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Gauntlet USDC RWA

Risk reportEthereum0x18e8…5119

Risk

Depositing into Gauntlet USDC RWA means underwriting risks you usually can't see: how much you could lose, whether you'd get out in time, and what would cover it.

Morpho BlueVault (aggregates across markets)

How much could be lost?

Your deposit (optional)

37%of your deposit if collateral falls 50%Only smart-contract bug reaches a total 100%, with no warning to exit.

Can I exit?

Via underlying marketsonly governance changes give a 3-day timelock to exit — every other modeled failure is no-warning

What backs it?

No committed backstopnothing committed would cover a loss

Track record

No pool-level losses recorded36 audits, latest Dec 15, 2025

Collateral and oracle exposure

Each token you're exposed to, and the market it backs. If that market breaks, this is how much the vault loses, in dollars and as a share of the vault. Open a row for the price feed, stress curve, and supply-cap detail. Below, the oracles those prices depend on and what is at stake if one is compromised.

If collateral prices dropper asset · no liquidations · stress estimate

est. bad debt up to 16% of deposit

Driven by PT-reUSD-10DEC2026 −30% 8% · reUSD −30% 3% · cbBTC −30% 2% · other 3% · −100% 90% modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

PT-reUSD-10DEC2026HybridPTMarket rate36%of vault · bad debt · $1.66mOracle exposure 4%

40%of vault · $1.84m36%of vault · $1.66m4%separate path

What it's made of

PT-reUSD-10DEC2026 token page

Hybrid(composite)PTMarket rate

PT-reUSD-10DEC2026 PT is priced by a Pendle market-rate oracle.

BaseOjo PT Feed Pendle Chainlink-compatible OracleNAV

Markets this collateral backs · 1

→ USDC92% LLTV0x217d…51f0

Aggregate Collateral Trust (ACT):$15.83m22 vaultsToken:0xecfa…3957Allocation: 40% of the vault · $1.84m

If it breaks

−30% default

At −30%:est. bad debt up to 8% of depositUses 1 market LLTV curve · capped at allocation $1.84m · drag to set this asset's drop

Oracle exposure: up to 4% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

AUTOMarketChainlink19%of vault · bad debt · $867,616Oracle exposure 1%

20%of vault · $933,77019%of vault · $867,6161%separate path

What it's made of

AUTO token page

Market· Chainlink(aggregator)

Priced off live market data — a depeg moves the price and can liquidate positions.

Markets this collateral backs · 1

→ USDC77% LLTV0x9abd…1854Chainlink

Aggregate Collateral Trust (ACT):$183,9496 vaultsToken:0x997e…1da9Allocation: 20% of the vault · $933,770

If it breaks

−30% default

At −30%:est. bad debt up to 2% of depositUses 1 market LLTV curve · capped at allocation $933,770 · drag to set this asset's drop

Oracle exposure: up to 1% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

AA_FalconXUSDCHybrid13%of vault · bad debt · $586,463Oracle exposure 1%

14%of vault · $651,81013%of vault · $586,4631%separate path

What it's made of

AA_FalconXUSDC token page

Hybrid(composite)

AA_FalconXUSDC is priced from an exchange-rate/NAV leg (Idle Tranches exchange rate) — no market-rate feed, so it tracks redemption value, not market price.

BaseIdle Tranches exchange rateExchange rate

Markets this collateral backs · 1

→ USDC77% LLTV0x52ea…93fc

Aggregate Collateral Trust (ACT):$873,14116 vaultsToken:0xc26a…f99cAllocation: 14% of the vault · $651,810

If it breaks

−30% default

At −30%:est. bad debt up to 1% of depositUses 1 market LLTV curve · capped at allocation $651,810 · drag to set this asset's drop

Oracle exposure: up to 1% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

reUSDHybrid13%of vault · bad debt · $576,270Oracle exposure 2%

15%of vault · $676,24713%of vault · $576,2702%separate path

What it's made of

reUSD token page

Hybrid(exchange-rate)

reUSD is priced from an exchange-rate/NAV leg (reUSD/USD exchange rate) — no market-rate feed, so it tracks redemption value, not market price.

BasereUSD/USD exchange rateExchange rate

Markets this collateral backs · 1

→ USDC92% LLTV0xa66a…4e70

Aggregate Collateral Trust (ACT):$6.62m20 vaultsToken:0x5086…0c72Allocation: 15% of the vault · $676,247

If it breaks

−30% default

At −30%:est. bad debt up to 3% of depositUses 1 market LLTV curve · capped at allocation $676,247 · drag to set this asset's drop

Oracle exposure: up to 2% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

cbBTCMarketChainlink9%of vault · bad debt · $429,445Oracle exposure 1%

11%of vault · $491,2529%of vault · $429,4451%separate path

What it's made of

cbBTC token page

Market· Chainlink(aggregator)

cbBTC is priced via BTC / USD — market-rate feed (Chainlink).

