0x7e97…201E65

Gauntlet USDC Core

gtUSDCc

ArbitrumOn peg1

Curated by Gauntlet·Inception 2025-07-14·Guardian 0x7084bF4dB6c21e1834dD6482f6056a39A33584cD

Arbitrum

USDC

Open on Morpho

Net APY3.18%

-0.83%30d 4.01%

TVL$3.6M

-35.27%Capacity $5.4M

Utilization87%

Healthy

Risk score

Low

Market 25

·Loan demand 83

Complexity69Multiple moving parts

Liquidity33/100

Instant redemption available

Performance fee10%Above median

Plain English explanationWritten by vaults.xyz research · model card · last update 2026-05-12

What this vault actually does

The Gauntlet USDC Vault will list a selection of liquid collateral markets and allocate across them to optimize risk-adjusted yield. The Vaults risk strategy will follow the CORE framework where Gauntlet curates deposits to balance security and yield to provide a moderate risk profile and competitive APY for USDC suppliers

Yield decomposition

What you are actually getting paid for, expressed as a share of net APY.

Hover for source breakdownTotal · 3.18% gross APY

Curator performance fee−10.00%→3.18% net

Borrower lending demand

Structural

Interest paid by borrowers on Morpho Blue markets the vault supplies into.

2.70%84.9% of yield · 270 bps

Protocol incentives

Incentive

Estimated boost from Morpho-side rewards programs and curator rebates active on these markets.

0.48%15.1% of yield · 48 bps

What breaks this vault

The honest version. Every structural failure mode this vault is exposed to, ranked by severity. If you want to know whether to invest, start here.

Weighted LLTV across markets is 91.8%. Sharp collateral drawdowns can trigger cascading liquidations faster than vault parameters can be adjusted.

Cap-weighted utilization is 86.6%, leaving little idle buffer. Large same-day redemptions may queue behind active loan repayments.

Hidden exposure map

What this vault is actually exposed to — including dependencies that are not visible from the strategy name.

sUSDS

19%

StablecoinCollateral asset in vault allocations.

PT-USDai-18JUN2026

75%

Pendle PTCollateral asset in vault allocations.

wstETH

Liquid stakingCollateral asset in vault allocations.

syrupUSDC

StablecoinCollateral asset in vault allocations.

WBTC

Lending venueCollateral asset in vault allocations.

USDC

100%

StablecoinLoan asset supplied by the vault.

Reading this map. Direct exposures are the assets the vault holds or lends against. Indirect dependencies (Tab 3) include the protocols that mint those assets, the oracles pricing them, and the bridges that move them. An incident at any indirect dependency can damage the vault even when the direct collateral looks healthy.

Allocation breakdown

Every market the vault has supplied into, with current LTV, LLTV, oracle, and IRM. Idle balances are listed explicitly.

Markets5+ idle buffer

PT-USDai-18JUN2026 / USDC74.7%

sUSDS / USDC19.4%

WBTC / USDC5.9%

wstETH / USDC0.0%

syrupUSDC / USDC0.0%

idle / USDC0.0%

Market	Protocol	Allocation	LTV / LLTV	Utilization	Oracle	IRM
sUSDS / USDC	Morpho Blue	19.4%$696.44K	80% / 94.5%14.2 pts headroom	84%	0x52CC7c3b…	0x66F30587…
PT-USDai-18JUN2026 / USDC	Morpho Blue	74.7%$2.69M	78% / 91.5%13.7 pts headroom	88%	0x2252b291…	0x66F30587…
idle / USDC	Morpho Blue	0.0%$0	—	—	0x00000000…	0x00000000…
wstETH / USDC	Morpho Blue	0.0%$0	73% / 86.0%12.9 pts headroom	91%	0x8e02a9b9…	0x66F30587…
syrupUSDC / USDC	Morpho Blue	0.0%$0	78% / 91.5%13.7 pts headroom	30%	0x8f30fF3d…	0x66F30587…
WBTC / USDC	Morpho Blue	5.9%$211.98K	73% / 86.0%12.9 pts headroom	84%	0x88193FcB…	0x66F30587…

Stress scenarios

Modeled NAV impact under historical and hypothetical tail events. Each impact = − (shock magnitude) × (vault exposure) × (pass-through). Hover the calculator icon for the per-scenario formula.

Morpho Blue contract vulnerability

rare

computed

Tail-case: a vulnerability surfaces in Morpho Blue that affects the vault's largest single market (75% of TVL). Modeled at 50% loss on that exposure; full vault is not assumed at risk since markets are isolated.

−50% × 75% (largest market) × 100% pass-through

-37.4%

Recovery patch + governance

75% exposed

Curator misallocation

unlikely

computed

Curator routes into a market that develops bad debt or an oracle break. Worst single position is 74.7% of TVL; top-3 concentration is 100%. Modeled at 50% bad-debt recovery on the worst position.

−50% × 74.7% (worst market) × 100% pass-through

-37.4%

Recovery 30–90 days

75% exposed

USDC depeg

unlikely

computed

March 2023 SVB episode: USDC traded as low as $0.88 before banking exposure was clarified. Mark-to-market loss on 100% of vault TVL (the loan asset is USDC).

−12% × 100% exposed × 100% pass-through (loan-asset shock)

-12.0%

Recovery 7–14 days

100% exposed

Pendle PT dislocation

possible

computed

PT collateral can trade at unexpected discounts before maturity if implied yield diverges from the underlying. 74.7% of TVL is in Pendle PT markets (weighted LLTV 92%). A 15% collateral shock translates to ~0.82% NAV loss after the 8-pt LLTV buffer absorbs liquidation-clearable price moves.

−15% × 74.7% exposed × 7% pass-through (LLTV 92%)

-0.8%

Recovery until maturity

75% exposed

Redemption queue under stress

possible

computed

75% of TVL is in markets running >85% utilization. Redemption requests on that slice queue until borrowers repay; remaining LPs absorb a small forced-exit discount.

~1% forced-exit discount × 75% (stressed markets only)

-0.7%

Recovery 1–7 days

75% exposed

Activity

Curator and parameter changes detected by VaultScope's snapshot diff. Refreshed every 6 hours.

Full feed →

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Historical analytics

180 trailing days. APY, TVL, utilization, and an APY drawdown view to show how the vault has actually behaved — not just where it sits today.

APY range0.34% – 24.11%

trailing 180d

APY volatility (σ)6.07 pts

standard deviation

Max APY drawdown-88.3%

peak-to-trough

APY trend+2.58 pts

180d delta