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Bitwise launches the PAPY RWA vault on Morpho, with tokenized real-world assets backing on-chain yield

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Mars Finance reports that Bitwise has launched the Bitwise Premium RWA Vault (PAPY) on Morpho and partnered with Agora stablecoin AUSD. Users can deposit AUSD into PAPY, which lends out the funds programmatically, secured by overcollateralized tokenized RWAs to generate on-chain lending yield. PAPY's collateral assets include PST issued by Huma Finance to provide institutions with short-term cross-border payment financing; sUSDai issued by USDai and backed by loans related to AI-computing GPUs; and PRIME, launched by HastraFi in partnership with Figure, comprising tokenized debt backed by prime residential home equity. AUSD is fully reserve-backed by liquid assets including short-term US Treasuries, overnight and reverse repurchase agreements. Bitwise is responsible for selecting collateral accepted by PAPY and setting programmatic risk parameters. The vault is now officially live on Morpho.
MORPHO-3.29%
RWA0.84%
PRIME0.21%
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LightningPass
· 4 hours ago
Huma’s PST handles cross-border payment financing, HastraFi focuses on home equity, and Figure is getting in on it too—Bitwise has assembled quite the friend group, though the P-heavy names are a bit dizzying.😂
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ArbCross
· 6 hours ago
PST, sUSDai, and PRIME—the trio covers cross-border payments, AI computing power, and residential equity, making the collateral basket fairly diversified. But how is the liquidation threshold set?
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BridgeFerry
· 6 hours ago
Traditional finance folks can finally sleep soundly when they see “fully reserved by short-term U.S. Treasuries,” but the risk-control logic of programmatic lending still needs to be observed over several more cycles.
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LeftSideDip
· 6 hours ago
Bitwise has really nailed RWA this time; the AUSD+Morpho combination is quite seamless.
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RiskAvoider
· 6 hours ago
Put bluntly, this is an on-chain money market fund 2.0: AUSD as the gateway, with yield-bearing RWA as the engine. Morpho’s permissionless architecture is indeed well-suited to this kind of modular assemblage, but the “excess” in overcollateralization needs to be monitored closely.
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