gtUSDCp

Gauntlet USDC Prime (gtUSDCp)

· 65/100as of 2026-11-08

Ethereum Gauntlet USDC Prime V2 vault share; the Base and Arbitrum Prime vaults are separate, non-fungible tokens outside its market cap.

Updated —

Yield-Bearing Hybrid

USDC NAV Crypto-Backed Centralized-Dependent

30 Sept 2025

Price

$1.0421

NAV token — no fixed peg

Market cap

$98.65M

+7.30% 24h

Supply

94.67M gtUSDCp

+10.23% 7d

-10.75% 30d

DEWS

PegNAVToken

Liq

30d Excess

Price

$1.0421

NAV token — no fixed peg

Market cap

$98.65M

+7.30% 24H

Supply

94.67M gtUSDCp

+10.23% 7D · -10.75% 30D

30d Excess

MechanismProtocol PositionMintingWrapped / inherited FreezeUpstreamChains3 JurisdictionNot disclosed MiCAOut of Scope

MintingWrapped / inherited FreezeUpstreamChains3 JurisdictionNot disclosed MiCAOut of Scope

Gauntlet's three-chain USDC Prime vaults

Gauntlet USDC Prime is a three-vault line: immutable Morpho vaults on Ethereum, Base, and Arbitrum that turn chain-local USDC into curated exposure over Morpho lending markets, each with its own share price rather than one fungible cross-chain token. Immutability is the strongest thing on the card, and economic control leads the three pillars. Each vault mints shares only against its chain-local USDC, the share-gate setters on the Ethereum Vault V2 deployment have been abdicated so the curator cannot switch on transfer gating, and the parameter Safes steer allocations and nothing else. Withdrawals depend on Morpho market liquidity and on the curator not having optimised the book into a queue at the wrong moment. The B- overall grade is held by a critical-dependency cap: the vault's instant ERC-4626 redemption rail is shared with dozens of other reviewed assets, so Pharos treats a failure there as correlated, with the USDC parent ceiling and the short track record further back. Share price appreciates on borrower interest. Freeze exposure is inherited from Circle's authority over the USDC beneath the shares. The durable constraint is that the vault can never rate above the dollar it wraps.

Updated 2026-10-27 · AI summary · drafted by claude-opus-5-5 · facts as of 2026-10-19

AI policy

CeFi-Dependent|Compare

Depeg Early Warning

Not applicableNAV tokens are priced by NAV, not peg

Exit evidence

Redemption route · Waiting for section

Redemption evidence loads when the Risk section approaches the viewport.

Control evidence

gtUSDCp Mint Authority

gtUSDCp wraps USDC and inherits its mint risk; admin powers are bounded.

Confidence: VerifiedInherits USDC mint riskControl posture: Wrapper / inherited

Control map

IssuerWrapped / inherited

ControlsWrapper×3Governor Safe4/6Governor Safe4/7

SupplygtUSDCpBounded admin

Scoring breakdown

Derived posture Unknown

Component score Loading

The current Safety Score publication is loading; reviewed mint authority evidence is shown below.

Primary controls (7)

Gauntlet USDC Prime Vault V2 Ethereum (immutable share accounting)
Wrapper / Contract
ethereum / 0x8c106e...afa3d0
MintNone
User shares are issued against deposited USDC; the contract also mints accrued performance and management fee shares. The verified immutable vault does not give its owner a direct arbitrary share-mint function. Owner 0xc684c6587712e5e7bdf9fd64415f23bd2b05faec is a 4-of-7 Safe.
Gauntlet USDC Prime MetaMorpho Base (immutable share accounting)
Wrapper / Contract
base / 0xee8f4e...e44b61
MintNone
User shares are issued against deposited Base USDC; the contract also mints accrued performance fee shares. Owner 0x5a4e19842e09000a582c20a4f524c26fb48dd4d0 is a 4-of-7 Safe that manages parameters but cannot replace the immutable vault bytecode.
Gauntlet USDC Prime MetaMorphoV1_1 Arbitrum (immutable share accounting)
Wrapper / Contract
arbitrum / 0x7c5741...a8b3ed
MintNone
User shares are issued against deposited Arbitrum USDC; the contract also mints accrued performance fee shares. Owner 0x5a4e19842e09000a582c20a4f524c26fb48dd4d0 is a 3-of-7 Safe that manages parameters but cannot replace the immutable vault bytecode.
Gauntlet USDC Prime Ethereum owner parameter authority
Governor / Safe
ethereum / 0xc684c6...05faec
MintParameter-onlySetupSafe, 4/6 thresholdSafe modules/guardNo modules or guards detected
Owner-held VaultV2 parameter and allocation authority; no arbitrary share mint or mutable-bytecode power is established. Selector-specific delays are not a blanket execution delay.
Gauntlet USDC Prime Base owner parameter authority
Governor / Safe
base / 0x5a4e19...8dd4d0
MintParameter-onlySetupSafe, 4/7 thresholdSafe modules/guardNo modules or guards detected
Owner parameter authority over immutable MetaMorpho. No arbitrary share mint, code replacement or exact key-custody/independence credit is inferred.
Gauntlet USDC Prime Arbitrum owner parameter authority
Governor / Safe
arbitrum / 0x5a4e19...8dd4d0
MintParameter-onlySetupSafe, 3/7 thresholdSafe modules/guardNo modules or guards detected
Owner parameter authority over immutable MetaMorphoV1_1. No arbitrary share mint, code replacement or exact key-custody/independence credit is inferred.
Inherited Ethereum USDC MasterMinter
Minter admin / Contract
ethereum / 0xe98261...e3de17
MintCan authorize

Review notes & sources (19)

gtUSDCp has three independent immutable Morpho vault deployments on Ethereum, Base and Arbitrum. Depositors receive shares for chain-local USDC, and the contracts can also mint fee shares during accrual. The inherited USDC MasterMinter remains parent exposure, not authority to mint vault shares or replace vault bytecode.

Control posture

The token is classified primarily as a wrapper whose control posture depends on an underlying asset or parent system.

CeFi-Dependent is the broader governance classification. Control posture describes more precisely where operational authority sits.

Control posture is not a Safety Score input. Economic Control is scored from the reviewed mint authority, oracle and bridge evidence.

gtUSDCp is a tracked variant of USD Coin (USDC); this posture describes wrapper-level control inherited from that parent.

Reviewed 2026-10-21

gtUSDCp Collateral pricing & liquidation

Opaque / unknown

18 branches price collateral from an undisclosed pricing method.

Oracle review: Probable

Max LTV94.5%

Pricing path

SourcesMorphoChainlinkOracleV2EACAggregatorProxyChainlink WBTC/BTC OCR2; 6-of-16 active report-signature requirement+9 more

AggregatorOpaque / unknown22 feeds · 18 branches

ConsumerLiquidation engine

Branches

First 5 of 18 · debt shares not measured

arbitrum borrower-pricing root 0x8e02a9b9cc29d783b2fcb71c3a72651b591cae31Pricing tier: Opaque / unknownMax LTV 86%
arbitrum borrower-pricing root 0x52cc7c3b27bb61d0a83785b5344acc919f8f7124Pricing tier: Opaque / unknownMax LTV 94.5%
arbitrum borrower-pricing root 0x282feb10549fde52bd61a6979424ddf18a4971a2Pricing tier: Opaque / unknownMax LTV 86%
arbitrum borrower-pricing root 0x88193fcb705d29724a40bb818ecaa47dd5f014d9Pricing tier: Opaque / unknownMax LTV 86%
base borrower-pricing root 0x97ff9cbd7e77348b2b8ffbb883bf29452ad18295Pricing tier: Standard externalMax LTV 77%

+ 13 more branches under Feeds, parameters & failure behavior

Feeds, parameters & failure behavior

Feeds

Morpho idToMarketParams(marketId).oracle / price() · MorphoChainlinkOracleV2 · Base · read by 3 branches
BASE_FEED_1() · EACAggregatorProxy · Base · read by 3 branches
QUOTE_FEED_1() · EACAggregatorProxy · Base
BASE_FEED_1: cbETH-ETH Exchange Rate · EACAggregatorProxy · Base
BASE_FEED_2: ETH / USD · EACAggregatorProxy · Base
QUOTE_FEED_1: USDC / USD · EACAggregatorProxy · Base
Primary composer BASE_FEED_1: BTC / USD · EACAggregatorProxy · Ethereum · 1h heartbeat
Backup composer BASE_FEED_1: WBTC / BTC · EACAggregatorProxy · Ethereum · 1d heartbeat
Backup composer BASE_FEED_2: BTC / USD · EACAggregatorProxy · Ethereum · 1h heartbeat
baseFeedOne of 0xdddd770badd886df3864029e4b377b5f6a2b6b83 for market 0x3a85e619751152991742810df6ec69ce473daef99e28a64ab2340d7b7ccfee49 · Chainlink WBTC/BTC OCR2; 6-of-16 active report-signature requirement · Ethereum
baseFeedTwo of 0xdddd770badd886df3864029e4b377b5f6a2b6b83 for market 0x3a85e619751152991742810df6ec69ce473daef99e28a64ab2340d7b7ccfee49 · Chainlink BTC/USD OCR2; 11-of-31 active report-signature requirement · Ethereum
quoteFeedOne of 0xdddd770badd886df3864029e4b377b5f6a2b6b83 for market 0x3a85e619751152991742810df6ec69ce473daef99e28a64ab2340d7b7ccfee49 · Chainlink USDC/USD OCR2; 6-of-16 active report-signature requirement · Ethereum
baseFeedOne of 0xa6d6950c9f177f1de7f7757fb33539e3ec60182a for market 0x64d65c9a2d91c36d56fbc42d69e979335320169b3df63bf92789e2c8883fcc64 · Chainlink BTC/USD OCR2; exact report quorum and mutable owner reviewed · Ethereum
BASE_FEED_1: Custom price feed for wstETH / ETH · WstETHPriceFeed · Ethereum
BASE_FEED_2: ETH / USD · EACAggregatorProxy · Ethereum · 1h heartbeat
WstETHPriceFeed.stETHtoETHPriceFeed: stETH / ETH; multiplied by wstETH exchange rate · Chainlink EACAggregatorProxy · Ethereum · 1d heartbeat
IOracle.price for market 0x94b823e6bd8ea533b4e33fbc307faea0b307301bc48763acc4d4aa4def7636cd · Morpho immutable market oracle · Ethereum
BASE_FEED_1() · Chainlink ETH / USD · Ethereum
baseFeedOne of 0x48f7e36eb6b826b2df4b2e630b62cd25e89e40e2 for market 0xb323495f7e4148be5643a4ea4a8221eef163e4bccfdedc2a6f4696baacbc86cc · WstETH conversion plus Chainlink stETH/ETH OCR2; 6-of-16 active report-signature requirement · Ethereum
quoteFeedOne of 0x48f7e36eb6b826b2df4b2e630b62cd25e89e40e2 for market 0xb323495f7e4148be5643a4ea4a8221eef163e4bccfdedc2a6f4696baacbc86cc · Chainlink quote-leg OCR2; 6-of-16 active report-signature requirement · Ethereum
Primary MorphoChainlinkOracleV2 BASE_FEED_1: BTC / USD · EACAggregatorProxy · Ethereum · 1h heartbeat
Backup MorphoChainlinkOracleV2 BASE_FEED_1: cbBTC / USD · EACAggregatorProxy · Ethereum · 1d heartbeat

