Key Takeaways
Bóvedas brings onchain yield on USDC and MXNB into the Bitso app, through dedicated vaults curated by Gauntlet on Morpho.
Today, Bitso users can earn onchain yield on USDC and MXNB directly in the Bitso app with Bóvedas, through dedicated Bitso vaults curated by Gauntlet.
Bitso is where Latin America invests: the region's largest digital asset platform, with millions of users across Mexico, Argentina and Colombia. Juno issues MXNB, a fiat-backed stablecoin linked to the Mexican peso. In June, Gauntlet and Bitso launched the first peso-denominated onchain vault on Morpho. Today, that vault and a USDC counterpart reach Bitso's users inside the app.
The launch pairs Bitso's distribution with Gauntlet's curation. Bitso brings the app, the user relationship and the platform millions of people use. Gauntlet curates the strategy behind each vault, which supplies overcollateralized lending markets on Morpho, and manages risk 24/7, as it has done in DeFi since 2018.
Users opt in from their USDC or MXNB balance in the Bitso app. The balance is supplied to the vault, positions and returns show in the app, and users withdraw back to their balance. There is no bridging and no DeFi interface to learn.
Where this can go
Bóvedas is built on open infrastructure, and both vaults live on Morpho, so a position in one can be used by the other. In September, Gauntlet enabled the USDC vault's tokens as collateral in the MXNB vault's markets. Bitso's CEO, Daniel Vogel, tested the flow himself: supply USDC, earn yield on the position, and borrow MXNB against it, paying only for what is borrowed. Today that takes a few steps on Morpho. As a single tap in the Bitso app, it would let someone holding dollars reach MXNB without selling them.
None of that is live for Bitso users today, and borrowing carries risks that earning does not: the peso-dollar exchange rate, liquidation, and rates that move. But it shows what this architecture makes possible. The peso vault supplies onchain credit markets where borrowers take MXNB, and the yield comes from that lending. The two vaults launching today are where it starts. Gauntlet curates both, so whatever Bitso builds next begins on vaults that are live and tested.
The change for Bitso users is simple: the USDC and MXNB they hold in the app can earn onchain yield in Bóvedas, without leaving Bitso. Gauntlet curates the vaults behind both.
To get started, open Bóvedas in the Bitso app or visit bitso.com.
The products discussed above do not consist of registered securities and have not been reviewed or approved by any regulator. They are not offered as registered futures, swap, or other derivatives offerings, and nothing here should be read as an offer to sell or a solicitation to buy any security or provide any form of advisory services. These services are offered through non-custodial vaults on decentralized finance platforms — users retain full control of their private keys and wallets at all times. Nothing in this marketing material constitutes investment, legal, or tax advice. These products are not deposit instruments and carry no depository or other insurance. Any discussion of yield or performance is prospective and abstract, not guaranteed, and may go to zero — past results don't predict future ones. Users should only participate with full understanding of the risks involved.
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