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0xA887…dD6C45
U

Gauntlet USDC RWA

gtusdcrwa
EthereumOn peg1
Curated by Gauntlet·Inception 2025-01-27·Guardian 0x7084bF4dB6c21e1834dD6482f6056a39A33584cD
Ethereum
USDC
Open on Morpho
Net APY4.28%
-1.19%30d 5.48%
Trend down
TVL$12.31M
+4.64%Capacity $18.47M
Trend up
Utilization84%
Healthy
Risk score
30
Moderate
Market 34
·Loan demand 83
Complexity55Multiple moving parts
Liquidity36/100
Instant redemption available
Performance fee0%No curator cut
Plain English explanationWritten by vaults.xyz research · model card · last update 2026-05-12
What this vault actually does

The Gauntlet USDC RWA Vault is designed to optimize risk-adjusted returns by lending USDC to Real World Asset collateral markets, including private credit and tokenized equities, ensuring robust risk management and sustainable yield strategies.

Yield decomposition

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

Hover for source breakdownTotal · 4.28% gross APY
Borrower lending demand
Structural

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

4.07%95.1% of yield · 407 bps
Protocol incentives
Incentive

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

0.21%4.9% of yield · 21 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.

Primary loan or collateral asset is a stablecoin. A sustained depeg below 99 cents impacts NAV and disables liquidation routing for non-USD collateral.

Vault is split across 6 markets. More markets means more parameter surface area for the curator to monitor.

Hidden exposure map

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

cbBTC
0%
Lending venueCollateral asset in vault allocations.
USCC
0%
Lending venueCollateral asset in vault allocations.
AA_FalconXUSDC
100%
Lending venueCollateral asset in vault allocations.
SPYon
0%
Lending venueCollateral asset in vault allocations.
QQQon
0%
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
AA_FalconXUSDC / USDC100.0%
SPYon / USDC0.0%
QQQon / USDC0.0%
cbBTC / USDC0.0%
USCC / USDC0.0%
idle / USDC0.0%
MarketProtocolAllocationLTV / LLTVUtilizationOracleIRM
idle / USDCMorpho Blue
0.0%$0
——0x00000000…0x00000000…
cbBTC / USDCMorpho Blue
0.0%$0
73% / 86.0%12.9 pts headroom
86%0xA6D6950c…0x870aC11D…
USCC / USDCMorpho Blue
0.0%$0
78% / 91.5%13.7 pts headroom
86%0x68066D28…0x870aC11D…
AA_FalconXUSDC / USDCMorpho Blue
100.0%$12.31M
65% / 77.0%11.6 pts headroom
84%0x52eA2C12…0x870aC11D…
SPYon / USDCMorpho Blue
0.0%$1.6K
53% / 62.5%9.4 pts headroom
16%0x234B9b65…0x870aC11D…
QQQon / USDCMorpho Blue
0.0%$379.15
53% / 62.5%9.4 pts headroom
0%0x78a9d9BC…0x870aC11D…
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 (100% of TVL). Modeled at 50% loss on that exposure; full vault is not assumed at risk since markets are isolated.

−50% × 100% (largest market) × 100% pass-through
-50.0%
Recovery patch + governance
100% exposed
Curator misallocation
unlikely
computed

Curator routes into a market that develops bad debt or an oracle break. Worst single position is 100.0% of TVL; top-3 concentration is 100%. Modeled at 50% bad-debt recovery on the worst position.

−50% × 100.0% (worst market) × 100% pass-through
-50.0%
Recovery 30–90 days
100% 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
Exotic / tranche collateral shock
possible
computed

These collateral types absorb first-loss in their underlying strategies; failures in the strategy show up here first. 100.0% of TVL is in exotic / tranche (RLP, Upshift wrappers, etc.) markets (weighted LLTV 77%). A 25% collateral shock translates to ~1.07% NAV loss after the 23-pt LLTV buffer absorbs liquidation-clearable price moves.

−25% × 100.0% exposed × 4% pass-through (LLTV 77%)
-1.1%
Recovery 30–180 days
100% exposed
Activity

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

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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 range0.00% – 42.75%
trailing 180d
APY volatility (σ)9.45 pts
standard deviation
Max APY drawdownNaN%
peak-to-trough
APY trend+4.28 pts
180d delta