🔸 5-6% on AUSD from Bitwise, new vault on Morpho
Called PAPY. You put in AUSD, it lends against three tokens:
- PST: cross-border payment financing (Huma)
- sUSDai: loans to GPU farms (USDai)
- PRIME: prime home-equity lines, tokenized (Hastra, with Figure)
So the yield is invoices, GPUs and mortgages. Not a farm. A credit desk, curated by Bitwise, running on $MORPHO rails
For Morpho: this is what StanChart was pricing when it said $60 by 2030
Price today 2.47, so that part is still a story
A 9 billion asset manager using the protocol as pipes. Not their first vault there either, the first one was January
For your AUSD: 5-6% variable to hold credit risk you can't check from a chart
Nobody liquidates a mortgage in one block
I like the pipes. I'm not putting stables into someone else's home-equity book for that rate. Tell me if you would 🤔
Not financial advice.
#morpho #ausd