Bitwise Asset Management has launched its Premium RWA Vault, known as PAPY, on Circle’s Arc blockchain. This product, called PAPY-USDC, lends USDC against tokenized real-world assets on the Morpho lending protocol. The loans are overcollateralized and generate a net APY of 4.79%, with management fees of approximately 0.39 to 0.40%. In October 2026, the vault held between $418,000 and $422,000 in USDC, with a maximum capacity of roughly $1 billion. The firm had already launched a similar version on Ethereum in September 2026, which attracted over $20 million in deposits within two weeks. Bitwise currently manages $9 billion in client assets.
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