Global Trading Firm GSR Commits $100M to Launch Hare, Onchain Credit Vault Platform with Aave-Powered USD and Gold Vaults
GSR has committed a multi-year $100 million, mostly a credit facility, to launch Hare, an onchain credit vault platform built with Turtle. Hare launches with two Aave-powered vaults, Hare USD Earn and Hare Gold Earn, expected in Q4 2026, with initial client onboarding extending into Q1 2027.
London, October 7, 2026. Global trading firm GSR has committed $100 million to launch Hare, a new onchain credit vault platform designed to deliver institutional-grade credit infrastructure for decentralized finance. The initiative targets a $2.1–2.4 trillion institutional capital gap in onchain lending, positioning Hare as a bridge between traditional finance and decentralized credit markets as regulatory frameworks and custody infrastructure continue to develop.
Hare launches with two Aave-powered vault products: Hare USD Earn for stablecoins and Hare Gold Earn for Paxos' tokenized gold (PAXG and PAXGy). Paxos Labs is partnering on the gold product. The platform launch is expected in Q4 2026, with initial institutional client onboarding extending into Q1 2027.
The launch follows Morpho Protocol's September 2026 introduction of stock-backed loans on Base, which demonstrated production-grade viability of tokenized equity as collateral. Morpho currently holds $4.2–4.8 billion in total value locked, establishing a benchmark for institutional DeFi lending demand. Citigroup's planned bitcoin custody service launch in Q4 2026, backed by $2.3 trillion in assets under administration, reflects broader infrastructure buildout in the institutional digital asset space. BlackRock's active real-world asset initiatives signal demand from large asset managers for tokenized collateral products.
Vietnam's regulated cryptocurrency market framework, expected between Q4 2026 and Q2 2027, adds Southeast Asian regulatory tailwinds to an already active environment in Singapore and ongoing US framework development.
Hare is structured to meet fiduciary standards required by institutional clients. The platform will support multiple collateral types, beginning with tokenized equities and commodities, with real estate collateral integration planned pending regulatory approvals in 2027. The multi-year $100M commitment is mostly a credit facility. GSR's capital goes into Hare's vaults as anchor liquidity before outside investors join. Hare is built with the liquidity platform Turtle.
GSR has identified custody and compliance as the primary institutional adoption barriers in existing onchain credit markets. Hare's architecture addresses both through partnerships with established custody providers and a compliance framework designed to meet regulatory requirements across multiple jurisdictions.
The platform targets a $1 billion TVL milestone by Q3–Q4 2027, contingent on regulatory approvals for tokenized securities collateral treatment and continued institutional infrastructure buildout.
About GSR
GSR is a global cryptocurrency trading firm founded in 2013, providing liquidity, risk management, and structured products to institutional clients across digital asset markets. The firm operates across spot, derivatives, and structured product markets. GSR's commitment to Hare represents its first direct entry into onchain credit infrastructure.
About Hare
Hare is an onchain credit vault platform built with Turtle and powered by Aave, launching with Hare USD Earn for stablecoins and Hare Gold Earn for Paxos' tokenized gold (PAXG and PAXGy). Hare is backed by a multi-year $100M commitment from GSR, mostly a credit facility, and is targeting a Q4 2026 platform launch.
This press release contains forward-looking statements subject to risks including regulatory changes, market adoption uncertainty, competitive dynamics, and macroeconomic conditions. Actual results may differ materially from projections.
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