The company is allocating its capital towards stablecoin and tokenized gold vaults as the institutional finance sector increasingly transitions to onchain systems.
By Krisztian Sandor|Edited by Stephen AlpherOct 7, 2026, 8:34 a.m. EDT2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on GSR logo (Danny Nelson/CoinDesk)SummaryShow- GSR, a cryptocurrency trading firm, is investing $100 million primarily through a credit facility into Hare, a new venture focused on creating and managing onchain vaults in collaboration with the liquidity platform Turtle.
- The initial offerings from Hare will include Aave-powered vaults that enable investors to earn yields on prominent dollar stablecoins and Paxos’ tokenized gold assets, with GSR acting as the primary liquidity provider.
- This initiative reflects increasing interest from institutional investors in vaults that leverage digital and tokenized assets across lending markets and other yield-generating avenues.
GSR, a prominent player in crypto trading and market making, is committing $100 million to a new venture that aims to capitalize on the growing significance of vaults in the investment strategies of institutional players.
The initiative, named Hare, is being developed alongside the liquidity distribution platform Turtle and will focus on the establishment and management of onchain vaults. GSR's financial commitment will largely take the form of a credit facility, providing initial liquidity for Hare's products before attracting external investors.
This strategy comes as vaults are emerging as a crucial component of onchain finance. In this model, investors deposit their assets into a smart contract, while a designated manager determines how to allocate that capital across various lending markets and other financial strategies. This approach effectively transforms assets sitting idle in wallets into collateral or yield-generating resources.
The relevance of this model is increasing as tokenization continues to permeate traditional finance. An increasing number of funds, commodities, and other asset types are being integrated into blockchain systems, generating demand for infrastructure that can actively utilize these assets rather than merely holding or trading them. As of July, there were approximately $8.6 billion in assets across 788 curated vaults, serving 1.4 million users, according to data from Vaults.fyi.
"GSR's commitment represents deployment capital," stated Hare CEO Connor Milner in an interview with CoinDesk. "Issuers gain liquidity from the outset, and investors can observe GSR's own capital in the same vaults as theirs."
Hare will kick off with two products utilizing the Aave lending protocol. Hare USD Earn will accommodate major dollar stablecoins within a single vault, while Hare Gold Earn will provide returns for holders of Paxos' tokenized gold assets, PAXG and PAXGy. Paxos Labs is collaborating on this gold-focused product.
The model is attracting interest from additional institutional players. Recently, crypto lender Two Prime launched a bitcoin lending vault supported by Pareto, backed by $10 million. In another development, Galaxy Digital has introduced Galaxy Curator, a vault platform based on Morpho that grants access to onchain yield strategies to Fireblocks' 2,400 institutional clients.
Hare intends to concentrate on the credit aspect of this framework, evaluating collateral, counterparties, and the behavior of positions in times of market stress.
Milner previously held the position of senior director at Re7 Capital, a DeFi hedge fund based in London.
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The Definitive Stablecoin Landscape Series: Asia Pacific
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As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
By CoinDesk ResearchSep 15, 2026Commissioned byRippleAs stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
Why it matters:
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
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