base borrower-pricing root 0xd7a1aba119a236fea5bbc5cac6836465cbe9289aPricing tier: Opaque / unknownMax LTV 86%
base borrower-pricing root 0xb40d93f44411d8c09ad17d7f88195ef9b05ccd96Pricing tier: Opaque / unknownMax LTV 86%
base borrower-pricing root 0xfea2d58cefcb9fcb597723c6bae66ffe4193afe4Pricing tier: Standard externalMax LTV 86%
base borrower-pricing root 0x663becd10dae6c4a3dcd89f1d76c1174199639b9Pricing tier: Standard externalMax LTV 86%
base borrower-pricing root 0x957e76d8f2d3ab0b4f342cd5f4b03a6f6ef2ce5fPricing tier: Opaque / unknownMax LTV 86%
base borrower-pricing root 0x4756c26e01e61c7c2f86b10f4316e179db8f9425Pricing tier: Standard externalMax LTV 86%
ethereum borrower-pricing root 0xf1561bc4b3d1ba49053986fb9ee88d4fe22d0cf4Pricing tier: Standard externalMax LTV 86%
ethereum borrower-pricing root 0xdddd770badd886df3864029e4b377b5f6a2b6b83Pricing tier: Standard externalMax LTV 86%
ethereum borrower-pricing root 0xa6d6950c9f177f1de7f7757fb33539e3ec60182aPricing tier: Standard externalMax LTV 86%
ethereum borrower-pricing root 0xe087ad7fe989cf63f8383579d160a20ee7e69f9fPricing tier: Standard externalMax LTV 86%
ethereum borrower-pricing root 0x0f948cba8231db7898ef36a4212581ad7b1b4580Pricing tier: Standard externalMax LTV 86%
ethereum borrower-pricing root 0x48f7e36eb6b826b2df4b2e630b62cd25e89e40e2Pricing tier: Standard externalMax LTV 86%
ethereum borrower-pricing root 0x9f983115741d0f7f2eae07831415057ad3de34d2Pricing tier: Standard externalMax LTV 86%

arbitrum borrower-pricing root 0x8e02a9b9cc29d783b2fcb71c3a72651b591cae31

0x5979d7b546e38e414f7e9822514be443a4800529 · max LTV 86% · Maximum immutable LLTV among the explicitly listed current markets using this exact oracle/collateral; not vault utilization, an asset allocation or a liquidation execution guarantee.

Morpho borrower liquidation depends on the market oracle price and immutable LLTV. This lender position therefore retains borrower-pricing exposure even with zero own borrowing; exact successful liquidation execution and stressed cash realization were not measured here.

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

Exact nested fallback, operator independence and source freshness remain unresolved; no alternative or successful price call is inferred from market membership.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

arbitrum borrower-pricing root 0x52cc7c3b27bb61d0a83785b5344acc919f8f7124

0xddb46999f8891663a8f2828d25298f70416d7610 · max LTV 94.5% · Maximum immutable LLTV among the explicitly listed current markets using this exact oracle/collateral; not vault utilization, an asset allocation or a liquidation execution guarantee.

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

Exact nested fallback, operator independence and source freshness remain unresolved; no alternative or successful price call is inferred from market membership.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

arbitrum borrower-pricing root 0x282feb10549fde52bd61a6979424ddf18a4971a2

0x82af49447d8a07e3bd95bd0d56f35241523fbab1 · max LTV 86% · Maximum immutable LLTV among the explicitly listed current markets using this exact oracle/collateral; not vault utilization, an asset allocation or a liquidation execution guarantee.

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

Exact nested fallback, operator independence and source freshness remain unresolved; no alternative or successful price call is inferred from market membership.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

arbitrum borrower-pricing root 0x88193fcb705d29724a40bb818ecaa47dd5f014d9

0x2f2a2543b76a4166549f7aab2e75bef0aefc5b0f · max LTV 86% · Maximum immutable LLTV among the explicitly listed current markets using this exact oracle/collateral; not vault utilization, an asset allocation or a liquidation execution guarantee.

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

Exact nested fallback, operator independence and source freshness remain unresolved; no alternative or successful price call is inferred from market membership.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

base borrower-pricing root 0x97ff9cbd7e77348b2b8ffbb883bf29452ad18295

0x2ae3f1ec7f1f5012cfeab0185bfc7aa3cf0dec22 · max LTV 77% · Maximum immutable LLTV among the explicitly listed current markets using this exact oracle/collateral; not vault utilization, an asset allocation or a liquidation execution guarantee.

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

The verified fixed arithmetic composes the recorded feeds/vault conversions, with zero feed addresses treated as unity. There is no independent failover branch or consumer-enforced heartbeat/staleness bound in the reviewed ChainlinkDataFeedLib; negative answers revert. External feed refresh remains provider-dependent.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

base borrower-pricing root 0xd7a1aba119a236fea5bbc5cac6836465cbe9289a

0xc1cba3fcea344f92d9239c08c0568f6f2f0ee452 · max LTV 86% · Maximum immutable LLTV among the explicitly listed current markets using this exact oracle/collateral; not vault utilization, an asset allocation or a liquidation execution guarantee.

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

Exact nested fallback, operator independence and source freshness remain unresolved; no alternative or successful price call is inferred from market membership.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

base borrower-pricing root 0xb40d93f44411d8c09ad17d7f88195ef9b05ccd96

0x2ae3f1ec7f1f5012cfeab0185bfc7aa3cf0dec22 · max LTV 86% · Maximum immutable LLTV among the explicitly listed current markets using this exact oracle/collateral; not vault utilization, an asset allocation or a liquidation execution guarantee.

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

Exact nested fallback, operator independence and source freshness remain unresolved; no alternative or successful price call is inferred from market membership.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

base borrower-pricing root 0xfea2d58cefcb9fcb597723c6bae66ffe4193afe4

0x4200000000000000000000000000000000000006 · max LTV 86% · Maximum immutable LLTV among the explicitly listed current markets using this exact oracle/collateral; not vault utilization, an asset allocation or a liquidation execution guarantee.

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

base borrower-pricing root 0x663becd10dae6c4a3dcd89f1d76c1174199639b9

0xcbb7c0000ab88b473b1f5afd9ef808440eed33bf · max LTV 86% · Maximum immutable LLTV among the explicitly listed current markets using this exact oracle/collateral; not vault utilization, an asset allocation or a liquidation execution guarantee.

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

base borrower-pricing root 0x957e76d8f2d3ab0b4f342cd5f4b03a6f6ef2ce5f

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

Exact nested fallback, operator independence and source freshness remain unresolved; no alternative or successful price call is inferred from market membership.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

base borrower-pricing root 0x4756c26e01e61c7c2f86b10f4316e179db8f9425

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

No composer fallback or circuit-breaker branch: configured feed/vault calls are composed arithmetically; nonnegative-answer checks do not enforce updatedAt freshness. A reverting downstream call reverts price(); no L2 sequencer or independent failover claim is made.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

ethereum borrower-pricing root 0xf1561bc4b3d1ba49053986fb9ee88d4fe22d0cf4

0x2260fac5e5542a773aa44fbcfedf7c193bc2c599 · max LTV 86% · Maximum immutable LLTV among the explicitly listed current markets using this exact oracle/collateral; not vault utilization, an asset allocation or a liquidation execution guarantee.

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

If the selected composer price() reverts, the verified clone immediately calls the other composer. Deviation-based selection changes are permissionless but require challenge/healing calls and the configured delay; they are not automatic, and both composers can fail or share dependencies. Neither path adds an updatedAt freshness check.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

ethereum borrower-pricing root 0xdddd770badd886df3864029e4b377b5f6a2b6b83

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

All nonzero formula legs are required; a failed leg propagates and no alternate source is selected. Morpho discards timestamps. At block26237350 current proxy/aggregator owner is Safe0x21f73d42eb58ba49ddb685dc29d3bf5c0f0373ca, threshold4/9, with a manager-preconfirmed transaction module; accessController remains zero on the three feed proxies. Required report quorums are verified from each live digest and exact ConfigSet, not inferred from an operator brand. Human independence and key custody remain undisclosed, not redundant-source assurances.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

ethereum borrower-pricing root 0xa6d6950c9f177f1de7f7757fb33539e3ec60182a

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

The immutable outer formula discards updatedAt and has no alternate feed or age rejection. Source errors propagate. The shared owner Safe has one enabled ConfirmedTransactionModule 0x2e1b5a40edc922bce489668b11749b8eabd67f6b; its exact source requires manager-preconfirmed transaction hashes before executor delivery, not arbitrary executor pricing authority. Proxy replacement and OCR configuration remain owner-controlled. Current pin26237350; no independent financial valuation or key-custody proof is inferred.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

ethereum borrower-pricing root 0xe087ad7fe989cf63f8383579d160a20ee7e69f9f

0x7f39c581f595b53c5cb19bd0b3f8da6c935e2ca0 · max LTV 86% · Maximum immutable LLTV among the explicitly listed current markets using this exact oracle/collateral; not vault utilization, an asset allocation or a liquidation execution guarantee.

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

The composer combines configured external feed answers and, where present, ERC-4626 vault conversion arithmetically; zero feed/vault inputs use their documented neutral factors. It checks answer sign but not updatedAt age. Downstream reverts propagate; no independent composer failover or L2 sequencer protection is asserted.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

ethereum borrower-pricing root 0x0f948cba8231db7898ef36a4212581ad7b1b4580

0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2 · max LTV 86% · Maximum immutable LLTV among the explicitly listed current markets using this exact oracle/collateral; not vault utilization, an asset allocation or a liquidation execution guarantee.

