StableEarn launched its first USDT0 vault on Morpho on May 26, 2026, according to launch announcement. The product is structured around a Morpho-powered vault curated by Gauntlet, with Theo Network providing the yield-source products used in the strategy.
The Morpho vault interface was reviewed on May 27, 2026, at 14:20 UTC, or 7:20 a.m. Pacific Time. At that cutoff, the live page displayed approximately $5 million in total deposits and about $948,000 in liquidity for the StableEarn USDT0 vault. Those figures are live interface data and subject to change, not fixed launch metrics or audited performance numbers.
Gauntlet Curates Risk, but Does Not Guarantee Returns
Gauntlet said the StableEarn USDT0 vault follows its Balanced framework, which is designed to optimize for risk-adjusted yield across large- and mid-cap assets and higher-liquidity yield sources. That makes Gauntlet’s role a risk-curation function, not a guarantee that depositors will preserve capital or earn a specific return.
A separate Blockdaemon explainer describes Gauntlet’s Balanced tier as allocating across a mix of collateralized markets while keeping exposure to any one asset within defined bounds. It also describes active management of vault supply-to-market-supply ratios to support withdrawals and liquidations under stress, reinforcing the framework’s risk-management intent rather than a guaranteed outcome.
Theo Provides Yield Sources, With Risk Still Present
Bitcoin.com reported that three Theo products back the vault: thBILL, thGOLD and thUSD. The same report described thBILL as tokenized exposure to U.S. Treasury bills, thGOLD as a gold-denominated carry product and thUSD as a delta-neutral yield product derived from gold derivatives. Those products create RWA-related yield exposure, but that wording should not be read as a guarantee of stability, liquidity or future returns.
The operational roles remain distinct. Stable provides the product layer, Morpho supplies the vault and lending infrastructure, Gauntlet curates risk parameters, and Theo supplies the underlying yield strategy. The confirmed development is the launch and live vault availability, while future performance, depositor growth and risk-adjusted yield durability remain open market outcomes.