Crypto asset manager Bitwise has announced the launch of the RWA vault PAPY on lending protocol Morpho, targeting an annualized yield of 5-6% with a capacity of up to $1 billion. The vault programmatically lends Agora-issued stablecoin AUSD to overcollateralized tokenized real-world assets. Collateral includes PST (cross-border payment financing) from Huma Finance at 45%, PRIME (home equity loan claims) from Hastra and Figure at 30%, and sUSDai (GPU-secured loans) from USDai at 25%. The vault charges a 0.39% management fee with no performance fee and no lock-up period for deposits or withdrawals.
Bitwise, a crypto asset manager, has rolled out the RWA vault PAPY on the lending protocol Morpho. The target annualized yield sits at 5% to 6%, and the vault can take in about $1 billion.
It will automatically lend deposits of Agora’s stablecoin AUSD against overcollateralized tokenized real-world assets. Three collateral buckets make up the mix: PST (cross-border payment financing) from Huma Finance at 45%; PRIME (home equity loan claims) co-issued by Hastra and Figure at 30%; and sUSDai (GPU-backed loans) from USDai at 25%.
The vault is live on Ethereum and carries a 0.39% management fee. No performance fee. No lock-up period for deposits or withdrawals.
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