Bitwise’s PAPY vault surpasses $12M in total value locked

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. Bitwise controls the governance parameters, meaning it decides which assets qualify as collateral, what loan-to-value rati...