Bitwise Asset Management launched its Premium RWA Vault, ticker PAPY, on September 2, 2026. The product reached $13.267 million in total value locked by September 10, 2026, after starting with approximately $639 000 in deposits and exceeding $8 million within the first 24 hours.
The vault operates on the Ethereum blockchain using the non-custodial lending protocol Morpho. Users deposit the AUSD stablecoin from Agora into an ERC-4626 vault. The protocol then lends these funds against a basket of tokenized real-world assets.
The collateral basket consists of three assets: Huma Finance’s PST at 39.74%, Hastra’s PRIME at 26.29%, and sUSDai at 21.26%. Bitwise manages governance parameters, including asset selection and loan-to-value ratios, but does not take custody of user funds.
The vault offers a target variable yield of 5–6% APY. As of September 10, 2026, the instant net APY was 4.27%, with a seven-day average of 4.07%. The product carries a 0.39% management fee, no performance fee, no lock-up period, and a capacity ceiling of $1 billion.