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

No alternative feed or circuit breaker is selected by the exact composer. Zero feed/vault inputs contribute neutral factors; configured nonzero legs are arithmetic components, not redundant failover. A failed downstream price call reverts borrower valuation/liquidation. Source nonnegative-answer checks do not reject an elapsed updatedAt; pinned round timestamps do not establish an operational heartbeat guarantee. Proxy owner/aggregator identities are enumerated, but their signer/key-custody census and current operating cadence remain open.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

ethereum borrower-pricing root 0x48f7e36eb6b826b2df4b2e630b62cd25e89e40e2

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

Both required conversion legs must succeed; no failover exists. wstETH resolves to stETH0xae7ab96520de3a18e5e111b5eaab095312d7fe84 share accounting, not a second market-price source. Morpho does not reject old updatedAt. At pin26237350 exact OCR configs are bound to their current digests and source-enforced f+1 signatures; feed owners remain Safe0x21f73d42eb58ba49ddb685dc29d3bf5c0f0373ca, threshold4/9, with manager-preconfirmed transaction module. The human/operator independence and signer-device custody are not inferred from distinct keys.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

ethereum borrower-pricing root 0x9f983115741d0f7f2eae07831415057ad3de34d2

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

Review notes & sources (80)

R1 exact-endpoint artifact parity review, reviewed 2026-10-21. Book content as of 2026-10-20: morpho-lender-book:v1:569954bd6f53cf342432500b3d5f685086ac25c194434ee78cfdbcfa10a2a0f8, 18 chain-qualified root-oracle branches covering 18 NAV-accounted current market rows. Each original block/hash and nested feed observation clock is retained. Matching is exact chain+oracle source identity, not a sibling-vault risk assumption. No borrowed allocation, debt-share percentage, new successful RPC read, complete historical/off-list census or fresh capacity measurement is asserted. Missing nested topology stays bounded; live positive unmatched claims retain fail-closed aggregate behavior. Internal vault share NAV is not evidence that borrower markets are oracleless.

arbitrum borrower-pricing root 0x8e02a9b9cc29d783b2fcb71c3a72651b591cae31: Book content as of 2026-10-20T19:51:58Z at block 516698233: 0x33e0c8ab132390822b07e5dc95033cf250c963153320b7ffca73220664da2ea0: collateral 0x5979d7b546e38e414f7e9822514be443a4800529, LLTV raw 860000000000000000, included lender claim 82608481965 raw loan-token units. The frozen book establishes the exact oracle and borrower-collateral identity, but these dossiers and retained source reviews do not establish complete nested feeds, price-setting authority, fallback independence or consumer-enforced freshness for this exact root. It remains bounded unknown, not oracleless, proven unsafe or priced as standard-external.
arbitrum borrower-pricing root 0x52cc7c3b27bb61d0a83785b5344acc919f8f7124: Book content as of 2026-10-20T19:51:58Z at block 516698233: 0x77fe2f7c2dd6f4da6bc5f445b06052ff8df55cb70cfce9afc16ec3c69a5fd3a3: collateral 0xddb46999f8891663a8f2828d25298f70416d7610, LLTV raw 945000000000000000, included lender claim 152670468909 raw loan-token units. The frozen book establishes the exact oracle and borrower-collateral identity, but these dossiers and retained source reviews do not establish complete nested feeds, price-setting authority, fallback independence or consumer-enforced freshness for this exact root. It remains bounded unknown, not oracleless, proven unsafe or priced as standard-external.
arbitrum borrower-pricing root 0x282feb10549fde52bd61a6979424ddf18a4971a2: Book content as of 2026-10-20T19:51:58Z at block 516698233: 0xca83d02be579485cc10945c9597a6141e772f1cf0e0aa28d09a327b6cbd8642c: collateral 0x82af49447d8a07e3bd95bd0d56f35241523fbab1, LLTV raw 860000000000000000, included lender claim 78335288678 raw loan-token units. The frozen book establishes the exact oracle and borrower-collateral identity, but these dossiers and retained source reviews do not establish complete nested feeds, price-setting authority, fallback independence or consumer-enforced freshness for this exact root. It remains bounded unknown, not oracleless, proven unsafe or priced as standard-external.
arbitrum borrower-pricing root 0x88193fcb705d29724a40bb818ecaa47dd5f014d9: Book content as of 2026-10-20T19:51:58Z at block 516698233: 0xe6392ff19d10454b099d692b58c361ef93e31af34ed1ef78232e07c78fe99169: collateral 0x2f2a2543b76a4166549f7aab2e75bef0aefc5b0f, LLTV raw 860000000000000000, included lender claim 150438584360 raw loan-token units. The frozen book establishes the exact oracle and borrower-collateral identity, but these dossiers and retained source reviews do not establish complete nested feeds, price-setting authority, fallback independence or consumer-enforced freshness for this exact root. It remains bounded unknown, not oracleless, proven unsafe or priced as standard-external.
base borrower-pricing root 0x97ff9cbd7e77348b2b8ffbb883bf29452ad18295: Book content as of 2026-10-20T19:33:49Z at block 52867741: 0x0ca10126f6c94cbd9cf0a48cc9516ae5e3dec5aa68303e6d988ee37c5149bf0d: collateral 0x2ae3f1ec7f1f5012cfeab0185bfc7aa3cf0dec22, LLTV raw 770000000000000000, included lender claim 4099143614207 raw loan-token units. Exact chain+oracle feed evidence retained from sirloinusdc-steakhouse, original source observation as of 2026-10-15. The following historical source scope is not a refreshed allocation or this vault's market census: Pinned market 0x0ca10126f6c94cbd9cf0a48cc9516ae5e3dec5aa68303e6d988ee37c5149bf0d at block 52630636: collateral 0x2ae3f1ec7f1f5012cfeab0185bfc7aa3cf0dec22, loan 0x833589fcd6edb6e08f4c7c32d4f71b54bda02913, LLTV=770000000000000000/1e18. Oracle 0x97ff9cbd7e77348b2b8ffbb883bf29452ad18295.
base borrower-pricing root 0xd7a1aba119a236fea5bbc5cac6836465cbe9289a: Book content as of 2026-10-20T19:33:49Z at block 52867741: 0x13c42741a359ac4a8aa8287d2be109dcf28344484f91185f9a79bd5a805a55ae: collateral 0xc1cba3fcea344f92d9239c08c0568f6f2f0ee452, LLTV raw 860000000000000000, included lender claim 1454889076222 raw loan-token units. The frozen book establishes the exact oracle and borrower-collateral identity, but these dossiers and retained source reviews do not establish complete nested feeds, price-setting authority, fallback independence or consumer-enforced freshness for this exact root. It remains bounded unknown, not oracleless, proven unsafe or priced as standard-external.
base borrower-pricing root 0xb40d93f44411d8c09ad17d7f88195ef9b05ccd96: Book content as of 2026-10-20T19:33:49Z at block 52867741: 0x1c21c59df9db44bf6f645d854ee710a8ca17b479451447e9f56758aee10a2fad: collateral 0x2ae3f1ec7f1f5012cfeab0185bfc7aa3cf0dec22, LLTV raw 860000000000000000, included lender claim 924025584703 raw loan-token units. The frozen book establishes the exact oracle and borrower-collateral identity, but these dossiers and retained source reviews do not establish complete nested feeds, price-setting authority, fallback independence or consumer-enforced freshness for this exact root. It remains bounded unknown, not oracleless, proven unsafe or priced as standard-external.
base borrower-pricing root 0xfea2d58cefcb9fcb597723c6bae66ffe4193afe4: Book content as of 2026-10-20T19:33:49Z at block 52867741: 0x8793cf302b8ffd655ab97bd1c695dbd967807e8367a65cb2f4edaf1380ba1bda: collateral 0x4200000000000000000000000000000000000006, LLTV raw 860000000000000000, included lender claim 30764037127383 raw loan-token units. Exact chain+oracle feed evidence retained from sparkusdc-spark, original source observation as of 2026-10-15. The following historical source scope is not a refreshed allocation or this vault's market census: Re-read Base block 52630636 (2026-10-15T07:50:19Z): WETH collateral 0x4200000000000000000000000000000000000006, native USDC loan asset, LLTV=86%, oracle 0xfea2d58cefcb9fcb597723c6bae66ffe4193afe4. BASE_FEED_1 and QUOTE_FEED_1 are the only nonzero feeds; both vault conversions and secondary feeds are zero/unity.
base borrower-pricing root 0x663becd10dae6c4a3dcd89f1d76c1174199639b9: Book content as of 2026-10-20T19:33:49Z at block 52867741: 0x9103c3b4e834476c9a62ea009ba2c884ee42e94e6e314a26f04d312434191836: collateral 0xcbb7c0000ab88b473b1f5afd9ef808440eed33bf, LLTV raw 860000000000000000, included lender claim 375843909420922 raw loan-token units. Exact chain+oracle feed evidence retained from sirloinusdc-steakhouse, original source observation as of 2026-10-15. The following historical source scope is not a refreshed allocation or this vault's market census: Pinned market 0x9103c3b4e834476c9a62ea009ba2c884ee42e94e6e314a26f04d312434191836 at block 52630636: collateral 0xcbb7c0000ab88b473b1f5afd9ef808440eed33bf, loan 0x833589fcd6edb6e08f4c7c32d4f71b54bda02913, LLTV=860000000000000000/1e18. Oracle 0x663becd10dae6c4a3dcd89f1d76c1174199639b9.
base borrower-pricing root 0x957e76d8f2d3ab0b4f342cd5f4b03a6f6ef2ce5f: Book content as of 2026-10-20T19:33:49Z at block 52867741: 0xa066f3893b780833699043f824e5bb88b8df039886f524f62b9a1ac83cb7f1f0: collateral 0xc1cba3fcea344f92d9239c08c0568f6f2f0ee452, LLTV raw 860000000000000000, included lender claim 0 raw loan-token units. The frozen book establishes the exact oracle and borrower-collateral identity, but these dossiers and retained source reviews do not establish complete nested feeds, price-setting authority, fallback independence or consumer-enforced freshness for this exact root. It remains bounded unknown, not oracleless, proven unsafe or priced as standard-external.
base borrower-pricing root 0x4756c26e01e61c7c2f86b10f4316e179db8f9425: Book content as of 2026-10-20T19:33:49Z at block 52867741: 0xdba352d93a64b17c71104cbddc6aef85cd432322a1446b5b65163cbbc615cd0c: collateral 0x2ae3f1ec7f1f5012cfeab0185bfc7aa3cf0dec22, LLTV raw 860000000000000000, included lender claim 1164 raw loan-token units. Exact chain+oracle feed evidence retained from cscbusdc-clearstar, original source observation as of 2026-10-15. The following historical source scope is not a refreshed allocation or this vault's market census: Exact adapter market census binds 0xdba352d93a64b17c71104cbddc6aef85cd432322a1446b5b65163cbbc615cd0c to this oracle and the recorded collateral/LLTV. Pinned composer getters identify the listed external feed inputs; zero inputs use the documented neutral factor. This is external pricing, not independently redundant failover. Heartbeats and an end-to-end protective freshness bound are not established.
ethereum borrower-pricing root 0xf1561bc4b3d1ba49053986fb9ee88d4fe22d0cf4: Book content as of 2026-10-20T19:53:59Z at block 26236015: 0x09dc9e7eb5d8fc54b2bc41d1135fd4e99057a580f680321faeb90c7a21e631c1: collateral 0x2260fac5e5542a773aa44fbcfedf7c193bc2c599, LLTV raw 860000000000000000, included lender claim 282537792141 raw loan-token units. Exact chain+oracle feed evidence retained from gtusdtp-gauntlet, original source observation as of 2026-10-15. The following historical source scope is not a refreshed allocation or this vault's market census: At Ethereum block 26197394, market 0x3c5a244b778095e1e1b2e44b7c2ecc9bf4fda9cd85cc22740e09205a7a4bf510 uses this exact 45-byte EIP-1167 clone of MetaOracleDeviationTimelock 0x9b4655239e91dc9e1f7599bb88fba41b4542de5b. primaryOracle=0x8c9464d99512dcd6f80be72aac20dafd9ea2c831; backupOracle=0x09dbf9502d43445b33883837a51d06fc9b9cdec4; currentOracle=0x8c9464d99512dcd6f80be72aac20dafd9ea2c831. Deviation threshold is 2%, challenge duration 7200 seconds and healing duration 28800 seconds; both pending clocks are zero. Exact primary/backup composer feeds are listed below. Published heartbeat intervals are source update targets, not consumer-enforced freshness bounds or independent-redundancy proof.
ethereum borrower-pricing root 0xdddd770badd886df3864029e4b377b5f6a2b6b83: Book content as of 2026-10-20T19:53:59Z at block 26236015: 0x3a85e619751152991742810df6ec69ce473daef99e28a64ab2340d7b7ccfee49: collateral 0x2260fac5e5542a773aa44fbcfedf7c193bc2c599, LLTV raw 860000000000000000, included lender claim 27004779343712 raw loan-token units. Exact chain+oracle feed evidence retained from armusdcs-wintermute, original source observation as of 2026-10-21. The following historical source scope is not a refreshed allocation or this vault's market census: Current pin26237350 binds all three required WBTC/BTC, BTC/USD and USDC/USD formula legs to OCR2 aggregators a5e3a55c/4a3411ac/54bcc589. Exact active config digests join their ConfigSet logs: report signature thresholds6/16,11/31 and6/16 respectively. All share the same owner Safe4/9, so composition and separate signer sets do not establish independent failover.
ethereum borrower-pricing root 0xa6d6950c9f177f1de7f7757fb33539e3ec60182a: Book content as of 2026-10-20T19:53:59Z at block 26236015: 0x64d65c9a2d91c36d56fbc42d69e979335320169b3df63bf92789e2c8883fcc64: collateral 0xcbb7c0000ab88b473b1f5afd9ef808440eed33bf, LLTV raw 860000000000000000, included lender claim 71559178306051 raw loan-token units. Exact chain+oracle feed evidence retained from armusdcs-wintermute, original source observation as of 2026-10-21. The following historical source scope is not a refreshed allocation or this vault's market census: At block26237350 the sole BTC/USD feed 0xf4030086522a5beea4988f8ca5b36dbc97bee88c points to OCR2 aggregator 0x4a3411ac2948b33c69666b35cc6d055b27ea84f1. Current config digest matches ConfigSet at block25296199:31 registered signers/transmitters, f10 and11 required report signatures. Proxy/aggregator owner is Safe0x21f73d42eb58ba49ddb685dc29d3bf5c0f0373ca, threshold4/9. This is one aggregated price source, not independent failover or proof of human signer independence.
ethereum borrower-pricing root 0xe087ad7fe989cf63f8383579d160a20ee7e69f9f: Book content as of 2026-10-20T19:53:59Z at block 26236015: 0x7e585a933ffe8443c371b4f8cfeb4430f5f6a14c2f32a898c26662c67a1cb8b8: collateral 0x7f39c581f595b53c5cb19bd0b3f8da6c935e2ca0, LLTV raw 860000000000000000, included lender claim 2306557231951 raw loan-token units. Exact chain+oracle feed evidence retained from gtusdtp-gauntlet, original source observation as of 2026-10-15. The following historical source scope is not a refreshed allocation or this vault's market census: At Ethereum block 26197394, adapter market 0x6a57d77b9a173c5ed10d432e7009dd1ee9a97fac62a7bc970b4bd715e2fff5c8 binds this oracle to wstETH collateral and immutable LLTV 86%. Current nonzero composer inputs: BASE_FEED_1=0x4f67e4d9bd67efa28236013288737d39aef48e79, BASE_FEED_2=0xc0053f3fbccd593758258334dfce24c2a9a673ad. Pinned getters, feed descriptions and deployed source identities match the recorded addresses. Published Chainlink heartbeats describe upstream update targets; no consumer-enforced updatedAt limit or independent failover is established. The immutable WstETHPriceFeed points to stETH/ETH 0x86392dc19c0b719886221c78ab11eb8cf5c52812 and wstETH 0x7f39c581f595b53c5cb19bd0b3f8da6c935e2ca0; it calculates stETHPrice times 10^18 divided by tokensPerStEth(), retaining the underlying round timestamps.
ethereum borrower-pricing root 0x0f948cba8231db7898ef36a4212581ad7b1b4580: Book content as of 2026-10-20T19:53:59Z at block 26236015: 0x94b823e6bd8ea533b4e33fbc307faea0b307301bc48763acc4d4aa4def7636cd: collateral 0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2, LLTV raw 860000000000000000, included lender claim 1703525167267 raw loan-token units. Exact chain+oracle feed evidence retained from steakcusdc-steakhouse, original source observation as of 2026-10-15. The following historical source scope is not a refreshed allocation or this vault's market census: At Ethereum block 26196563 (2026-10-15T07:57:11Z), exact engine parameters match the complete adapter census; LLTV is 86%. Composer inputs: BASE_FEED_1()=0xc0053f3fbccd593758258334dfce24c2a9a673ad, BASE_FEED_2()=0x0000000000000000000000000000000000000000, BASE_VAULT()=0x0000000000000000000000000000000000000000, BASE_VAULT_CONVERSION_SAMPLE()=1, QUOTE_FEED_1()=0x0000000000000000000000000000000000000000, QUOTE_FEED_2()=0x0000000000000000000000000000000000000000, QUOTE_VAULT()=0x0000000000000000000000000000000000000000, QUOTE_VAULT_CONVERSION_SAMPLE()=1, SCALE_FACTOR()=10000000000000000. Proxy 0xc0053f3fbccd593758258334dfce24c2a9a673ad owner=0x21f73d42eb58ba49ddb685dc29d3bf5c0f0373ca; aggregator=0xad88fc1a810379ef4efbf2d97ede57e306178e5a. ETH/USD prices the wrapped ETH collateral with no separate quote feed.
ethereum borrower-pricing root 0x48f7e36eb6b826b2df4b2e630b62cd25e89e40e2: Book content as of 2026-10-20T19:53:59Z at block 26236015: 0xb323495f7e4148be5643a4ea4a8221eef163e4bccfdedc2a6f4696baacbc86cc: collateral 0x7f39c581f595b53c5cb19bd0b3f8da6c935e2ca0, LLTV raw 860000000000000000, included lender claim 5435579894662 raw loan-token units. Exact chain+oracle feed evidence retained from armusdcs-wintermute, original source observation as of 2026-10-21. The following historical source scope is not a refreshed allocation or this vault's market census: At pin26237350 the exact WstETHPriceFeed combines wstETH's stETH-share conversion with Chainlink stETH/ETH0x86392dc19c0b719886221c78ab11eb8cf5c52812; the Morpho quote leg is0x986b5e1e1755e3c2440e960477f25201b0a8bbd4. Their live OCR aggregators c9c8efa8/26ae9b95 each require6 signatures from16 registered signers, matched to current config digests. Both share owner Safe4/9, not independent failover.
ethereum borrower-pricing root 0x9f983115741d0f7f2eae07831415057ad3de34d2: Book content as of 2026-10-20T19:53:59Z at block 26236015: 0xbc99de6a88904cd0e69042ad6f266e63182801f030c636507c3caf590ffd84fe: collateral 0xcbb7c0000ab88b473b1f5afd9ef808440eed33bf, LLTV raw 860000000000000000, included lender claim 60240516584 raw loan-token units. Exact chain+oracle feed evidence retained from gtusdtp-gauntlet, original source observation as of 2026-10-15. The following historical source scope is not a refreshed allocation or this vault's market census: At Ethereum block 26197394, market 0x4fe72543c5c95cd6b5f3cb516cd235ba882e2e705fe3424db6f99dfe5811d0d3 uses this exact 45-byte EIP-1167 clone of MetaOracleDeviationTimelock 0x9b4655239e91dc9e1f7599bb88fba41b4542de5b. primaryOracle=0x8c9464d99512dcd6f80be72aac20dafd9ea2c831; backupOracle=0x0acdc416c592a592edf2e64b178aa8d4d47e05a8; currentOracle=0x8c9464d99512dcd6f80be72aac20dafd9ea2c831. Deviation threshold is 2%, challenge duration 7200 seconds and healing duration 28800 seconds; both pending clocks are zero. Exact primary/backup composer feeds are listed below. Published heartbeat intervals are source update targets, not consumer-enforced freshness bounds or independent-redundancy proof.

