Introducing PAPY—the Bitwise Premium RWA Vault, launching on @Morpho with @withAUSD. PAPY earns yield by lending AUSD deposits programmatically against overcollateralized tokenized real-world assets—durable, traditional credit, brought onchain. Loans are secured by a diversified basket of RWAs, including: - PST by @humafinance — short-duration cross-border payment financing to institutions - sUSDai by @USDai_Official — loans backed by the GPUs that power AI - PRIME by @HastraFi — tokenized claims collateralized by prime home equity, in partnership with @Figure Deposits are made in AUSD, Agora's stablecoin, which is fully backed by short-term U.S. Treasuries, overnight and reverse repo, and other liquid assets. Bitwise determines the collateral and programs the risk parameters so you can access onchain yield backed by real-world value. PAPY is live now on Morpho. TradFi credit on DeFi rails. Onchain finance is here. For more information, visit