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Crypto trading and market-making firm GSR is committing $100 million to Hare, a new onchain credit business designed to bring institutional capital into blockchain-based yield strategies.
Hare is being developed alongside liquidity distribution platform Turtle and will create and manage onchain vaults. GSR’s multi-year commitment will primarily operate as a credit facility, providing anchor liquidity to Hare’s products before capital from outside investors enters.
Onchain vaults allow investors to deposit digital assets into smart contracts, where managers or curators allocate the funds across lending markets and other strategies. The structure can transform idle crypto and tokenized assets into collateral or yield-generating investments.
Demand for this infrastructure is growing alongside real-world asset tokenization, as more funds, commodities and traditional financial assets move onto blockchain networks. According to Vaults.fyi data, curated vaults held $8.6 billion across 788 vaults as of July, reaching 1.4 million users.
“GSR's commitment is deployment capital,” Hare CEO Connor Milner told CoinDesk. “Issuers get liquidity from day one, and allocators see GSR's own capital in the same vaults as theirs.”
Hare will initially launch two products powered by decentralized lending protocol Aave. Hare USD Earn will support major U.S. dollar stablecoins through a single vault. Hare Gold Earn will allow investors holding Paxos tokenized gold products PAXG and PAXGy to generate yield, with Paxos Labs partnering on the offering.
Institutional interest in onchain vaults has also been increasing. Crypto lender Two Prime recently launched a Bitcoin lending vault on Pareto backed by $10 million. Galaxy Digital introduced Galaxy Curator, a Morpho-based vault platform offering Fireblocks’ 2,400 institutional clients access to onchain yield strategies.
Hare plans to differentiate itself by focusing on credit risk, including assessments of collateral, counterparties and how positions could perform during periods of market stress.
Milner previously worked as a senior director at London-based decentralized finance hedge fund Re7 Capital.
