earnAUSD Looping Vault launches on Monad and Jumper Earn

A new Upshift vault on Monad loops earnAUSD through Morpho and Curvance for its depositors, and Jumper Earn lists it from launch alongside an Upshift x Monad rewards campaign.

Looping is a widely used way to add return to a stablecoin position onchain. A holder deposits a yield-bearing token as collateral, borrows stablecoins against it, buys more of the same token and deposits again, so the same yield is earned on a larger balance. Done by hand, it means managing several positions and watching borrow rates and collateral limits every day.

The earnAUSD Looping Vault, live today on Monad, runs that cycle inside a single Upshift vault. It deposits into earnAUSD, Upshift's stablecoin yield vault on Monad, posts the position as collateral on Morpho and Curvance, borrows stablecoins and redeposits them. From today the vault is also listed in Jumper Earn, so Jumper users can reach it in one step.

Deposit through Jumper Earn: jumper.xyz/earn/earnausd-loop-on-monad

What the vault is built on

earnAUSD is the base layer. It takes AUSD, the dollar stablecoin issued by Agora, and allocates it across DeFi opportunities on Monad, starting with lending optimisation, with Gamma Research as curator. It held more than $25 million in deposits on 10 September 2026, and its receipt token is accepted as collateral in Monad lending markets, and that collateral use makes a loop on top of it possible.

The Looping Vault adds the borrowing layer. Each pass through the cycle raises the vault's exposure to the earnAUSD yield and adds debt at the stablecoin borrow rate, so the strategy earns the gap between the two on a larger base. Gamma Research runs the strategy, deciding how far to take the loop and when to reduce it as rates move.

How the loop works

The cycle has four steps. The vault deposits into earnAUSD and receives its receipt token, posts that token as collateral on Morpho and Curvance, borrows stablecoins against it, and deposits the borrowed stablecoins back into earnAUSD. Depositors hold one receipt token for the whole position and never manage the borrow legs themselves.

Depositors put in USDC, and withdrawals settle over 4 days. That window gives the vault time to repay debt across the lending markets in an orderly way before it returns capital, instead of selling collateral at whatever price is available on the day.

Jumper Earn and the campaign

Jumper Earn lists the earnAUSD Looping Vault from launch. Users pick the vault, fund the deposit from assets they already hold, and Jumper routes it through LI.FI into the vault on Monad, with the receipt token landing in their own wallet. Jumper's launch listing covers both the earnAUSD Loop vault and the August USDC vault on Morpho as part of the Upshift x Monad campaign.

Deposits made through Jumper Earn qualify for a rewards boost funded by Monad and distributed through Merkl. The campaign runs for two weeks and caps the boost at 20% APR, paid in WMON on top of the vault's own yield. Deposits made directly on the Upshift vault page earn the vault's yield without the boost.

Why it runs on Upshift

A loop touches several protocols at once, so the controls around it matter as much as the strategy. Upshift's policy engine whitelists the chains, protocols, tokens and contract functions the vault can call, and the curator can't move funds anywhere outside that list. Depositors keep custody of their receipt tokens throughout, and the contract is public on Monadscan.

For Jumper, the listing adds a looped stablecoin strategy to its Earn tab without building a vault, a risk framework or a withdrawal queue. Upshift has processed more than $550 million in deposits at peak across over 50 vaults on more than 30 chains, and the contracts have been through 10 smart contract audits by 6 independent firms.

Risks

Borrowing multiplies every risk in the base vault. Borrow rates on Morpho and Curvance float with demand, and if they rise toward the earnAUSD yield the spread narrows or turns negative, which cuts returns quickly. Each lending market prices earnAUSD through an oracle and liquidates positions that cross its loan-to-value limit, so a sharp oracle move can force a sale at a discount. A discount on AUSD or on the borrowed stablecoins would pass straight through the position, and in stressed markets the liquidity needed to unwind can get scarce. Deposits also carry the smart contract risk of every protocol in the stack. Yields are variable and no return is guaranteed.

Always make sure to do your own research and be aware of the above and any other risks before depositing.

Deposit through Jumper Earn: jumper.xyz/earn/earnausd-loop-on-monad
Vault page: app.upshift.finance/pools/143/0x42B3b62a6685E3a3F93483715Ef4300f5E7336CC
Contract (Monad): 0x42B3b62a6685E3a3F93483715Ef4300f5E7336CC

Keep reading

• Earning stablecoin yield on Monad with earnAUSD: the base vault the loop is built on.
• DeFi yield strategies: mechanics, risk and returns: where looping sits among lending, liquidity and basis strategies.
• What is Monad?: the chain the vault runs on.