Gauntlet USDT Prime on Ethereum
A Morpho vault on Ethereum that lends out USDT deposits, curated by Gauntlet. Depositors earn 2.88% a year right now after a 5% performance fee.
Data from Morpho's API · updated
Net APY
2.88%
after fees, paid to depositors
30-day APY
3.71%
7-day 4.01%, from the share price
Deposits
$2.50M
2.51M USDT
Withdrawable now
$2.50M
100% of deposits
Performance fee
5%
of the interest earned
Depositors
871
largest holds 41.2%
Gauntlet USDT Prime 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 |
|---|---|---|
| sUSDS / USDTLLTV 96.5% | $1.29M | 48.8% |
| wstETH / USDTLLTV 86% | $899K | 34.0% |
| WBTC / USDTLLTV 86% | $249K | 9.4% |
| cbBTC / USDTLLTV 86% | $194K | 7.3% |
| cbBTC / USDTLLTV 86% | $3.6K | 0.1% |
| wstETH / USDTLLTV 86% | $3.2K | 0.1% |
| WBTC / USDTLLTV 86% | $1.6K | 0.1% |
| sUSDS / USDTLLTV 96.5% | $1.00 | <0.01% |
| Idle cashnot lent out | $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
| WBTC | 34.4% |
|---|---|
| wstETH | 25.9% |
| cbBTC | 25.7% |
| sUSDS | 14.0% |
Returns over time
Net APY actually earned over each period, from the share price: after fees, without token rewards
| Last day | 2.84% |
|---|---|
| Last 7 days | 4.01% |
| Last 30 days | 3.71% |
| Last 90 days | 3.29% |
| Last year | 3.13% |
Who controls this vault
| Curator | Gauntlet |
|---|---|
| Owner | 0xC684…fAec4-of-7 multisig |
| Guardian | 0x7084…84cD |
| Timelock | 7 dayswait before risky changes take effect |
| Allocators | 2addresses that move money between markets |
| Pending changes | 1RemoveMarket from April 8, 2026 |
| Created | March 22, 2024 |
Timelocks give depositors time to leave before a change they dislike takes effect. Morpho risks explained.
Details
| Deposit asset | USDTprice $0.9990 |
|---|---|
| Vault version | MetaMorpho (V1) |
| APY before fees | 3.03% |
| Public allocator | Onborrowers can pull liquidity between this vault's markets |
| Vault contract | 0x8CB3…aa73 |
| USDT token | 0xdAC1…1ec7 |
| Network | Ethereum |
The curator's description: "The USDT Prime vault will list highly liquid, large-cap collateral markets and continuously optimize for risk-adjusted yield across collateral markets."
Largest depositors
871 addresses hold shares in this vault
| Address | Deposit | Share of vault |
|---|---|---|
| 0xB8CA…1616 | $1.03M | 41.2% |
| 0xd972…7275 | $638K | 25.5% |
| 0x8063…a5A6 | $302K | 12.1% |
| 0x795C…F8dC | $88.1K | 3.5% |
| 0x9343…dDd8 | $57.8K | 2.3% |
| 0xD6bf…935B | $54.0K | 2.2% |
| 0x7862…b509 | $52.6K | 2.1% |
| 0x66d8…1a0D | $50.6K | 2.0% |
| 0x6006…34e5 | $40.9K | 1.6% |
| 0x33c4…aee0 | $33.7K | 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 USDT Prime
Gauntlet USDT Prime is a MetaMorpho vault (Morpho V1) on Ethereum, created on March 22, 2024. It takes USDT 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 $2.50M (2.51M USDT) from 871 depositors and pays a net APY of 2.88% after its 5% performance fee. Over the last 30 days depositors actually earned 3.71% a year, and 3.13% over the last year.
Its largest position is sUSDS / USDT at 49% of its deposits, followed by wstETH / USDT (34%) and WBTC / USDT (9%). Counting every market, its loans are backed mainly by WBTC (34%), wstETH (26%) and cbBTC (26%). 100% of deposits could be withdrawn right now.
Adding a market or raising how much can go into one waits behind a timelock of 7 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 Prime: quick answers
What is the APY of Gauntlet USDT Prime on Ethereum?
Gauntlet USDT Prime pays 2.88% net APY right now, after its fees. Measured from the growth of its share price, it paid 3.71% over the last 30 days. The rate changes every day with what its borrowers pay.
What does Gauntlet USDT Prime lend against?
It lends USDT through 8 Morpho markets. The biggest is sUSDS / USDT with 49% of its deposits. Overall its loans are backed mainly by WBTC (34%), wstETH (26%) and cbBTC (26%).
Can I withdraw from Gauntlet USDT Prime right now?
Yes: all of its $2.50M in deposits could be withdrawn immediately, because the markets it lends to have enough unborrowed USDT left. That can change quickly when borrowing picks up.
Who runs Gauntlet USDT Prime and what does it charge?
Gauntlet curates it. It keeps 5% of the interest earned as a performance fee. The net APY shown is after these fees.
What are the risks of Gauntlet USDT Prime?
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 7 days. This is not advice.
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