GSR and Turtle launch Hare to underwrite the hidden credit risk inside DeFi curated vaults
GSR and Turtle have introduced Hare, a credit underwriting platform built for DeFi curated vaults, where onchain transparency often stops short of revealing the real credit quality of the assets underneath. The project is aimed at pricing risks that block explorers cannot show, including collateral quality, counterparty exposure and how much cash depositors could actually recover in stressed conditions. GSR said it will commit $100 million of its own capital over the coming years, with that capital taking first loss before outside funds enter the vaults. The launch comes as curated vaults expanded sharply in the third quarter of 2026. Deposits rose 28.0% quarter over quarter to $8.96 billion, with $1.30 billion in net new inflows and another $670 million added through token price appreciation. Hare plans to debut two flagship vaults on Aave: USD Earn, which aggregates major dollar stablecoins, and Gold Earn, which accepts PAXG and PAXGy and starts with zero fees. The report also ties Hare’s pitch to the collapse of Stream Finance’s xUSD in November 2025, an event that showed how smart contracts can function exactly as designed while offchain credit fails underneath them. Against that backdrop, Hare is positioning itself as an institutional underwriting layer for Aave’s emerging external curator model.
