Bitwise Asset Management’s newest onchain product has hit a notable milestone. The Bitwise Premium RWA Vault, ticker PAPY, crossed $12 million in total value locked shortly after launch, reaching $13.267 million by September 10, 2026, according to vault data.
For context on the speed: the vault launched on September 2, 2026, started with roughly $639K in deposits, crossed $8 million within its first 24 hours, and kept climbing from there.
What PAPY actually does
The vault lives on Ethereum and runs on top of Morpho, a non-custodial lending protocol. Users deposit Agora’s AUSD stablecoin into an ERC-4626 vault, and the protocol then lends those funds against a curated basket of tokenized real-world assets.
The collateral basket currently includes three assets. Huma Finance’s PST, which finances short-duration cross-border payment flows, makes up about 39.74% of the allocation. Hastra’s PRIME, backed by home equity claims, represents roughly 26.29%. sUSDai, which supports GPU-backed loans, accounts for approximately 21.26%, with the remainder sitting unallocated.
