GSR commits $100M to new onchain vault firm Hare

October 7, 2026

GSR is committing $100 million — mostly through a credit facility — to Hare, a new onchain credit business built alongside liquidity platform Turtle that creates and manages crypto vaults. GSR's capital will seed Hare's products as anchor liquidity until outside investors arrive, per CEO Connor Milner, formerly of DeFi hedge fund Re7 Capital.

Hare launches with two Aave-powered vaults: Hare USD Earn, pooling major dollar stablecoins in a single vault, and Hare Gold Earn, letting holders of Paxos' tokenized gold (PAXG, PAXGy) earn yield, with Paxos Labs partnering on the gold product.

Hare says it will focus on the credit side — assessing collateral, counterparties and how positions behave under market stress.
The bet rides growing institutional demand for curated vaults: $8.6 billion in assets across 788 vaults as of July, per Vaults.fyi.

Hare says it will focus on the credit side — assessing collateral, counterparties and how positions behave under market stress.
The bet rides growing institutional demand for curated vaults: $8.6 billion in assets across 788 vaults as of July, per Vaults.fyi.

GSR commits $100M to new onchain vault firm Hare

Sources

GSR commits $100M to new onchain vault firm Hare

Sources