Renzo Protocol is reshuffling the engine under the hood of its Reserve vault. The liquid restaking protocol has announced that its managed vault strategy will transition from Superstate to Bitwise as the investment manager for the USCC tokenized fund, effective June 1, 2026.
The vault now integrates USCC as its core yield engine with an added twist: optional leverage of up to 2x through Aave Horizon borrowing.
What’s actually changing
Bitwise will take over management of the USCC fund and rebrand it as the Bitwise Crypto Carry Fund. The USCC ticker and underlying smart contracts stay the same, which means the plumbing doesn’t change, just the people turning the wrenches.
Superstate, which originally built and managed the fund, will remain responsible for on-chain infrastructure. So the transition is more of a management handoff than a full-scale migration, a distinction that matters for anyone worried about smart contract risk.
The vault’s mechanics are straightforward in concept, if not in execution. Users can mint USCC collateral and borrow stablecoins against it on Aave Horizon. That borrowed capital can then be redeployed for additional yield, creating a leveraged position. The optional nature of the leverage is key here. Vault participants aren’t forced into amplified exposure, they can choose how aggressive they want to be.
Renzo Reserve originally launched on December 17, 2025, as a managed vault product designed to simplify yield access for institutional investors. At the time of launch, USCC had over $500 million in assets under management. Recent estimates ahead of the June 1 transition put that figure between $260 million and $278 million.
The Bitwise and Aave Horizon connection
The USCC fund itself is a tokenized version of a crypto carry trade strategy, essentially capturing the spread between spot and futures prices in cryptocurrency markets.
On the other side of the equation sits Aave Horizon, the institutional-focused lending arm of the Aave protocol. Since launching in August 2025, Horizon has pulled in over $440 million in deposits.
The integration between Renzo’s vault and Aave Horizon creates a composable yield stack. Deposit into the vault, receive USCC, post it as collateral on Horizon, borrow stablecoins, and redeploy.
What this means for investors
The declining AUM is worth watching. Going from over $500 million at launch to roughly $260-278 million suggests that some early capital has rotated elsewhere.
Anyone considering participation should pay close attention to the leverage mechanics and liquidation parameters on Aave Horizon. A 2x leverage option on a carry trade sounds relatively tame by crypto standards, but the underlying assets and borrowing rates can shift rapidly.