New vault
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Gauntlet USDT Prime
gtusdtp
EthereumOn peg5V2
AI vault read
Plain-English summary of this vault — what it does, who runs it, where the yield comes from, and what could break it. Generated from the same deterministic inputs shown elsewhere on this page; the numbers are the source, this is just the explanation.
What this vault does
Depositors put USDT into this vault, and Gauntlet lends it out entirely to borrowers who post wstETH (staked Ethereum) as collateral. The vault earns interest from the borrowing demand against that collateral; the rate floats based on supply and demand for USDT loans in that market.
Who runs it
Gauntlet runs this vault with a single-collateral, single-stablecoin strategy—all capital deployed against wstETH at an 86% loan-to-value threshold.
Where the yield comes from
The 2.49% APY comes from borrowing demand for USDT against wstETH collateral, which is currently 81% borrowed out. No idle cash, no incentive programs listed.
What could break it
The material risk is wstETH price moves; if Ethereum drops sharply, the 86% loan-to-value floor means borrowed positions approach forced liquidation, which could force rapid USDT repayment or cascade losses. The risk score of 25/100 reflects this is a plain stablecoin-on-major-collateral setup with no exotic assets.
Who this is for
Good fit for an allocator seeking stablecoin yield with minimal complexity if they're comfortable with Ethereum directional exposure; avoid if you need diversified collateral or uncorrelated returns.
USDT is trading within normal range. Both market spot and Chainlink agree this vault's loan asset is on peg — no peg risk affecting NAV right now.
On peg5/100
Spot (market)$0.998911 bps below peg · CoinGecko
Oracle (Chainlink)$0.99919 bps below peg · What Morpho liquidates against
Spot ↔ oracle gap2 bpsSources agree
Score · 5/100
max(price, vault health) · saturates at 200 bps
Issuer-side vault health · USDTOn peg0/100
Tether USDT contract is operational — no pause flag set.
Source: TetherPause state: operationalcomposite severity healthy
Risk decomposition
How the composite risk score breaks down. Every number traces to an explicit input — /methodology documents each factor's formula.
mainstream25/100
Warning floorfloor
Hard min from Morpho's own flags on the vault or its active markets.
Structuralweight 28%
Share-weighted collateral quality + LLTV buffer adequacy. Correlation-aware.
Liquidationweight 20%
Headroom (1 − LLTV) measured in σ-units of 30d realized vol, amplified by utilization.
Yield anomalyweight 20%
Peer-cohort z-score plus absolute-yield band. Excess yield is risk you may not yet model.
Concentrationweight 12%
Market HHI + asset-class HHI + curator's universe TVL share.
Liquidityweight 10%
Util curve position, share locked above 95%, idle buffer.
Maturityweight 10%
Vintage + TVL-time integral. V2 vaults carry an opacity surcharge.
Depeg floorfloor
Hard min from active depeg signal on the loan asset.
Composite = max(Σ weighted + floors). Warning and depeg floors are hard minimums; the weighted sum of the structural factors is the base. A floor highlighted in amber means it is what determines the final score — the protocol or peg signals are louder than our structural model.
Plain English explanationWritten by VaultScanner research · model card · last update 2026-05-12
What this vault actually does
The Gauntlet USDT Prime vault aims to optimize for risk-adjusted yield by allocating across large market cap assets and high liquidity yield sources. The vaults risk strategy follows the Gauntlet Prime conservative framework whereby we curate supply to manage security and yield to provide a low risk profile at competitive APY
Where the yield comes from
Morpho V2 vault — wraps downstream Morpho markets and V1 vaults via adapters.
Why they may not
Some V2 adapters point at Morpho Blue markets directly; their underlying market detail isn't resolvable in the universe-level fetch, so this vault carries a V2 opacity surcharge in the risk model.
Hidden exposure map
What this vault is actually exposed to — including dependencies that are not visible from the strategy name.
USDT
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
wstETH / USDT100.0%
WBTC / USDT0.0%
cbBTC / USDT0.0%
sUSDS / USDT0.0%
sDAI / USDT0.0%
idle / USDT0.0%
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.
USDT reserve / depeg 5%
possible
computedTether has repeatedly traded <$0.95 (Oct 2018, May 2022). Recovery is slower than USDC. Mark-to-market loss on 100% of vault TVL (the loan asset is USDT).
−5% × 100% exposed × 100% pass-through (loan-asset shock)
-5.0%
Recovery 14–30 days
100% exposed
V2 adapter routing failure
rare
computedV2 vaults route through adapters into downstream venues. A misbehaving adapter (paused, drained, or pointing at a compromised target) can lock or mismark a portion of the vault until governance acts.
−4% × 100% (adapter-stack-wide assumption; refined when per-adapter shares are available)
-4.0%
Recovery operational
100% exposed
$50M same-day redemption
possible
computedVault has $1M idle buffer (18% of $6M TVL). $49M of the $50M request queues; the redeemer takes a ~0.65% forced-exit discount weighted across collateral mix plus 11-day TVM cost. $44M of the request exceeds the vault's $6M TVL and cannot be redeemed at all.
queued 98% of $50M × (0.65% forced-exit discount + 0.28% TVM over 11.4 days at 9.1% rate)
-0.9%
Recovery 0–14 days (queue depth)
98% exposed
Morpho contract vulnerability
rare
computedTail-case: a vulnerability surfaces in Morpho V2 that affects the vault's largest single market (0% of TVL). Modeled at 50% loss on that exposure; full vault is not assumed at risk since markets are isolated.
−50% × 0% (largest market) × 100% pass-through
0.0%
Recovery patch + governance
0% exposed
Curator misallocation
unlikely
computedCurator routes into a market that develops bad debt or an oracle break. Worst single position is 0.0% of TVL; top-3 concentration is 0%. Modeled at 50% bad-debt recovery on the worst position.
−50% × 0.0% (worst market) × 100% pass-through
0.0%
Recovery 30–90 days
0% exposed
Governance & configuration
On-chain contracts, control surface, and per-market parameters. The diligence checklist surface — every value here is what an allocator needs to copy into a memo before sizing a deposit.
Vault contractMetaMorpho v1 on Morpho Blue
Chain
Ethereum
CuratorRisk team setting market allocations
OwnerCan change curator, guardian, and timelock (after delay)
—
GuardianCan pause and revoke allocations if compromised
not configured
TimelockDelay before owner-initiated parameter changes take effect
none
Performance feeCurator's cut of generated yield
0.00%
Fee recipientAddress that collects the performance fee
not configured
Skim recipientReceives stray non-loan-asset tokens swept from the vault
not configured
Deployed6 mos on-chain
Nov 28, 2025
One-click redeem
available
Morpho app
Market parameters (6)
Oracle, IRM, and LLTV per Morpho Blue market the vault routes into. Click an address to inspect the contract on a block explorer.Activity
Curator and parameter changes detected by VaultScanner's snapshot diff. Refreshed every 6 hours.
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% – 8.21%
trailing 180d
APY volatility (σ)1.09 pts
standard deviation
Max APY drawdown-100.0%
peak-to-trough
APY trend-2.43 pts
180d delta