Reviewed 2026-10-21

gtUSDCp

All routes native

4 routes on 3 chains, all native.

Confidence: Verified

Routes by chain (4)

Equal widths, supply split unavailable

Review notes & sources (17)

The four registered contracts are distinct, independently priced ERC-4626 vault products, not fungible deployments of one cross-chain gtUSDCp liability. Each vault issues and burns its own shares against local USDC without canonical gtUSDCp escrow. The Prime brand alone does not establish that all same-name vaults belong in this asset. Current CoinGecko identity gauntlet-usdc-prime names only Ethereum V2, while this catalog also retains Base V1, Base V2 and Arbitrum V1.1; the older Ethereum V1 is separately registered as gtusdc-gauntlet. The prior complete-family inventory and transfer-census conclusion is withdrawn. Re-admission is deferred pending a reconciled catalog liability scope and evidence that its deployment set and published aggregate are complete for that scope.

Reviewed 2026-10-09

gtUSDCp

Upstream

Freeze power sits upstream with USD Coin rather than in this token's own contract.

Sourced review

Power and scope

Upstreamvia USD Coin

PowerUpstream

ScopeCanonical · Permissionless×3

Reviewed deployments (3)

ArbitrumCanonical · Permissionless
BaseCanonical · Permissionless
EthereumCanonical · Permissionless

Transfer posture reviewed 2026-10-01.

Review notes & sources (12)

Upstream from parent USDC, with no active or dormant direct holder-transfer/redemption control on either material vault. Re-verified at ethereum@26224762 (2026-10-19T06:14:35+00:00, hash 0xef45b71f129dac5f794f4506dee4ca47f3cdd7e41c6e75f53d66512c8c505fc5), base@52800568 (2026-10-19T06:14:43+00:00, hash 0xcd3dde2cc9f64776485d2e55a1d634bc06a6679e0453363c669a24f2f35d1dc1) and arbitrum@516203678 (2026-10-19T06:14:42+00:00, hash 0xea3aab11ddf4f49da0170f8473d145648ab5a005ebbe34a275c8fa65ff604ef7). Ethereum VaultV2 0x8c106eedad96553e64287a5a6839c3cc78afa3d0, Base MetaMorpho 0xee8f4ec5672f09119b96ab6fb59c27e1b7e44b61 and Arbitrum MetaMorphoV1_1 0x7c574174da4b2be3f705c6244b4bfa0815a8b3ed have totalAssets() of 116,730,805.278899, 413,388,166.134700 and 464,049.894023 USDC. Their measured NAV shares are 22.0005%, 77.9121% and 0.0875% of $530,583,021.307622 [INFERENCE: aggregate observed NAV is the cross-deployment supply proxy where runtime chain shares are absent]; share-count weights independently yield 23.2410%, 76.6666% and 0.0924%. Ethereum and Base are therefore material and Arbitrum peripheral. Ethereum all four gate getters are zero, and abdicated(selector)=true for BOTH share-gate setters AND setReceiveAssetsGate(address), each with stored 604800-second timelock; exact source prevents executing permanently abdicated functions. setSendAssetsGate remains mutable with a seven-day delay, but is checked only for deposits/mints in enter(), never holder transfers or withdraw/redeem exit(). Base and Arbitrum exact verified implementations retain ordinary ERC-20 transfers and ERC-4626 withdrawals, without mutable holder allowlist/withdrawal limiter, blacklist, freeze or global transfer pause. Corrected EIP-1967 implementation, admin and beacon slots are zero on all three; the immutable exact sources, rather than zero slots alone, establish non-upgradeability. Local asset() reads return native USDC on each chain. The prior October 1 implementation/gate facts remain valid, with the exit-gate abdication now made explicit. The declared parent usdc-circle has active issuer blacklist authority; holder claims remain exposed even when assets are deployed into Morpho strategies. Parent inheritance sets Upstream without requiring an independently measured reserve-majority claim. Permissionless exit logic is not guaranteed immediate liquidity; Circle freeze and ordinary market-liquidity risks are not removed.

