# Wintermute Launches 'Armitage' USDC Vault Solution on Morpho

*Author: Jack Inabinet*
*Published: May 19, 2026*
*Source: https://www.bankless.com/es/read/news/wintermute-launches-armitage-usdc-vault-solution-on-morpho*

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Crypto market maker Wintermute is expanding into the DeFi vault curation business built with a new product called *Armitage*.

### What's the Scoop?
- **Curation Era:** Wintermute has unveiled Armitage, a new DeFi-focused vault curation business that has launched first on Morpho with two USDC-denominated vaults. According to a [press release](https://www.prnewswire.com/news-releases/wintermute-launches-armitage-bringing-its-defi-and-trading-expertise-to-vault-curation-302776176.html), the vaults will be actively managed, with the Armitage team "dynamically" allocating capital, setting risk parameters, selecting collateral assets, and rebalancing exposures in real time.
- **Dual Vaults:** The *Wintermute USDC Prime* vault will target 4-5% APY; currently accepts cbBTC, wstETH, and wBTC as collateral; and is [intended](https://x.com/wintermute_t/status/2056722787046510880?s=20) for "depositors where capital preservation comes first." The *Wintermute USDC Select* vault will target 5-8% APY; currently accepts cbBTC, wstETH, wBTC, Sky staked USDS (stUSDS), and tokenized Wintermute debt ([wmtUSDC](https://x.com/WildcatFi/status/2031054083096752618?s=20)) as collateral; and is [intended](https://x.com/wintermute_t/status/2056722789860773963?s=20) for "depositors who want to go further on yield."
- **Principal/Agent Concerns:** Wintermute has [borrowed](https://app.wildcat.finance/lender/market/0xc9499006a149c553d18171747ed19aa7c6dd19e2?chainId=1) nearly $110M through the Wildcat lending protocol, with lender positions represented by the wmtUSDC token. Armitage’s “USDC Select” vault now provides liquidity backed in part by that collateral structure, creating a potential alignment problem whereby the vault curator may adjust rates or portfolio allocations in a manner that supports demand for wmtUSDC at the detriment of depositors.

> This is our 9th year in cryptoNine years providing liquidity and staying active through every market conditionToday we're launching ArmitageOur take on vault curation, starting with two USDC vaults on [@Morpho](https://twitter.com/Morpho?ref_src=twsrc%5Etfw) [pic.twitter.com/lmqCCKbJ3C](https://t.co/lmqCCKbJ3C)— Wintermute (@wintermute_t) [May 19, 2026](https://twitter.com/wintermute_t/status/2056722776241902065?ref_src=twsrc%5Etfw)