The Gauntlet USDC vault on Morpho is a curated lending vault that routes deposited USDC across selected Morpho markets, with allocations and risk limits managed by the risk firm Gauntlet. It targets a higher yield than conservative peers by taking on more active market exposure. It scores 76/100 (Tier 3) on the RWTS Trust Score: a sophisticated curator on top of Morpho's audited infrastructure, balanced against the higher-yield, higher-risk positioning, smart-contract exposure and the chance of constrained withdrawals during stress. The elevated APY reflects that the curator is reaching further for return.
- Issuer / protocol
- Morpho
- Backing
- USDC deposits lent via curated lending markets
- Redemption / lock-up
- None (flexible withdrawal)
- Audit & proof of reserves
- Independently audited
- Availability
- Global
- Chain
- Ethereum
- Tier
- Tier 3 — Secured DeFi
Scored on the published RWTS methodology (v1.1), reviewed quarterly and on material events. Ratings are independent and never pay-influenced.
Calculations are indicative. Actual yields may vary.
Price data from CoinGecko. Not financial advice.
Current yield of 9.50% sits at 38% of the observed range. There may be room for rates to improve.
Projections assume constant APY of 9.50%. Actual returns may vary. Not financial advice.
Beyond mUSDC-G's own score, two structural questions matter: what is it built on, and what has broken before in this part of the market. A high score in isolation can still carry hidden, shared exposure.
What this and similar assets are built on, and where contagion could spread.
The depegs, defaults, and exploits that inform the Track Record dimension.
Liquidity read: TVL of $820.00M indicates healthy on-chain liquidity. Lock-up: None (flexible withdrawal).
Is mUSDC-G safe?
mUSDC-G (Morpho USDC Vault (Gauntlet)) scores 76/100 on the independent RWTS Trust Score, which places it in Secured DeFi (Tier 3). Tier 3 carries real DeFi exposure: the backing is sound but smart-contract and collateral risk are live, so size positions accordingly. Backing: USDC deposits lent via curated lending markets. It is independently audited. The score reflects backing, verification, redeemability, audit, regulatory standing, and track record, not headline yield. We rate. You decide.
Compare mUSDC-G
Head to head on the Trust Score with similar assets.