Reviewed 2026-10-19

gtUSDCp

MiCA out of scope

MiCA (EU): Out of scope

gtUSDCp is out of MiCA scope.

Sources (2)

Dependencies

gtUSDCp Dependency context

Open in Dependency Map

Underlying asset

USD CoinUSDC

Modeled as a strategy vault variant of USDC.

Strategy

Related tracked variants: spUSDC, gtUSDC, krUSDC, arcUSDC, armUSDCs, pendleUSDC, yvUSDC-1, steakUSDC, bbqUSDC, earnUSD, hyperUSDCa, bbqUSDC, CSCBUSDC, steakcUSDC, ethenaUSDC, sparkUSDC, sUSDC, AA_FalconXUSDC, USD3, pUSD, syrupUSDC, yoUSD, autoUSD, eEARN, DUSD, YUSD, stUSD, KPK_USDC_Prime, sirloinUSDC, KPK_USDC_Yield, gUSDCq.

Key links

Website Twitter Docs

gtUSDCp Contracts

4 deployments tracked across Ethereum, Base, Arbitrum, and Base.

Primary contract

Ethereum

0x8c10...a3d0

View on Ethereum explorer

Ethereum0x8c10...a3d0

Base0xee8f...4b61

Arbitrum0x7c57...b3ed

Base0x050c...56f0

Contract addresses (4)

Ethereum 0x8c106eedad96553e64287a5a6839c3cc78afa3d0
Base 0xee8f4ec5672f09119b96ab6fb59c27e1b7e44b61
Arbitrum 0x7c574174da4b2be3f705c6244b4bfa0815a8b3ed
Base 0x050ce30b927da55177a4914ec73480238bad56f0

Supply & Liquidity

Yield

History

Explore

Explore next

Move from this coin into the next useful surface: peer benchmarks, taxonomy cohorts, or live trackers that add context to what you just read.

Peers

All US Dollar stablecoins

Taxonomy

All US Dollar stablecoins CeFi-Dependent stablecoins Crypto-Collateralized stablecoins

Trackers

Stablecoin safety scores DEX liquidity rankings Depeg tracker See all protocol-position stablecoins

Actions

Open gtUSDCp in live compare Set gtUSDCp Telegram alerts Browse stablecoin comparisons Read the daily digest Use the Pharos API

Profile

gtUSDCp profile facts

Gauntlet USDC Prime (gtUSDCp) static profile: governance model CeFi-Dependent; backing model Crypto-Collateralized; peg USDC-denominated NAV.

CeFi-Dependent Crypto-Collateralized USDC-denominated NAV

Variant relationship

Gauntlet USDC Prime (gtUSDCp) is modeled as a strategy vault variant of USD Coin (USDC). Pharos treats parent stress, redemption, mint authority, and dependency context as relevant to this variant before interpreting its own live metrics.

Strategy vault variantSpark Savings USDC (spUSDC)Gauntlet USDC Prime V1 (gtUSDC)Keyrock Prime USDC (krUSDC)Galaxy USDC (arcUSDC)

Collateral: USDC supplied to Gauntlet-curated on-chain strategies. Ethereum uses Morpho Vault V2; Base uses MetaMorpho and Arbitrum uses MetaMorphoV1_1. Market allocations and collateral exposures are dynamic.
Peg mechanism: Each ERC-4626 vault share is a claim on that exact vault's chain-local USDC assets, with an independent exchange rate affected by interest, fees and realized losses. Shares in different Prime vaults are not interchangeable; redemptions depend on the selected vault's available liquidity.
Jurisdiction: Not disclosed in the static profile.
Proof of reserves: No proof-of-reserves entry in the static profile.
Contracts: 4 deployments tracked across Ethereum, Base, Arbitrum, and Base.

Source: Pharos registry profile fields. Live price, supply, reserve, liquidity, event, and safety data load in the interactive dossier on this page.

gtUSDCp quick answers

What is Gauntlet USDC Prime (gtUSDCp)?

Ethereum Gauntlet USDC Prime V2 vault share; the Base and Arbitrum Prime vaults are separate, non-fungible tokens outside its market cap. The static profile records its USDC-denominated NAV accounting mechanism as: Each ERC-4626 vault share is a claim on that exact vault's chain-local USDC assets, with an independent exchange rate affected by interest, fees and realized losses.

Is gtUSDCp safe?

As of Nov 8, 2026, Pharos grades gtUSDCp B- (65/100) on its Safety Score. Pharos's reviews record that freeze exposure is inherited through upstream collateral, custody or wrappers, and any holder can use its reviewed redemption route. That grade is in the Score's upper band, which does not rule out losses. The grade moves as reserve, redemption, peg and control evidence changes; the live Safety Score on this page shows the current reading.

What backs gtUSDCp?

Pharos records gtUSDCp's reserves in its review of Jul 14, 2026 as 100% Gauntlet USDC Prime deployed strategy positions. Reserve evidence: live reserve feed configured. Pharos classifies the backing as Crypto-Collateralized.

Can gtUSDCp be frozen or blacklisted?

Based on tracked contract metadata and blacklist coverage, freeze exposure is inherited through upstream collateral, custody, or wrapper dependencies.

How do you redeem gtUSDCp?

Under the route Pharos reviewed on May 12, 2026, any holder can redeem gtUSDCp for a single stable asset, such as cash or a stablecoin. Redemption settles atomically on-chain. The reviewed terms charge no percentage redemption fee. Whether a given holder qualifies is set by the route's own terms, not by this summary.

Control evidence

gtUSDCp Mint Authority

gtUSDCp wraps USDC and inherits its mint risk; admin powers are bounded.

Confidence: VerifiedInherits USDC mint riskControl posture: Wrapper / inherited

Control map

IssuerWrapped / inherited

ControlsWrapper×3Governor Safe4/6Governor Safe4/7

SupplygtUSDCpBounded admin

Scoring breakdown

Derived posture Unknown

Component score Loading

The current Safety Score publication is loading; reviewed mint authority evidence is shown below.

Primary controls (7)

Gauntlet USDC Prime Vault V2 Ethereum (immutable share accounting)
Wrapper / Contract
ethereum / 0x8c106e...afa3d0
MintNone
User shares are issued against deposited USDC; the contract also mints accrued performance and management fee shares. The verified immutable vault does not give its owner a direct arbitrary share-mint function. Owner 0xc684c6587712e5e7bdf9fd64415f23bd2b05faec is a 4-of-7 Safe.
Gauntlet USDC Prime MetaMorpho Base (immutable share accounting)
Wrapper / Contract
base / 0xee8f4e...e44b61
MintNone
User shares are issued against deposited Base USDC; the contract also mints accrued performance fee shares. Owner 0x5a4e19842e09000a582c20a4f524c26fb48dd4d0 is a 4-of-7 Safe that manages parameters but cannot replace the immutable vault bytecode.
Gauntlet USDC Prime MetaMorphoV1_1 Arbitrum (immutable share accounting)
Wrapper / Contract
arbitrum / 0x7c5741...a8b3ed
MintNone
User shares are issued against deposited Arbitrum USDC; the contract also mints accrued performance fee shares. Owner 0x5a4e19842e09000a582c20a4f524c26fb48dd4d0 is a 3-of-7 Safe that manages parameters but cannot replace the immutable vault bytecode.
Gauntlet USDC Prime Ethereum owner parameter authority
Governor / Safe
ethereum / 0xc684c6...05faec
MintParameter-onlySetupSafe, 4/6 thresholdSafe modules/guardNo modules or guards detected
Owner-held VaultV2 parameter and allocation authority; no arbitrary share mint or mutable-bytecode power is established. Selector-specific delays are not a blanket execution delay.
Gauntlet USDC Prime Base owner parameter authority
Governor / Safe
base / 0x5a4e19...8dd4d0
MintParameter-onlySetupSafe, 4/7 thresholdSafe modules/guardNo modules or guards detected
Owner parameter authority over immutable MetaMorpho. No arbitrary share mint, code replacement or exact key-custody/independence credit is inferred.
Gauntlet USDC Prime Arbitrum owner parameter authority
Governor / Safe
arbitrum / 0x5a4e19...8dd4d0
MintParameter-onlySetupSafe, 3/7 thresholdSafe modules/guardNo modules or guards detected
Owner parameter authority over immutable MetaMorphoV1_1. No arbitrary share mint, code replacement or exact key-custody/independence credit is inferred.
Inherited Ethereum USDC MasterMinter
Minter admin / Contract
ethereum / 0xe98261...e3de17
MintCan authorize

Review notes & sources (19)

Control posture

The token is classified primarily as a wrapper whose control posture depends on an underlying asset or parent system.

CeFi-Dependent is the broader governance classification. Control posture describes more precisely where operational authority sits.

Control posture is not a Safety Score input. Economic Control is scored from the reviewed mint authority, oracle and bridge evidence.

gtUSDCp is a tracked variant of USD Coin (USDC); this posture describes wrapper-level control inherited from that parent.

Reviewed 2026-10-21

gtUSDCp Collateral pricing & liquidation

Opaque / unknown

18 branches price collateral from an undisclosed pricing method.

