At 12:40 UTC on October 7, 2026, Hare announced its launch as GSR’s credit desk for onchain finance. The project named two forthcoming vaults and said Aave, Paxos Labs, Chainlink and Hypernative support the launch.
Hare is a vault curation business rather than a single lending market. Its announcement assigns separate jobs to GSR, Hare and Turtle. That division matters to prospective depositors because the project will choose and structure products while another participant handles distribution. The first products cover dollar stablecoins and tokenized gold, but neither is open yet. The thread describes both products before deposits are available.
How Hare divides the work
GSR brings trading and liquidity experience to the new business. Hare said its work starts with origination: helping issuers put assets and products onchain, structuring those products for use across DeFi, and reaching allocators. Those are distinct steps in the route from an issuer’s asset to a vault that investors can use.
The project describes its own role more narrowly around product assessment and structure. Turtle provides liquidity distribution tooling and connects the vaults with allocators. Hare assesses and structures the products. Turtle then helps bring them to market and expand their distribution.
That setup gives issuers one path for product design and allocator access. It also tells allocators which entity is responsible for each part of the offering. Hare is the party assessing and structuring a product. Turtle supplies the distribution layer. GSR contributes the trading and liquidity expertise behind Hare. The announcement does not collapse those functions into one operator.
The launch post lists Aave, Paxos Labs, Chainlink and Hypernative as supporters. It gives a direct product role to Aave in both initial vaults and to Paxos Labs in the gold product. The thread does not specify the roles of Chainlink or Hypernative beyond support. Prospective users therefore have a named protocol and partner for the initial products, while some parts of the supporting setup remain undescribed.
The stablecoin vault
The first product is Hare USD Earn. Hare said Aave will power the vault. It is intended to accept all major US dollar stablecoins through one vault rather than being announced as a product for one named stablecoin.
Hare said it is building USD Earn for larger allocations. It also said the design aims to limit yield compression as deposits grow. The announcement does not provide a target yield, supported-token list, allocation rule or contract address. That leaves allocators without the details needed to compare the planned product with an existing Aave position.
Fixed-rate yield will also be available, according to Hare. The project did not state how that fixed rate will be produced, how long it will last, or which counterparty will carry the obligation. Those unanswered terms are material because a fixed-rate option is a different commitment from an unspecified variable return. The launch establishes that both forms are planned, but it does not yet give users enough information to price or monitor either one.
The single-vault design could reduce the operational work of allocating several supported stablecoins separately. The announcement does not say whether depositors will receive one vault share, whether each asset will have separate accounting, or how withdrawals will work across the accepted stablecoins. Users will need the subscription documents and contract details before treating the product as interchangeable with direct deposits into Aave.
The tokenized gold vault
The second product is Hare Gold Earn. Hare said Aave will power it and Paxos Labs will be a partner. The vault will bring together $PAXG and $PAXGy so holders can earn onchain.
Hare also said holders will pay no fees at launch. The statement is limited to launch and does not describe a later fee schedule. It also does not identify the source of the return, a target rate, collateral parameters or the treatment of the two gold tokens inside the vault. The fee statement therefore removes one cost at the start without resolving the economic and smart-contract terms an allocator would need to review.
The gold product extends the same operating model beyond stablecoins. Hare assesses and structures the product, Turtle connects it with allocators, Aave powers the vault, and Paxos Labs supports the gold side. For $PAXG and $PAXGy holders, the practical change will begin only when deposits open. Until then, the announcement describes a planned route to onchain yield rather than an available position.
Users should also separate the assets accepted by each product. USD Earn is described as one vault for major US dollar stablecoins. Gold Earn is described as one vault bringing together $PAXG and $PAXGy. Hare did not announce that assets can move between the two products or that they share risk parameters. Each product will require its own terms and contract review.
What users still need
Hare said both vaults are coming soon. Opening dates and subscription terms will follow. The project has not yet supplied a dated launch milestone in the announcement.
Those pending terms are the next verification point. Allocators still need the accepted stablecoin list, chain and contract addresses, curator permissions, withdrawal mechanics, fixed-rate structure, fee schedule after launch, and the risk controls attached to each vault. The official thread confirms the product names, participants and intended functions, but it does not provide those operating details.
The open question is whether the subscription terms and deployed contracts will preserve the division of responsibilities described at launch. Users can evaluate that only after Hare publishes the opening dates, terms and contract details for USD Earn and Gold Earn.
