Crypto Market Maker GSR Commits $100 Million to Expand Into On-Chain Credit Business Hare

On October 7, cryptocurrency trading and market-making giant GSR committed to investing $100 million into new on-chain credit business Hare. This multi-year commitment will primarily be provided in the form of credit lines, aiming to inject initial liquidity into the product.

Hare is an on-chain vault creation and management platform co-developed with liquidity distribution platform Turtle. It will initially launch two products based on the Aave lending protocol: Hare USD Earn, which supports mainstream US dollar stablecoins, and Hare Gold Earn, a collaboration with Paxos Labs that enables earning yields from Paxos’s tokenized gold products PAXG and PAXGy. The business primarily focuses on collateral valuation at the on-chain credit level, counterparty risk, and position performance under market stress, to meet institutional investors' needs for allocating digital assets and tokenized assets.