Oracle review: Probable

Max LTV94.5%

Pricing path

SourcesMorphoChainlinkOracleV2EACAggregatorProxyChainlink WBTC/BTC OCR2; 6-of-16 active report-signature requirement+9 more

AggregatorOpaque / unknown22 feeds · 18 branches

ConsumerLiquidation engine

Branches

First 5 of 18 · debt shares not measured

arbitrum borrower-pricing root 0x8e02a9b9cc29d783b2fcb71c3a72651b591cae31Pricing tier: Opaque / unknownMax LTV 86%
arbitrum borrower-pricing root 0x52cc7c3b27bb61d0a83785b5344acc919f8f7124Pricing tier: Opaque / unknownMax LTV 94.5%
arbitrum borrower-pricing root 0x282feb10549fde52bd61a6979424ddf18a4971a2Pricing tier: Opaque / unknownMax LTV 86%
arbitrum borrower-pricing root 0x88193fcb705d29724a40bb818ecaa47dd5f014d9Pricing tier: Opaque / unknownMax LTV 86%
base borrower-pricing root 0x97ff9cbd7e77348b2b8ffbb883bf29452ad18295Pricing tier: Standard externalMax LTV 77%

+ 13 more branches under Feeds, parameters & failure behavior

Feeds, parameters & failure behavior

Feeds

Morpho idToMarketParams(marketId).oracle / price() · MorphoChainlinkOracleV2 · Base · read by 3 branches
BASE_FEED_1() · EACAggregatorProxy · Base · read by 3 branches
QUOTE_FEED_1() · EACAggregatorProxy · Base
BASE_FEED_1: cbETH-ETH Exchange Rate · EACAggregatorProxy · Base
BASE_FEED_2: ETH / USD · EACAggregatorProxy · Base
QUOTE_FEED_1: USDC / USD · EACAggregatorProxy · Base
Primary composer BASE_FEED_1: BTC / USD · EACAggregatorProxy · Ethereum · 1h heartbeat
Backup composer BASE_FEED_1: WBTC / BTC · EACAggregatorProxy · Ethereum · 1d heartbeat
Backup composer BASE_FEED_2: BTC / USD · EACAggregatorProxy · Ethereum · 1h heartbeat
baseFeedOne of 0xdddd770badd886df3864029e4b377b5f6a2b6b83 for market 0x3a85e619751152991742810df6ec69ce473daef99e28a64ab2340d7b7ccfee49 · Chainlink WBTC/BTC OCR2; 6-of-16 active report-signature requirement · Ethereum
baseFeedTwo of 0xdddd770badd886df3864029e4b377b5f6a2b6b83 for market 0x3a85e619751152991742810df6ec69ce473daef99e28a64ab2340d7b7ccfee49 · Chainlink BTC/USD OCR2; 11-of-31 active report-signature requirement · Ethereum
quoteFeedOne of 0xdddd770badd886df3864029e4b377b5f6a2b6b83 for market 0x3a85e619751152991742810df6ec69ce473daef99e28a64ab2340d7b7ccfee49 · Chainlink USDC/USD OCR2; 6-of-16 active report-signature requirement · Ethereum
baseFeedOne of 0xa6d6950c9f177f1de7f7757fb33539e3ec60182a for market 0x64d65c9a2d91c36d56fbc42d69e979335320169b3df63bf92789e2c8883fcc64 · Chainlink BTC/USD OCR2; exact report quorum and mutable owner reviewed · Ethereum
BASE_FEED_1: Custom price feed for wstETH / ETH · WstETHPriceFeed · Ethereum
BASE_FEED_2: ETH / USD · EACAggregatorProxy · Ethereum · 1h heartbeat
WstETHPriceFeed.stETHtoETHPriceFeed: stETH / ETH; multiplied by wstETH exchange rate · Chainlink EACAggregatorProxy · Ethereum · 1d heartbeat
IOracle.price for market 0x94b823e6bd8ea533b4e33fbc307faea0b307301bc48763acc4d4aa4def7636cd · Morpho immutable market oracle · Ethereum
BASE_FEED_1() · Chainlink ETH / USD · Ethereum
baseFeedOne of 0x48f7e36eb6b826b2df4b2e630b62cd25e89e40e2 for market 0xb323495f7e4148be5643a4ea4a8221eef163e4bccfdedc2a6f4696baacbc86cc · WstETH conversion plus Chainlink stETH/ETH OCR2; 6-of-16 active report-signature requirement · Ethereum
quoteFeedOne of 0x48f7e36eb6b826b2df4b2e630b62cd25e89e40e2 for market 0xb323495f7e4148be5643a4ea4a8221eef163e4bccfdedc2a6f4696baacbc86cc · Chainlink quote-leg OCR2; 6-of-16 active report-signature requirement · Ethereum
Primary MorphoChainlinkOracleV2 BASE_FEED_1: BTC / USD · EACAggregatorProxy · Ethereum · 1h heartbeat
Backup MorphoChainlinkOracleV2 BASE_FEED_1: cbBTC / USD · EACAggregatorProxy · Ethereum · 1d heartbeat

base borrower-pricing root 0xd7a1aba119a236fea5bbc5cac6836465cbe9289aPricing tier: Opaque / unknownMax LTV 86%
base borrower-pricing root 0xb40d93f44411d8c09ad17d7f88195ef9b05ccd96Pricing tier: Opaque / unknownMax LTV 86%
base borrower-pricing root 0xfea2d58cefcb9fcb597723c6bae66ffe4193afe4Pricing tier: Standard externalMax LTV 86%
base borrower-pricing root 0x663becd10dae6c4a3dcd89f1d76c1174199639b9Pricing tier: Standard externalMax LTV 86%
base borrower-pricing root 0x957e76d8f2d3ab0b4f342cd5f4b03a6f6ef2ce5fPricing tier: Opaque / unknownMax LTV 86%
base borrower-pricing root 0x4756c26e01e61c7c2f86b10f4316e179db8f9425Pricing tier: Standard externalMax LTV 86%
ethereum borrower-pricing root 0xf1561bc4b3d1ba49053986fb9ee88d4fe22d0cf4Pricing tier: Standard externalMax LTV 86%
ethereum borrower-pricing root 0xdddd770badd886df3864029e4b377b5f6a2b6b83Pricing tier: Standard externalMax LTV 86%
ethereum borrower-pricing root 0xa6d6950c9f177f1de7f7757fb33539e3ec60182aPricing tier: Standard externalMax LTV 86%
ethereum borrower-pricing root 0xe087ad7fe989cf63f8383579d160a20ee7e69f9fPricing tier: Standard externalMax LTV 86%
ethereum borrower-pricing root 0x0f948cba8231db7898ef36a4212581ad7b1b4580Pricing tier: Standard externalMax LTV 86%
ethereum borrower-pricing root 0x48f7e36eb6b826b2df4b2e630b62cd25e89e40e2Pricing tier: Standard externalMax LTV 86%
ethereum borrower-pricing root 0x9f983115741d0f7f2eae07831415057ad3de34d2Pricing tier: Standard externalMax LTV 86%

arbitrum borrower-pricing root 0x8e02a9b9cc29d783b2fcb71c3a72651b591cae31

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

Exact nested fallback, operator independence and source freshness remain unresolved; no alternative or successful price call is inferred from market membership.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

arbitrum borrower-pricing root 0x52cc7c3b27bb61d0a83785b5344acc919f8f7124

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

Exact nested fallback, operator independence and source freshness remain unresolved; no alternative or successful price call is inferred from market membership.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

arbitrum borrower-pricing root 0x282feb10549fde52bd61a6979424ddf18a4971a2

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

Exact nested fallback, operator independence and source freshness remain unresolved; no alternative or successful price call is inferred from market membership.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

arbitrum borrower-pricing root 0x88193fcb705d29724a40bb818ecaa47dd5f014d9

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

Exact nested fallback, operator independence and source freshness remain unresolved; no alternative or successful price call is inferred from market membership.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

base borrower-pricing root 0x97ff9cbd7e77348b2b8ffbb883bf29452ad18295

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

base borrower-pricing root 0xd7a1aba119a236fea5bbc5cac6836465cbe9289a

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

Exact nested fallback, operator independence and source freshness remain unresolved; no alternative or successful price call is inferred from market membership.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

base borrower-pricing root 0xb40d93f44411d8c09ad17d7f88195ef9b05ccd96

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

Exact nested fallback, operator independence and source freshness remain unresolved; no alternative or successful price call is inferred from market membership.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

base borrower-pricing root 0xfea2d58cefcb9fcb597723c6bae66ffe4193afe4

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

base borrower-pricing root 0x663becd10dae6c4a3dcd89f1d76c1174199639b9

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

base borrower-pricing root 0x957e76d8f2d3ab0b4f342cd5f4b03a6f6ef2ce5f

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

Exact nested fallback, operator independence and source freshness remain unresolved; no alternative or successful price call is inferred from market membership.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

base borrower-pricing root 0x4756c26e01e61c7c2f86b10f4316e179db8f9425

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

ethereum borrower-pricing root 0xf1561bc4b3d1ba49053986fb9ee88d4fe22d0cf4

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

ethereum borrower-pricing root 0xdddd770badd886df3864029e4b377b5f6a2b6b83

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

ethereum borrower-pricing root 0xa6d6950c9f177f1de7f7757fb33539e3ec60182a

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

ethereum borrower-pricing root 0xe087ad7fe989cf63f8383579d160a20ee7e69f9f

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

ethereum borrower-pricing root 0x0f948cba8231db7898ef36a4212581ad7b1b4580

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

ethereum borrower-pricing root 0x48f7e36eb6b826b2df4b2e630b62cd25e89e40e2

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

ethereum borrower-pricing root 0x9f983115741d0f7f2eae07831415057ad3de34d2

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

Review notes & sources (80)

