Aave Direct Deposit vs. Bitso Morpho Vault: Different USDC Exit Risks

The real story here is structural, not yield: two USDC venues with fundamentally different risk profiles are being compared on the same axis. A single-reserve model concentrates exposure and decision-making, while a curator-delegated vault introduces an intermediary whose allocation choices shape what depositors actually hold. Neither guarantees immediate exit, so the meaningful question is whether users are pricing that illiquidity consistently across the two designs. Worth watching is how curator discretion versus reserve transparency gets reflected in how depositors behave when exit conditions tighten.