Bitwise Unveils Billion-Dollar Premium RWA Vault on Morpho
Bitwise Asset Management has launched its Premium RWA Vault, ticker PAPY, on the Morpho lending protocol for Ethereum. This vault allows depositors to earn yield by lending stablecoins against tokenized real-world assets.
The vault accepts deposits in Agora's AUSD stablecoin and programmatically lends them against a diversified basket of over-collateralized tokenized real-world assets, generating variable returns.
PAPY is built as a non-custodial ERC-4626 vault with no lock-up period required. The target annual percentage yield sits between 5% and 6%, but early performance tells a more modest story.
The vault's total capacity is approximately $1B, and Bitwise is charging a management fee of 0.39% with no performance fee layered on top. As of launch day, on-chain data showed roughly $638,633 in AUSD deposits, with an instant net APY of 1.35% and a 7-day APY of just 1.01%.