arbitrum borrower-pricing root 0x8e02a9b9cc29d783b2fcb71c3a72651b591cae31: Book content as of 2026-10-20T19:51:58Z at block 516698233: 0x33e0c8ab132390822b07e5dc95033cf250c963153320b7ffca73220664da2ea0: collateral 0x5979d7b546e38e414f7e9822514be443a4800529, LLTV raw 860000000000000000, included lender claim 82608481965 raw loan-token units. The frozen book establishes the exact oracle and borrower-collateral identity, but these dossiers and retained source reviews do not establish complete nested feeds, price-setting authority, fallback independence or consumer-enforced freshness for this exact root. It remains bounded unknown, not oracleless, proven unsafe or priced as standard-external.
arbitrum borrower-pricing root 0x52cc7c3b27bb61d0a83785b5344acc919f8f7124: Book content as of 2026-10-20T19:51:58Z at block 516698233: 0x77fe2f7c2dd6f4da6bc5f445b06052ff8df55cb70cfce9afc16ec3c69a5fd3a3: collateral 0xddb46999f8891663a8f2828d25298f70416d7610, LLTV raw 945000000000000000, included lender claim 152670468909 raw loan-token units. The frozen book establishes the exact oracle and borrower-collateral identity, but these dossiers and retained source reviews do not establish complete nested feeds, price-setting authority, fallback independence or consumer-enforced freshness for this exact root. It remains bounded unknown, not oracleless, proven unsafe or priced as standard-external.
arbitrum borrower-pricing root 0x282feb10549fde52bd61a6979424ddf18a4971a2: Book content as of 2026-10-20T19:51:58Z at block 516698233: 0xca83d02be579485cc10945c9597a6141e772f1cf0e0aa28d09a327b6cbd8642c: collateral 0x82af49447d8a07e3bd95bd0d56f35241523fbab1, LLTV raw 860000000000000000, included lender claim 78335288678 raw loan-token units. The frozen book establishes the exact oracle and borrower-collateral identity, but these dossiers and retained source reviews do not establish complete nested feeds, price-setting authority, fallback independence or consumer-enforced freshness for this exact root. It remains bounded unknown, not oracleless, proven unsafe or priced as standard-external.
arbitrum borrower-pricing root 0x88193fcb705d29724a40bb818ecaa47dd5f014d9: Book content as of 2026-10-20T19:51:58Z at block 516698233: 0xe6392ff19d10454b099d692b58c361ef93e31af34ed1ef78232e07c78fe99169: collateral 0x2f2a2543b76a4166549f7aab2e75bef0aefc5b0f, LLTV raw 860000000000000000, included lender claim 150438584360 raw loan-token units. The frozen book establishes the exact oracle and borrower-collateral identity, but these dossiers and retained source reviews do not establish complete nested feeds, price-setting authority, fallback independence or consumer-enforced freshness for this exact root. It remains bounded unknown, not oracleless, proven unsafe or priced as standard-external.
base borrower-pricing root 0x97ff9cbd7e77348b2b8ffbb883bf29452ad18295: Book content as of 2026-10-20T19:33:49Z at block 52867741: 0x0ca10126f6c94cbd9cf0a48cc9516ae5e3dec5aa68303e6d988ee37c5149bf0d: collateral 0x2ae3f1ec7f1f5012cfeab0185bfc7aa3cf0dec22, LLTV raw 770000000000000000, included lender claim 4099143614207 raw loan-token units. Exact chain+oracle feed evidence retained from sirloinusdc-steakhouse, original source observation as of 2026-10-15. The following historical source scope is not a refreshed allocation or this vault's market census: Pinned market 0x0ca10126f6c94cbd9cf0a48cc9516ae5e3dec5aa68303e6d988ee37c5149bf0d at block 52630636: collateral 0x2ae3f1ec7f1f5012cfeab0185bfc7aa3cf0dec22, loan 0x833589fcd6edb6e08f4c7c32d4f71b54bda02913, LLTV=770000000000000000/1e18. Oracle 0x97ff9cbd7e77348b2b8ffbb883bf29452ad18295.
base borrower-pricing root 0xd7a1aba119a236fea5bbc5cac6836465cbe9289a: Book content as of 2026-10-20T19:33:49Z at block 52867741: 0x13c42741a359ac4a8aa8287d2be109dcf28344484f91185f9a79bd5a805a55ae: collateral 0xc1cba3fcea344f92d9239c08c0568f6f2f0ee452, LLTV raw 860000000000000000, included lender claim 1454889076222 raw loan-token units. The frozen book establishes the exact oracle and borrower-collateral identity, but these dossiers and retained source reviews do not establish complete nested feeds, price-setting authority, fallback independence or consumer-enforced freshness for this exact root. It remains bounded unknown, not oracleless, proven unsafe or priced as standard-external.
base borrower-pricing root 0xb40d93f44411d8c09ad17d7f88195ef9b05ccd96: Book content as of 2026-10-20T19:33:49Z at block 52867741: 0x1c21c59df9db44bf6f645d854ee710a8ca17b479451447e9f56758aee10a2fad: collateral 0x2ae3f1ec7f1f5012cfeab0185bfc7aa3cf0dec22, LLTV raw 860000000000000000, included lender claim 924025584703 raw loan-token units. The frozen book establishes the exact oracle and borrower-collateral identity, but these dossiers and retained source reviews do not establish complete nested feeds, price-setting authority, fallback independence or consumer-enforced freshness for this exact root. It remains bounded unknown, not oracleless, proven unsafe or priced as standard-external.
base borrower-pricing root 0xfea2d58cefcb9fcb597723c6bae66ffe4193afe4: Book content as of 2026-10-20T19:33:49Z at block 52867741: 0x8793cf302b8ffd655ab97bd1c695dbd967807e8367a65cb2f4edaf1380ba1bda: collateral 0x4200000000000000000000000000000000000006, LLTV raw 860000000000000000, included lender claim 30764037127383 raw loan-token units. Exact chain+oracle feed evidence retained from sparkusdc-spark, original source observation as of 2026-10-15. The following historical source scope is not a refreshed allocation or this vault's market census: Re-read Base block 52630636 (2026-10-15T07:50:19Z): WETH collateral 0x4200000000000000000000000000000000000006, native USDC loan asset, LLTV=86%, oracle 0xfea2d58cefcb9fcb597723c6bae66ffe4193afe4. BASE_FEED_1 and QUOTE_FEED_1 are the only nonzero feeds; both vault conversions and secondary feeds are zero/unity.
base borrower-pricing root 0x663becd10dae6c4a3dcd89f1d76c1174199639b9: Book content as of 2026-10-20T19:33:49Z at block 52867741: 0x9103c3b4e834476c9a62ea009ba2c884ee42e94e6e314a26f04d312434191836: collateral 0xcbb7c0000ab88b473b1f5afd9ef808440eed33bf, LLTV raw 860000000000000000, included lender claim 375843909420922 raw loan-token units. Exact chain+oracle feed evidence retained from sirloinusdc-steakhouse, original source observation as of 2026-10-15. The following historical source scope is not a refreshed allocation or this vault's market census: Pinned market 0x9103c3b4e834476c9a62ea009ba2c884ee42e94e6e314a26f04d312434191836 at block 52630636: collateral 0xcbb7c0000ab88b473b1f5afd9ef808440eed33bf, loan 0x833589fcd6edb6e08f4c7c32d4f71b54bda02913, LLTV=860000000000000000/1e18. Oracle 0x663becd10dae6c4a3dcd89f1d76c1174199639b9.
base borrower-pricing root 0x957e76d8f2d3ab0b4f342cd5f4b03a6f6ef2ce5f: Book content as of 2026-10-20T19:33:49Z at block 52867741: 0xa066f3893b780833699043f824e5bb88b8df039886f524f62b9a1ac83cb7f1f0: collateral 0xc1cba3fcea344f92d9239c08c0568f6f2f0ee452, LLTV raw 860000000000000000, included lender claim 0 raw loan-token units. The frozen book establishes the exact oracle and borrower-collateral identity, but these dossiers and retained source reviews do not establish complete nested feeds, price-setting authority, fallback independence or consumer-enforced freshness for this exact root. It remains bounded unknown, not oracleless, proven unsafe or priced as standard-external.
base borrower-pricing root 0x4756c26e01e61c7c2f86b10f4316e179db8f9425: Book content as of 2026-10-20T19:33:49Z at block 52867741: 0xdba352d93a64b17c71104cbddc6aef85cd432322a1446b5b65163cbbc615cd0c: collateral 0x2ae3f1ec7f1f5012cfeab0185bfc7aa3cf0dec22, LLTV raw 860000000000000000, included lender claim 1164 raw loan-token units. Exact chain+oracle feed evidence retained from cscbusdc-clearstar, original source observation as of 2026-10-15. The following historical source scope is not a refreshed allocation or this vault's market census: Exact adapter market census binds 0xdba352d93a64b17c71104cbddc6aef85cd432322a1446b5b65163cbbc615cd0c to this oracle and the recorded collateral/LLTV. Pinned composer getters identify the listed external feed inputs; zero inputs use the documented neutral factor. This is external pricing, not independently redundant failover. Heartbeats and an end-to-end protective freshness bound are not established.
ethereum borrower-pricing root 0xf1561bc4b3d1ba49053986fb9ee88d4fe22d0cf4: Book content as of 2026-10-20T19:53:59Z at block 26236015: 0x09dc9e7eb5d8fc54b2bc41d1135fd4e99057a580f680321faeb90c7a21e631c1: collateral 0x2260fac5e5542a773aa44fbcfedf7c193bc2c599, LLTV raw 860000000000000000, included lender claim 282537792141 raw loan-token units. Exact chain+oracle feed evidence retained from gtusdtp-gauntlet, original source observation as of 2026-10-15. The following historical source scope is not a refreshed allocation or this vault's market census: At Ethereum block 26197394, market 0x3c5a244b778095e1e1b2e44b7c2ecc9bf4fda9cd85cc22740e09205a7a4bf510 uses this exact 45-byte EIP-1167 clone of MetaOracleDeviationTimelock 0x9b4655239e91dc9e1f7599bb88fba41b4542de5b. primaryOracle=0x8c9464d99512dcd6f80be72aac20dafd9ea2c831; backupOracle=0x09dbf9502d43445b33883837a51d06fc9b9cdec4; currentOracle=0x8c9464d99512dcd6f80be72aac20dafd9ea2c831. Deviation threshold is 2%, challenge duration 7200 seconds and healing duration 28800 seconds; both pending clocks are zero. Exact primary/backup composer feeds are listed below. Published heartbeat intervals are source update targets, not consumer-enforced freshness bounds or independent-redundancy proof.
ethereum borrower-pricing root 0xdddd770badd886df3864029e4b377b5f6a2b6b83: Book content as of 2026-10-20T19:53:59Z at block 26236015: 0x3a85e619751152991742810df6ec69ce473daef99e28a64ab2340d7b7ccfee49: collateral 0x2260fac5e5542a773aa44fbcfedf7c193bc2c599, LLTV raw 860000000000000000, included lender claim 27004779343712 raw loan-token units. Exact chain+oracle feed evidence retained from armusdcs-wintermute, original source observation as of 2026-10-21. The following historical source scope is not a refreshed allocation or this vault's market census: Current pin26237350 binds all three required WBTC/BTC, BTC/USD and USDC/USD formula legs to OCR2 aggregators a5e3a55c/4a3411ac/54bcc589. Exact active config digests join their ConfigSet logs: report signature thresholds6/16,11/31 and6/16 respectively. All share the same owner Safe4/9, so composition and separate signer sets do not establish independent failover.
ethereum borrower-pricing root 0xa6d6950c9f177f1de7f7757fb33539e3ec60182a: Book content as of 2026-10-20T19:53:59Z at block 26236015: 0x64d65c9a2d91c36d56fbc42d69e979335320169b3df63bf92789e2c8883fcc64: collateral 0xcbb7c0000ab88b473b1f5afd9ef808440eed33bf, LLTV raw 860000000000000000, included lender claim 71559178306051 raw loan-token units. Exact chain+oracle feed evidence retained from armusdcs-wintermute, original source observation as of 2026-10-21. The following historical source scope is not a refreshed allocation or this vault's market census: At block26237350 the sole BTC/USD feed 0xf4030086522a5beea4988f8ca5b36dbc97bee88c points to OCR2 aggregator 0x4a3411ac2948b33c69666b35cc6d055b27ea84f1. Current config digest matches ConfigSet at block25296199:31 registered signers/transmitters, f10 and11 required report signatures. Proxy/aggregator owner is Safe0x21f73d42eb58ba49ddb685dc29d3bf5c0f0373ca, threshold4/9. This is one aggregated price source, not independent failover or proof of human signer independence.
ethereum borrower-pricing root 0xe087ad7fe989cf63f8383579d160a20ee7e69f9f: Book content as of 2026-10-20T19:53:59Z at block 26236015: 0x7e585a933ffe8443c371b4f8cfeb4430f5f6a14c2f32a898c26662c67a1cb8b8: collateral 0x7f39c581f595b53c5cb19bd0b3f8da6c935e2ca0, LLTV raw 860000000000000000, included lender claim 2306557231951 raw loan-token units. Exact chain+oracle feed evidence retained from gtusdtp-gauntlet, original source observation as of 2026-10-15. The following historical source scope is not a refreshed allocation or this vault's market census: At Ethereum block 26197394, adapter market 0x6a57d77b9a173c5ed10d432e7009dd1ee9a97fac62a7bc970b4bd715e2fff5c8 binds this oracle to wstETH collateral and immutable LLTV 86%. Current nonzero composer inputs: BASE_FEED_1=0x4f67e4d9bd67efa28236013288737d39aef48e79, BASE_FEED_2=0xc0053f3fbccd593758258334dfce24c2a9a673ad. Pinned getters, feed descriptions and deployed source identities match the recorded addresses. Published Chainlink heartbeats describe upstream update targets; no consumer-enforced updatedAt limit or independent failover is established. The immutable WstETHPriceFeed points to stETH/ETH 0x86392dc19c0b719886221c78ab11eb8cf5c52812 and wstETH 0x7f39c581f595b53c5cb19bd0b3f8da6c935e2ca0; it calculates stETHPrice times 10^18 divided by tokensPerStEth(), retaining the underlying round timestamps.
ethereum borrower-pricing root 0x0f948cba8231db7898ef36a4212581ad7b1b4580: Book content as of 2026-10-20T19:53:59Z at block 26236015: 0x94b823e6bd8ea533b4e33fbc307faea0b307301bc48763acc4d4aa4def7636cd: collateral 0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2, LLTV raw 860000000000000000, included lender claim 1703525167267 raw loan-token units. Exact chain+oracle feed evidence retained from steakcusdc-steakhouse, original source observation as of 2026-10-15. The following historical source scope is not a refreshed allocation or this vault's market census: At Ethereum block 26196563 (2026-10-15T07:57:11Z), exact engine parameters match the complete adapter census; LLTV is 86%. Composer inputs: BASE_FEED_1()=0xc0053f3fbccd593758258334dfce24c2a9a673ad, BASE_FEED_2()=0x0000000000000000000000000000000000000000, BASE_VAULT()=0x0000000000000000000000000000000000000000, BASE_VAULT_CONVERSION_SAMPLE()=1, QUOTE_FEED_1()=0x0000000000000000000000000000000000000000, QUOTE_FEED_2()=0x0000000000000000000000000000000000000000, QUOTE_VAULT()=0x0000000000000000000000000000000000000000, QUOTE_VAULT_CONVERSION_SAMPLE()=1, SCALE_FACTOR()=10000000000000000. Proxy 0xc0053f3fbccd593758258334dfce24c2a9a673ad owner=0x21f73d42eb58ba49ddb685dc29d3bf5c0f0373ca; aggregator=0xad88fc1a810379ef4efbf2d97ede57e306178e5a. ETH/USD prices the wrapped ETH collateral with no separate quote feed.
ethereum borrower-pricing root 0x48f7e36eb6b826b2df4b2e630b62cd25e89e40e2: Book content as of 2026-10-20T19:53:59Z at block 26236015: 0xb323495f7e4148be5643a4ea4a8221eef163e4bccfdedc2a6f4696baacbc86cc: collateral 0x7f39c581f595b53c5cb19bd0b3f8da6c935e2ca0, LLTV raw 860000000000000000, included lender claim 5435579894662 raw loan-token units. Exact chain+oracle feed evidence retained from armusdcs-wintermute, original source observation as of 2026-10-21. The following historical source scope is not a refreshed allocation or this vault's market census: At pin26237350 the exact WstETHPriceFeed combines wstETH's stETH-share conversion with Chainlink stETH/ETH0x86392dc19c0b719886221c78ab11eb8cf5c52812; the Morpho quote leg is0x986b5e1e1755e3c2440e960477f25201b0a8bbd4. Their live OCR aggregators c9c8efa8/26ae9b95 each require6 signatures from16 registered signers, matched to current config digests. Both share owner Safe4/9, not independent failover.
ethereum borrower-pricing root 0x9f983115741d0f7f2eae07831415057ad3de34d2: Book content as of 2026-10-20T19:53:59Z at block 26236015: 0xbc99de6a88904cd0e69042ad6f266e63182801f030c636507c3caf590ffd84fe: collateral 0xcbb7c0000ab88b473b1f5afd9ef808440eed33bf, LLTV raw 860000000000000000, included lender claim 60240516584 raw loan-token units. Exact chain+oracle feed evidence retained from gtusdtp-gauntlet, original source observation as of 2026-10-15. The following historical source scope is not a refreshed allocation or this vault's market census: At Ethereum block 26197394, market 0x4fe72543c5c95cd6b5f3cb516cd235ba882e2e705fe3424db6f99dfe5811d0d3 uses this exact 45-byte EIP-1167 clone of MetaOracleDeviationTimelock 0x9b4655239e91dc9e1f7599bb88fba41b4542de5b. primaryOracle=0x8c9464d99512dcd6f80be72aac20dafd9ea2c831; backupOracle=0x0acdc416c592a592edf2e64b178aa8d4d47e05a8; currentOracle=0x8c9464d99512dcd6f80be72aac20dafd9ea2c831. Deviation threshold is 2%, challenge duration 7200 seconds and healing duration 28800 seconds; both pending clocks are zero. Exact primary/backup composer feeds are listed below. Published heartbeat intervals are source update targets, not consumer-enforced freshness bounds or independent-redundancy proof.

