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Hare
Hare is an onchain credit and yield platform that develops and manages vault products involving stablecoins, tokenized gold, and other real-world assets. Developed with support from GSR and Turtle, its offerings include Hare USD Earn and Hare Gold Earn, which use Aave infrastructure and, for the gold product, a partnership with Paxos Labs. [4]
Overview
Hare is an onchain credit and yield platform backed by GSR and Turtle that focuses on underwriting, structuring, and managing risks associated with real-world assets (RWAs) and decentralized finance (DeFi). Led by CEO Connor Milner, the company aims to address gaps in existing onchain lending products by evaluating offchain credit and counterparty risks alongside smart-contract, oracle, and market risks. Its approach includes stress-testing vaults under liquidity pressure and communicating potential withdrawal delays and other risks to investors. GSR supports credit analysis and product structuring, while Turtle provides distribution tools to connect the products with investors.
Hare launched with two yield products: Hare USD Earn, which accepts major dollar-denominated stablecoins in a single vault powered by Aave, and Hare Gold Earn, which combines PAX Gold (PAXG) and PAX Gold Yield (PAXGy) to provide onchain yield to gold holders in partnership with Paxos Labs. The company has said its offerings are designed to accommodate large allocations and that USD Earn will also offer fixed-rate yield, although it has not detailed the mechanism for generating that rate. Hare Gold Earn was announced with no fees for holders at launch. Hare's longer-term objective is to expand onchain credit and asset financing, potentially supporting broader capital formation and primary securities issuance on blockchain networks. [1]
Features
Stablecoin Vault
Hare USD Earn is a stablecoin yield product developed by Hare and powered by Aave, designed to accept major US dollar stablecoins through a single vault. The product is intended to accommodate larger deposits while limiting yield compression as total deposits increase. Hare also plans to offer both variable-yield and fixed-rate options, but has not disclosed target returns, supported stablecoins, allocation rules, or the terms governing the fixed rate. Details regarding vault shares, asset accounting, and withdrawal procedures have also not been provided. These specifications will be necessary for users to assess the product’s risks, liquidity, and performance relative to depositing stablecoins directly into Aave. [3]
Tokenized Gold Vault
Hare Gold Earn is a tokenized gold yield product developed by Hare and created in partnership with Paxos Labs. The vault is designed to combine PAX Gold (PAXG) and PAX Gold Yield (PAXGy), allowing holders of these tokens to earn yield onchain. Hare announced that the product would have no fees at launch, but has not disclosed a target return, the source of yield, collateral parameters, or how the two assets will be managed within the vault. The product extends Hare’s vault model beyond stablecoins, with Hare structuring the product, Turtle supporting distribution to allocators, Aave providing the vault infrastructure, and Paxos Labs contributing to the gold-related offering. [5]
Funding
On October 7, 2026, cryptocurrency market maker GSR announced a $100 million capital commitment to Hare, its onchain vault-curation business developed with Turtle. The commitment spans multiple years and is expected to primarily take the form of a credit facility providing initial liquidity, with GSR’s capital held alongside deposits from external investors. The funding supports Hare’s initial Aave-powered products, Hare USD Earn, which accepts major dollar-denominated stablecoins, and Hare Gold Earn, which combines PAX Gold (PAXG) and PAX Gold Yield (PAXGy) in partnership with Paxos Labs. [3]
Partnerships
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