Bitwise to Launch PAPY RWA Vault on Morpho With Up to $1 Billion Capacity

Bitwise said it will launch the PAPY RWA vault on the lending protocol Morpho, using a programmatic strategy to lend deposits of Agora-issued stablecoin AUSD to overcollateralized tokenized real-world assets. According to Foresight News, the vault targets an annualized yield of 5% to 6% and has a capacity cap of about $1 billion. The collateral mix includes PST issued by Huma Finance for cross-border payment financing at 45%, PRIME issued through a partnership between Hastra and Figure for home equity-backed debt at 30%, and sUSDai issued by USDai for GPU-backed loans at 25%. The vault is deployed on Ethereum, charges a 0.39% management fee, has no performance fee, and allows deposits and withdrawals without a lockup period.