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Today we're announcing a partnership with Tapir.
On September 22, depositors in our USDC vault will be able to split their position into two tradable claims and choose how much depeg risk they want to carry. Protection on one side, boosted yield on the other.
We built Zircuit Finance so a depositor could understand where their yield comes from. Capital goes to regulated managers including Monarq Asset Management, Forteus, FalconX, B2C2, and Fidelity. We hold senior-creditor protections over those loans, which puts us ahead of other claims if a borrower fails, and liquidity buffers sit in Aave and Morpho behind that. The contracts are audited by Quantstamp and Zenith.
All of that covers the supply side, but there is one thing no vault can build from the inside, and that is a counterparty.
If a depositor would rather give up a slice of yield in exchange for protection, someone outside the vault has to want that slice enough to take the risk on. No protocol can create that person on its own. It is the reason so little of the yield-bearing market carries any protection at all, and it is the layer we went looking for a partner to build.
Tapir came through our grants program, and we have worked with the team since late 2025, through their build and into launch.
Their contracts are independently audited by Quantstamp and Hashlock. That matters to us because we do not point depositors at protocols we have not looked at.
What depositors can do on September 22
A deposit in the USDC vault has always been a single fixed exposure. Tapir turns it into a choice:
Every side keeps 100% of the vault yield, so no capital gets pulled out of the vault to sit in a reserve.
Tapir has published the full mechanics, the pricing, and the risks on their blog. Read it before taking a position: https://blog.tapir.money/p/zircuit-x-tapir-a-new-layer-on-the
The market opens in limited access on September 22 while liquidity builds, and eligible activity starts earning Tapir points on September 25.
Tapir is a risk product rather than insurance, which means anyone holding the YB side is genuinely underwriting the exposure and can lose principal if a depeg occurs. Their post sets out the full risk surface, covering smart contract, liquidity, and market risk alongside the depeg risk itself.
Request access here. Deposit at finance.zircuit.com.
