Uniswap Turns On Earn, Routing USDC, USDT and ETH Deposits Into Gauntlet-Curated Morpho Vaults

Uniswap Labs has switched on Earn, a lending feature inside the Uniswap Web App and Wallet that takes $USDC, $USDT and ETH deposits and routes them into Morpho vaults curated by risk firm Gauntlet on Ethereum mainnet. Uniswap says it charges no fee of its own for the product, though standard network costs still apply.

The three vaults behind the feature are $USDC Prime, $USDT Prime and WETH Prime, according to Gauntlet, which curates them under what it calls its Prime risk mandate: overcollateralized lending against blue-chip collateral, with risk configuration, market allocation and exposure limits set by the firm's proprietary risk engine. Uniswap's own announcement says only that the vault infrastructure is "powered by Morpho and curated by Gauntlet."

Uniswap said deposits are allocated across onchain lending markets where borrowers pay interest to access the funds, and that interest flows back to depositors continuously. Rates therefore float with borrowing demand, and the exposure sits with the underlying lending markets and the curator's allocation decisions rather than with Uniswap.

Deposits take one signature, are self-custodial, and carry no lockup or cooldown period, Uniswap says.

The feature is wired into Uniswap's existing trading flow rather than parked in a separate product. When swapping into $USDC, $USDT or wETH, users can tick a checkbox to supply the proceeds directly into Earn as part of the swap, Gauntlet says. The mobile wallet has a dedicated Earn entry point, and vault views show APY, exposure and curator information next to portfolio balances.

The launch puts the largest decentralized exchange interface into a business it had left to lending protocols, and pulls deposits into Morpho's vault stack through a front end that already handles swap volume. Other distribution-heavy firms have taken a similar route: Ledger routed stablecoin yields through DeFi inside Ledger Live, and Fireblocks built a stablecoin yield product on Aave and Morpho for institutional clients.