The Turtle and the Hare 🤝 The institutions are coming. Huge new partnership between @hare_xyz and @turtledotxyz powered and supported by Chainlink and Hypernative. This is a big one. @hare_xyz is a new credit desk by @GSR_io for onchain finance providing underwriting, structuring and vault curation for both issuers and allocators. Hare is launching two vaults for USD and Gold: > Hare USD Earn, powered by Aave, accepts all major USD stablecoins in a single vault. It's built for larger allocations and to limit yield compression as deposits grow, with fixed-rate yield also available. > Hare Gold Earn, powered by Aave and in partnership with Paxos Labs, brings together PAXG and PAXGy so gold holders can earn onchain. Holders pay no fees at launch. This is a huge step for institutional progress as the tokenisation of everything has begun. As everything moves onchain they'll need credit to scale - they will judge every vault like a credit book and ask two questions: 1) What happens when everyone wants out at once 2) Am I being paid for the risk? Hare says it designs each vault starting from the worst-case scenario, a market crash or mass withdrawal. It asks what each position would really be worth if it had to be sold in a hurry, and only takes positions the market could absorb. "Yield attracts capital. Discipline keeps it." – Connor Milner, CEO of Hare For allocators, this links the credit assessment to portfolio construction and redemption terms, and monitoring continues after capital is committed. Issuers have flexibility and can work with the desk to assess an asset's suitability, define financing requirements and structure a product for placement with relevant allocators. Big names are behind it: > GSR (parent): trading and liquidity expertise > Hare: finds and structures the assets > Turtle: connects the vaults with investors > Chainlink (data and pricing feeds) and Hypernative (security monitoring) are also supporting the launch. If we're serious as an industry about onboarding institutions we will need serious infrastructure in place. It's great to see this happening and happy to see @turtledotxyz lead the way. The opening dates and subscription terms for both vaults will be announced separately.