Bitwise Premium RWA Vault (PAPY) Launches on Morpho With Agora's AUSD

Bitwise Asset Management announced PAPY, which targets a 5–6% variable APY by programmatically lending AUSD deposits on the Morpho protocol against a diversified basket of overcollateralized tokenized real-world assets (RWAs). The strategy focuses on yield generation through DeFi lending collateralization rather than a stated change in broader market conditions. Overall, it reads as a constructive product/yield offering with limited near-term market impact.