GSR launches Hare with stablecoin and tokenized-gold vaults planned

GSR has launched Hare, a business that will assess and structure onchain investment products, with two initial vaults planned for dollar stablecoins and tokenized gold. Hare's October 7 announcement names Turtle as its distribution partner and says both vaults are coming soon.

The planned products are Hare USD Earn and Hare Gold Earn. Both are described as powered by Aave; the gold vault will bring together Paxos' PAXG and PAXGy in partnership with Paxos Labs. Opening dates and subscription terms have not been announced.

The arrangement separates product design from the work of reaching investors. Hare assesses and structures the offerings, while Turtle supplies distribution tools and connects the vaults with allocators. GSR contributes trading and liquidity experience. The announcement also names Chainlink and Hypernative as supporters without assigning either a detailed operating role.

USD Earn is intended to accept major dollar stablecoins through one vault and support larger allocations. Hare says it is designing the product to limit the compression of returns as deposits increase and plans a fixed-rate option. It has not published a supported-token list, a target return or the terms of that fixed rate.

For Gold Earn, Hare says holders will pay no fees at launch. That statement does not establish the later fee schedule or explain the source of the return. The vault announcement also leaves chain, contract addresses and withdrawal terms for a subsequent release.

In a GSR interview published October 7, Hare chief executive Connor Milner describes a need to examine the underlying credit and counterparty risks of assets brought into DeFi, alongside smart-contract and oracle risks. He says stress testing should show investors how quickly different portions of a position could be redeemed during a rush for liquidity.

That is an operating objective rather than a guarantee of immediate withdrawals. The next material milestone is the publication of subscription terms and opening dates, which will let allocators compare the announced structure with the actual products.