Hakutora: The Morpho Vault Curator Behind Hakutora USDC and USDT

Hakutora's website describes on-chain asset management with "function-level" analysis of DeFi protocols ¹. It says it has gathered $40 million in total value locked since February 2025. That is a company figure, and Morpho showed about half that on October 23, 2026 ¹². For individual users, it says it can, "with permission," withdraw funds automatically in extreme situations. The site doesn't explain how that permission is granted ¹.

Hakutora also advertises custom strategies outside Morpho:

• spread arbitrage between exchanges;
• carry trades;
• buying depegged stablecoins or liquid staking tokens at a discount;
• buying discounted collateral from on-chain liquidations ¹.

These are separate from its Morpho vaults.

A Morpho vault takes deposits of one asset and lends them across isolated markets. Each market accepts one type of collateral. Morpho's docs split control into four roles ⁵:

• Owner: appoints the other roles.
• Curator: chooses allowed markets and caps.
• Allocators: move funds between markets.
• Guardian or sentinel: can veto pending changes.

Most curator changes face a timelock. On both Hakutora vaults this is three days. The same Hakutora address is the owner, and no guardian is set. That means no third party holds a veto over pending changes, so depositors' protection is the three-day window to exit ³⁵.

On October 23, 2026, the vaults were invested as follows ³:

The USDC vault was fully concentrated in one collateral market on that date. If cbBTC's price fell fast enough for liquidations to fall short, losses would land on that vault's depositors. When borrowing demand uses most of a market's liquidity, withdrawals can also wait until borrowers repay or are liquidated. Third-party data shows the USDC vault peaked at about $63.7 million and the USDT vault at about $12.7 million, so both are well below their highs ⁴.

Hakutora addresses also own two small, unlisted vaults, one for WBTC and one for cbBTC, each holding under $100,000 ³.

Both vaults charge a 15% performance fee, meaning Hakutora keeps 15% of the interest the vault earns. There is no management fee ³⁴. Ethereum gas applies to deposits and withdrawals.