Gauntlet USDC RWA on Ethereum
A Morpho vault on Ethereum that lends out USDC deposits, curated by Gauntlet. Depositors earn 5.43% a year right now after a 0% performance fee.
Data from Morpho's API · updated
Net APY
5.43%
after fees, paid to depositors
30-day APY
5.19%
7-day 5.77%, from the share price
Deposits
$6.71M
6.72M USDC
Withdrawable now
$1.76M
26% of deposits
Performance fee
0%
of the interest earned
Depositors
175
largest holds 77.2%
Gauntlet USDC RWA APY history
Net APY earned each day, from the vault's share price: after fees, without token rewards
| Day | Deposits | Net APY |
|---|
Deposits over time
Where the money goes
The markets this vault lends to right now, largest first
| Market | Lent | Share |
|---|---|---|
| PRIME / USDCLLTV 86% | $2.89M | 42.4% |
| AA_FalconXUSDC / USDCLLTV 77% | $2.70M | 39.7% |
| reUSD / USDCLLTV 91.5% | $987K | 14.5% |
| cbBTC / USDCLLTV 86% | $234K | 3.4% |
| SPYon / USDCLLTV 62.5% · under $1,000, not tracked here | $363 | <0.01% |
| QQQon / USDCLLTV 62.5% · under $1,000, not tracked here | $1.00 | <0.01% |
| Idle cashnot lent out | $0 | 0.0% |
| USCC / USDCLLTV 91.5% · under $1,000, not tracked here | $0 | 0.0% |
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 | 52.3% |
|---|---|
| PRIME | 35.5% |
| reUSD | 12.0% |
| cbBTC | 0.2% |
Returns over time
Net APY actually earned over each period, from the share price: after fees, without token rewards
| Last day | 5.66% |
|---|---|
| Last 7 days | 5.77% |
| Last 30 days | 5.19% |
| Last 90 days | 5.27% |
| Last year | 5.74% |
Who controls this vault
| Curator | Gauntlet |
|---|---|
| Owner | 0xC684…fAec4-of-7 multisig |
| Guardian | 0x7084…84cD |
| Timelock | 3 dayswait before risky changes take effect |
| Allocators | 2addresses that move money between markets |
| Pending changes | 1SetCap from March 27, 2026 |
| Created | January 27, 2025 |
Timelocks give depositors time to leave before a change they dislike takes effect. Morpho risks explained.
Details
| Deposit asset | USDCprice $0.9997 |
|---|---|
| Vault version | MetaMorpho (V1) |
| APY before fees | 5.43% |
| Public allocator | Onborrowers can pull liquidity between this vault's markets |
| Vault contract | 0xA887…6C45 |
| USDC token | 0xA0b8…eB48 |
| Network | Ethereum |
The curator's description: "The Gauntlet USDC RWA Vault is designed to optimize risk-adjusted returns by lending USDC to Real World Asset collateral markets, including private credit and tokenized equities, ensuring robust risk management and sustainable yield strategies."
Largest depositors
175 addresses hold shares in this vault
| Address | Deposit | Share of vault |
|---|---|---|
| 0xee0F…9ee4 | $5.18M | 77.2% |
| 0xe146…3A85 | $309K | 4.6% |
| 0x08d4…0040 | $305K | 4.5% |
| 0x236c…6111 | $201K | 3.0% |
| 0x47F6…A706 | $197K | 2.9% |
| 0x650f…7b00 | $174K | 2.6% |
| 0xAFb0…78af | $102K | 1.5% |
| 0x0E01…E8dB | $58.1K | 0.9% |
| 0x1717…9f2a | $51.2K | 0.8% |
| 0xCaEB…51C4 | $50.0K | 0.7% |
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 RWA
Gauntlet USDC RWA is a MetaMorpho vault (Morpho V1) on Ethereum, created on January 27, 2025. It takes USDC deposits and lends them to borrowers in 6 Morpho markets. The curator, Gauntlet, decides which markets it may use and how much can go into each.
It holds $6.71M (6.72M USDC) from 175 depositors and pays a net APY of 5.43% after its 0% performance fee. Over the last 30 days depositors actually earned 5.19% a year, and 5.74% over the last year.
Its largest position is PRIME / USDC at 42% of its deposits, followed by AA_FalconXUSDC / USDC (40%) and reUSD / USDC (14%). Counting every market, its loans are backed mainly by AA_FalconXUSDC (52%), PRIME (35%) and reUSD (12%). 26% of deposits could be withdrawn right now.
Adding a market or raising how much can go into one waits behind a timelock of 3 days, 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 RWA: quick answers
What is the APY of Gauntlet USDC RWA on Ethereum?
Gauntlet USDC RWA pays 5.43% net APY right now, after its fees. Measured from the growth of its share price, it paid 5.19% over the last 30 days. The rate changes every day with what its borrowers pay.
What does Gauntlet USDC RWA lend against?
It lends USDC through 6 Morpho markets. The biggest is PRIME / USDC with 42% of its deposits. Overall its loans are backed mainly by AA_FalconXUSDC (52%), PRIME (35%) and reUSD (12%).
Can I withdraw from Gauntlet USDC RWA right now?
About $1.76M of its $6.71M in deposits (26%) 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 RWA 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 RWA?
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. Adding a market or raising a cap waits behind a timelock of 3 days. This is not advice.
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