-28MAY2026 / USDCLLTV 94.5% | $1.3K | <0.01% |
| syrupUSDC / USDCLLTV 91.5% | $31.00 | <0.01% |
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
| AA_FalconXUSDC | 92.4% |
|---|---|
| PT-sUSDD-26NOV2026 | 3.6% |
| LBTC | 3.0% |
| PRIME | 0.7% |
| weETH | 0.2% |
| PT-sUSDD-27AUG2026 | 0.0% |
| PT-USDG-28MAY2026 | <0.01% |
| syrupUSDC | <0.01% |
| cbBTC | 0.0% |
| reUSD | 0.0% |
Returns over time
Net APY actually earned over each period, from the share price
| Last day | 5.81% |
|---|---|
| Last 7 days | 6.13% |
| Last 30 days | 5.78% |
| Since the vault started | 65.39% |
Who controls this vault
| Curator | Gauntlet |
|---|---|
| Owner | 0xC684…fAec4-of-7 multisig |
| Timelock to raise a cap | 3 dayswait before more can go into a market |
| Timelock to add an adapter | 3 dayswait before a new kind of investment |
| Timelock to raise fees | 1 day |
| Allocators | 2addresses that move money between markets |
| Sentinels | 2can pull money back or cut caps in an emergency |
| Created | October 1, 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 | 6.39% |
| Vault contract | 0x9a1D…6F3e |
| USDC token | 0xA0b8…eB48 |
| Network | Ethereum |
The curator's description: "The Gauntlet USDC Frontier Vault targets maximum yield by allocating to potentially higher volatility yield sources that may face liquidity risks in exchange for greater returns. The vaults risk strategy follows Gauntlets Frontier framework whereby we curate supply to aggressively target higher yields while managing security to provide an aggressive risk profile at competitive APYs."
Largest depositors
217 addresses hold shares in this vault
| Address | Deposit | Share of vault |
|---|---|---|
| 0x3bd9…bAD0 | $8.08M | 33.6% |
| 0x90D8…aaEd | $5.05M | 21.0% |
| 0x3347…72D6 | $2.30M | 9.6% |
| 0x41A9…F1DD | $1.26M | 5.2% |
| 0xdaB7…BCF3 | $1.01M | 4.2% |
| 0x9067…C5Aa | $517K | 2.2% |
| 0x0F99…62E7 | $495K | 2.1% |
| 0x6c9f…94B2 | $425K | 1.8% |
| 0xB757…a9b5 | $332K | 1.4% |
| 0xb6B9…1F9c | $309K | 1.3% |
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 Frontier
Gauntlet USDC Frontier is a Morpho V2 vault on Ethereum, created on October 1, 2025. It takes USDC deposits and lends them to borrowers in 8 Morpho markets. The curator, Gauntlet, decides which markets it may use and how much can go into each.
It holds $24.04M (24.04M USDC) from 217 depositors and pays a net APY of 6.39% after its 0% performance fee. Over the last 30 days depositors actually earned 5.78% a year.
Its largest position is AA_FalconXUSDC / USDC at 92% of what it lends, followed by PT-sUSDD-26NOV2026 / USDC (4%) and LBTC / USDC (3%). Counting every market, its loans are backed mainly by AA_FalconXUSDC (92%), PT-sUSDD-26NOV2026 (4%) and LBTC (3%). 14% 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 4-of-7 multisig wallet. Morpho's app shows no warnings for this vault.
Gauntlet USDC Frontier: quick answers
What is the APY of Gauntlet USDC Frontier on Ethereum?
Gauntlet USDC Frontier pays 6.39% net APY right now, after its fees. Measured from the growth of its share price, it paid 5.78% over the last 30 days. The rate changes every day with what its borrowers pay.
What does Gauntlet USDC Frontier lend against?
It lends USDC through 8 Morpho markets. The biggest is AA_FalconXUSDC / USDC with 92% of its lending. Overall its loans are backed mainly by AA_FalconXUSDC (92%), PT-sUSDD-26NOV2026 (4%) and LBTC (3%).
Can I withdraw from Gauntlet USDC Frontier right now?
About $3.47M of its $24.04M in deposits (14%) 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 Frontier 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 Frontier?
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
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