BaseBTC / USDMarketChainlink

Heartbeat 1hDeviation 50bps

Markets this collateral backs · 1

→ USDC86% LLTV0xa6d6…182aChainlink

Aggregate Collateral Trust (ACT):$257.17m101 vaultsToken:0xcbb7…33bfAllocation: 11% of the vault · $491,252

If it breaks

−30% default

At −30%:est. bad debt up to 2% of depositUses 1 market LLTV curve · capped at allocation $491,252 · drag to set this asset's drop

Oracle exposure: up to 1% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

+1 market with no current position

Oracle dependencies

1 feed1 control point

Up to10%of vault drainable if these feeds are mispriced · $475,868

Each price traces to a feed and the onchain admin that can move it. Compromise either to misprice the collateral and borrow against it. Per-row amounts overlap and are not summed.

Chainlink·a 4/9 Safe multisigprices cbBTC, AUTO, PRIME0x21f7…73ca3% of vault · $127,961drainable if it is compromised
Unidentified feeds· vendor and onchain control not resolvedprices PT-reUSD-10DEC2026, AA_FalconXUSDC5% of vault · $247,930mispriceable if these feeds lie
Onchain exchange rate· no external feed or adminprices reUSD2% of vault · $99,977mispriceable only via the issuing contract


Full-deposit & protocol-level(2)
	100%	Full deposit	Instant
	16%	up to 90%	Instant
Price-driven collateral stress(1)
	16%	up to 90%	Instant
Oracle & liquidation failures(5)
	16%	up to 90%	Instant
	16%	up to 90%	Instant
	8%	up to 69%	Instant
	13%	up to 61%	Instant
	—	up to 10%	Instant
Vault role & allocator(3)
	—	Full deposit	3 days
	—	Full deposit	Instant
	—	up to 50%	3 days

Trust and control

The people and processes that can change this protocol under you.

Track record · no pool-level losses recorded · 5 protocol incidents · 36 audits

Vault operators

The roles that can actually move your deposit — the real principal-loss path.

Reaches deposit, no delayReaches deposit, timelockedCan't reach deposit

Role timelock 3 days to exit before owner/curator actions land

Curator change queued

The timelock is your window to exit before each one takes effect.

raise a market's supply cap ×2— applies in 3 days; time to exit first

Owner4-of-7 multisig0xc684…faec

Curator3-of-7 multisig0x9e33…0585

Sentinels21 multisig1 EOASafety role · veto only

Safety role, not an attack role: can revoke ANY pending timelocked curator change, instantly cut caps, and pull funds from adapters back to idle. Strictly risk-reducing — a captured sentinel cannot introduce new risk.

single key (EOA)0x2e7e…0b5e
3-of-7 multisig0x7084…84cd

Allocators21 multisig1 EOAReaches deposit · instant

Moves funds between markets the curator has ALREADY approved — instantly, with NO timelock and no exit window. Cannot reach a brand-new market, but can concentrate you into an approved-but-stressed market or order withdrawals so you hit weak liquidity first.

single key (EOA)0x0afe…63d4
3-of-7 multisig0x9e33…0585

Audits

361 critical, 13 high findings logged

CertoraDec 15, 2025report
BlackthornDec 4, 2025report
SpearbitDec 4, 2025report
BlackthornSep 15, 2025report

+32 more audits

Governance & control

Protocol-wide governance: bounded context, not the path to your deposit.

Governance owner6-of-1012 chains0xcba2…9afa

Rewards owner3-of-70xf057…b2e9

Rewards updater3-of-50x5eb9…3297

Snapshot proposer5-of-80x6abf…f6a2

Governance Contract0xcBa2…9AFa

Top-10 Voter Concentration100.0%

Quorum to Pass500,000 MORPHO· top 10 hold 991,904.24

Voting TokenMORPHO0x58D9…c2B2

Dependencies that can affect your deposit

8 things this pool relies on but doesn't control. Select one for its story.

Morpho Blue

oracles

Market Specific oracle

Every Morpho Blue market chooses an immutable oracle contract at creation; implementations can be Chainlink-like, exchange-rate, fixed-price, or custom. Failure modes: attacker-favourable price feed (covered in market-oracle-compromise) or price() revert / staleness blocking liquidations (covered in oracle-liveness-or-malfunction).

No quantified loss scenario references this dependency directly.

Updated 32min agoSources:on-chain reads via @defillama/sdkhttps://hub.snapshot.org/graphqlhttps://api.morpho.org/graphql

Gauntlet USDC RWA

Risk

Collateral and oracle exposure

What it's made of

If it breaks

What it's made of

If it breaks

What it's made of

If it breaks

What it's made of

If it breaks

What it's made of

If it breaks

Oracle dependencies

Loss scenarios

Trust and control

Vault operators

Audits

Governance & control

Dependencies that can affect your deposit

Market Specific oracle