Pharos Launches pRNH Vault With R25 for Onchain Access to U.S. High-Yield Corporate Bonds

Pharos Network said it has launched pRNH Vault, a product from the R25 protocol that provides qualified users with onchain access to U.S. high-yield corporate bonds. The vault sits on top of the NYLIM Anemoy U.S. High-Yield Corporate Bond Separate Investment Portfolio, or HYB, which was jointly initiated by NYLIM and Anemoy and tokenized with technology from Centrifuge. Users who deposit USDC on Pharos can convert their funds into pRNH tokens through R25 and gain indirect exposure to HYB assets. Pharos said the vault targets $100 million in assets under management, with an annualized target yield of about 7%. It does not carry a hard lock-up period. The structure also includes agent-assisted features designed to handle credit screening and liquidity monitoring.