Morph has partnered with Gauntlet, Morpho, and Bitget to bring onchain yield to Bitget users via a USDGO stablecoin vault.
According to the announcement, Gauntlet will curate the product, Morpho will provide the underlying onchain credit infrastructure, and Morph is set to supply the network layer. The vault is available to Bitget’s more than 125 million users from the launch date, while holders may receive returns of up to 10% annual percentage yield (APY), generated by Gauntlet’s onchain strategies.
How the vault is structured
Bitget users can access the bgBTC / USDGO vault directly on the exchange. Assets deposited into the product are allocated to a Morpho vault curated by Gauntlet, which deploys them across onchain markets, as the returns these strategies produce are then passed on to USDGO vault holders. Morph’s infrastructure sits underneath the arrangement, and the companies state it is intended to remove technical complexity for end users.
The model addresses a structural friction in crypto yield products. Matt Dobel, VP of Growth at Gauntlet, noted that earning onchain has typically required users to move stablecoins off an exchange and manage positions themselves. Under this setup, users remain within the Bitget app, while Gauntlet curates the strategy and manages the associated risk.
The vault’s underlying asset is USDGO, which the companies describe as a compliant enterprise stablecoin. It is issued by Anchorage Digital Bank, N.A., which the announcement identifies as the first federally chartered crypto bank in the US. Furthermore, OSL acts as the stablecoin’s brand operator and distributor.
USDGO is pegged 1:1 to the US dollar and backed by liquid reserves, including cash and short-term US Treasuries. It is also subject to third-party audits. Using a bank-issued, reserve-backed stablecoin as the base asset places the product within the regulated end of the stablecoin market, even though the yield itself is generated through onchain strategies.
Part of a broader product lineup
The launch follows strategies introduced earlier in 2026, which brought onchain yield on bgBTC (Bitget Wrapped BTC) to the Bitget ecosystem. With the new vault, Bitget users can now earn yield on both BTC and the USDGO stablecoin through Morph-powered infrastructure.
For Bitget, the product fits its stated Universal Exchange strategy. Gracy Chen, CEO at Bitget, said the aim is to combine different financial products within one ecosystem and simplify how users access and manage their assets. The official also pointed to the growing role stablecoins play in how users access financial opportunities.
Implications for the ecosystem
The collaboration reflects a layered approach to distributing decentralised finance (DeFi) yield. An exchange provides the user base and interface, a curator manages strategy and risk, a credit protocol hosts the vault, and a payments network handles the infrastructure. Kate Wong, Liquidity & DeFi Lead at Morph, said the partnership shows how its network can connect a regulated stablecoin and onchain yield infrastructure to a large retail audience.
The companies add that, taken together, the bgBTC and USDGO launches support Morph’s positioning as a payments and settlement layer for Web3 financial infrastructure, and its ability to deliver capital-efficient financial products at scale.
