GSR commits $100 million to Hare, mostly credit for two Aave vaults

GSR has committed $100 million to Hare, an onchain vault business built with Turtle, in a multi-year arrangement structured mostly as a credit facility, to seed two Aave-powered vaults. The commitment, dated Oct. 7, will fund one vault holding major stablecoins and another holding Paxos' tokenized gold.

Most of the $100 million arrives as debt rather than equity, making GSR a creditor to Hare instead of a part-owner. The reporting does not give an interest rate, a maturity or a description of what GSR receives beyond repayment. It also does not specify what the non-credit share consists of, or whether the facility is drawn at once or over the multi-year term.