BA Labs shared a risk assessment of couple of yield-bearing stable asssets, including Hyperithm’s mHYPER, available here.
TL;DR: BA Labs proposes holding back from onboarding Euler Earn Hyperithm USDC vault as an ARK to the HR USDC fleet on Mainnet at this point, due to recursive collateral risk exposure of assets listed in the vault, and outlined in detail in the assessment above.
We’ll be monitoring the collateral structure, and, in case of reduced risk, propose lifting the caps accordingly.