Gauntlet USDT Frontier V2 on Ethereum
A Morpho V2 vault on Ethereum that lends out USDT deposits, curated by Gauntlet. Depositors earn 3.50% a year right now after a 0% performance fee.
Data from Morpho's API · updated
Net APY
3.50%
after fees, paid to depositors
30-day APY
4.61%
7-day 4.91%, from the share price
Deposits
$1.09M
1.09M USDT
Withdrawable now
$309K
28% of deposits
Performance fee
0%
of the interest earned
Depositors
71
largest holds 56.6%
Gauntlet USDT Frontier V2 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 |
|---|---|---|
| WBTC / USDTLLTV 86% | $589K | 44.6% |
| wstETH / USDTLLTV 86% | $567K | 42.9% |
| weETH / USDTLLTV 86% | $109K | 8.3% |
| PT-sUSDS-26NOV2026 / USDTLLTV 91.5% | $56.0K | 4.2% |
| wsrUSD / USDTLLTV 94.5% · under $1,000, not tracked here | $2.00 | <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
| PT-sUSDS-26NOV2026 | 66.0% |
|---|---|
| wstETH | 28.2% |
| WBTC | 4.0% |
| sUSDS | 0.7% |
| WETH | 0.6% |
| syrupUSDT | 0.4% |
Returns over time
Net APY actually earned over each period, from the share price: after fees, without token rewards
| Last day | 4.04% |
|---|---|
| Last 7 days | 4.91% |
| Last 30 days | 4.61% |
| Last 90 days | 4.19% |
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 | November 28, 2025 |
Timelocks give depositors time to leave before a change they dislike takes effect. Morpho risks explained.
Details
| Deposit asset | USDTprice $0.9990 |
|---|---|
| Vault version | Morpho Vault V2 |
| APY before fees | 3.50% |
| Vault contract | 0xE571…35D3 |
| USDT token | 0xdAC1…1ec7 |
| Network | Ethereum |
The curator's description: "The Gauntlet USDT 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
71 addresses hold shares in this vault
| Address | Deposit | Share of vault |
|---|---|---|
| 0x2703…87F4 | $619K | 56.6% |
| 0x236c…6111 | $152K | 13.9% |
| 0xc060…64C1 | $144K | 13.2% |
| 0x8328…A7A0 | $100K | 9.2% |
| 0x07cB…1DbB | $51.5K | 4.7% |
| 0x2068…36Ef | $43.9K | 4.0% |
| 0x66b6…66aD | $30.9K | 2.8% |
| 0xFFd7…6a1b | $30.0K | 2.7% |
| 0x7B7f…5c0A | $28.1K | 2.6% |
| 0x708d…89bC | $25.9K | 2.4% |
When a few addresses hold most of a vault, one large withdrawal can use up the liquidity that is free right now.
About Gauntlet USDT Frontier V2
Gauntlet USDT Frontier V2 is a Morpho V2 vault on Ethereum, created on November 28, 2025. It takes USDT deposits and lends them to borrowers in 5 Morpho markets. The curator, Gauntlet, decides which markets it may use and how much can go into each.
It holds $1.09M (1.09M USDT) from 71 depositors and pays a net APY of 3.50% after its 0% performance fee. Over the last 30 days depositors actually earned 4.61% a year.
Its largest position is WBTC / USDT at 45% of its deposits, followed by wstETH / USDT (43%) and weETH / USDT (8%). Counting every market, its loans are backed mainly by PT-sUSDS-26NOV2026 (66%), wstETH (28%) and WBTC (4%). 28% 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 USDT Frontier V2: quick answers
What is the APY of Gauntlet USDT Frontier V2 on Ethereum?
Gauntlet USDT Frontier V2 pays 3.50% net APY right now, after its fees. Measured from the growth of its share price, it paid 4.61% over the last 30 days. The rate changes every day with what its borrowers pay.
What does Gauntlet USDT Frontier V2 lend against?
It lends USDT through 5 Morpho markets. The biggest is WBTC / USDT with 45% of its deposits. Overall its loans are backed mainly by PT-sUSDS-26NOV2026 (66%), wstETH (28%) and WBTC (4%).
Can I withdraw from Gauntlet USDT Frontier V2 right now?
About $309K of its $1.09M in deposits (28%) 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 USDT Frontier 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 USDT Frontier 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. Adding a market or raising a cap waits behind a timelock of 3 days. This is not advice.
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