Reviewed 2026-10-21

gtUSDCp

All routes native

4 routes on 3 chains, all native.

Confidence: Verified

Routes by chain (4)

Equal widths, supply split unavailable

Review notes & sources (17)

Reviewed 2026-10-09

gtUSDCp

Upstream

Freeze power sits upstream with USD Coin rather than in this token's own contract.

Sourced review

Power and scope

Upstreamvia USD Coin

PowerUpstream

ScopeCanonical · Permissionless×3

Reviewed deployments (3)

ArbitrumCanonical · Permissionless
BaseCanonical · Permissionless
EthereumCanonical · Permissionless

Transfer posture reviewed 2026-10-01.

Review notes & sources (12)

Reviewed 2026-10-19

gtUSDCp

MiCA out of scope

MiCA (EU): Out of scope

gtUSDCp is out of MiCA scope.

Sources (2)

Gauntlet USDC Prime (gtUSDCp)

Gauntlet's three-chain USDC Prime vaults

Depeg Early Warning

Exit evidence

Redemption route · Waiting for section

Control evidence

gtUSDCp Mint Authority

Control posture

gtUSDCp Collateral pricing & liquidation

Branches

Feeds

arbitrum borrower-pricing root 0x8e02a9b9cc29d783b2fcb71c3a72651b591cae31

arbitrum borrower-pricing root 0x52cc7c3b27bb61d0a83785b5344acc919f8f7124

arbitrum borrower-pricing root 0x282feb10549fde52bd61a6979424ddf18a4971a2

arbitrum borrower-pricing root 0x88193fcb705d29724a40bb818ecaa47dd5f014d9

base borrower-pricing root 0x97ff9cbd7e77348b2b8ffbb883bf29452ad18295

base borrower-pricing root 0xd7a1aba119a236fea5bbc5cac6836465cbe9289a

base borrower-pricing root 0xb40d93f44411d8c09ad17d7f88195ef9b05ccd96

base borrower-pricing root 0xfea2d58cefcb9fcb597723c6bae66ffe4193afe4

base borrower-pricing root 0x663becd10dae6c4a3dcd89f1d76c1174199639b9

base borrower-pricing root 0x957e76d8f2d3ab0b4f342cd5f4b03a6f6ef2ce5f

base borrower-pricing root 0x4756c26e01e61c7c2f86b10f4316e179db8f9425

ethereum borrower-pricing root 0xf1561bc4b3d1ba49053986fb9ee88d4fe22d0cf4

ethereum borrower-pricing root 0xdddd770badd886df3864029e4b377b5f6a2b6b83

ethereum borrower-pricing root 0xa6d6950c9f177f1de7f7757fb33539e3ec60182a

ethereum borrower-pricing root 0xe087ad7fe989cf63f8383579d160a20ee7e69f9f

ethereum borrower-pricing root 0x0f948cba8231db7898ef36a4212581ad7b1b4580

ethereum borrower-pricing root 0x48f7e36eb6b826b2df4b2e630b62cd25e89e40e2

ethereum borrower-pricing root 0x9f983115741d0f7f2eae07831415057ad3de34d2

gtUSDCp Bridging & deployments

gtUSDCp Freeze & seizure

gtUSDCp Regulatory standing

gtUSDCp Dependency context

Underlying asset

Key links

gtUSDCp Contracts

Explore next

gtUSDCp profile facts

gtUSDCp quick answers

Gauntlet USDC Prime (gtUSDCp)

Gauntlet's three-chain USDC Prime vaults

gtUSDCp Mechanism

Peg mechanism

Collateral

Peg mechanism

Collateral

Mechanism review

gtUSDCp Reserves

Depeg Early Warning

Exit evidence

Redemption route · Waiting for section

Control evidence

gtUSDCp Mint Authority

Control posture

gtUSDCp Collateral pricing & liquidation

Branches

Feeds

arbitrum borrower-pricing root 0x8e02a9b9cc29d783b2fcb71c3a72651b591cae31

arbitrum borrower-pricing root 0x52cc7c3b27bb61d0a83785b5344acc919f8f7124

arbitrum borrower-pricing root 0x282feb10549fde52bd61a6979424ddf18a4971a2

arbitrum borrower-pricing root 0x88193fcb705d29724a40bb818ecaa47dd5f014d9

base borrower-pricing root 0x97ff9cbd7e77348b2b8ffbb883bf29452ad18295

base borrower-pricing root 0xd7a1aba119a236fea5bbc5cac6836465cbe9289a

base borrower-pricing root 0xb40d93f44411d8c09ad17d7f88195ef9b05ccd96

base borrower-pricing root 0xfea2d58cefcb9fcb597723c6bae66ffe4193afe4

base borrower-pricing root 0x663becd10dae6c4a3dcd89f1d76c1174199639b9

base borrower-pricing root 0x957e76d8f2d3ab0b4f342cd5f4b03a6f6ef2ce5f

base borrower-pricing root 0x4756c26e01e61c7c2f86b10f4316e179db8f9425

ethereum borrower-pricing root 0xf1561bc4b3d1ba49053986fb9ee88d4fe22d0cf4

ethereum borrower-pricing root 0xdddd770badd886df3864029e4b377b5f6a2b6b83

ethereum borrower-pricing root 0xa6d6950c9f177f1de7f7757fb33539e3ec60182a

ethereum borrower-pricing root 0xe087ad7fe989cf63f8383579d160a20ee7e69f9f

ethereum borrower-pricing root 0x0f948cba8231db7898ef36a4212581ad7b1b4580

ethereum borrower-pricing root 0x48f7e36eb6b826b2df4b2e630b62cd25e89e40e2

ethereum borrower-pricing root 0x9f983115741d0f7f2eae07831415057ad3de34d2

gtUSDCp Bridging & deployments

gtUSDCp Freeze & seizure

gtUSDCp Regulatory standing

gtUSDCp Dependency context

Underlying asset

gtUSDCp

gtUSDCp

gtUSDCp

gtUSDCp

gtUSDCp

gtUSDCp