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Bitwise Premium RWA USDC
BBitwise Premium RWA PAPY earns yield by lending USDC deposits against a diversified set of overcollateralized RWAs
Taking money
—
Supplied
$559.6k
$174.0k lent out · 31% utilised
Return
<0.1%
over its watched history
The venue advertises
1.1%
a year, on their own figures
Recent
—
30d · 90d
Max drawdown
0.0%
peak to trough
Sortino
—
return per unit of downside risk
Volatility
—
annualised, from daily returns
History
5d
over 8 readings from one source. The record below is longer: 27 readings in total (27 readings, all taken at the time), and the metrics use one source family rather than mixing them.
Record begins
2026-09-20
began 2026-09-15, so 5 days of it are before anything here
Record rests on
Grade D
The whole record is grade D.
Confidence
1%
in these metrics
Value and drawdown
Range
Hover for values. Upper: vault value, with BTC indexed to the same starting capital. Lower: how far below its own peak it was.
The rate, and the seven things that qualify it
A quoted rate is one input, not a verdict. These are the same seven fields in the same order for every vault, so a high rate and a high rate nobody can withdraw from do not look alike.
- Current quoted rate
- 1.1%As the venue states it, from Morpho Vaults V2. Passed on rather than adopted, and whether rewards are inside it is the next row.
- Rewards inside that rate
- 0.0% of it is a reward rateA published rate, not a verified payment. Promotional projections and amounts actually accrued are different things and this is the first.
- Realised return
- Too little share-price history to derive one. The quote stands alone until there is.Derived from the share price we read, over the window stated. Annualisation is secondary: the window is the measurement.
- Fee basis
- We do not read this vault’s share price, so we cannot say which fees the figure is net of.A return derived from the share price is net of whatever the venue already deducted. Fees charged outside it are not in either number.
- Withdrawable now
- $414.7k · 74% of the vaultA reading of now, not a promise about the day somebody tries. An accruing rate with nothing withdrawable is the case this section exists for.
- History quality
- No value series, so there is nothing to state a realised return from.
Share price and yield
Too short a record for a realised yield: it needs ten days of share prices.Range
What one share is worth, in USDC. It moves only when the strategy earns or loses; deposits do not move it.
Range
Solid: what a holder got. Dashed: what the venue advertised, kept since 18 Sep 2026 (2 days held).
No strategy has been declared for this vault
Everything above is reconstructed from public data. A declaration is free, signed from this vault’s own key, and cannot be edited afterwards.Note 28
Passport
BitwiseWhat it is lent against
- cirBTC
- $351.5k63%
- PST
- $107.3k19%
- sUSDai
- $100.7k18%
Attributed collateral only. A vault accepting many collaterals at once reports less here than it holds, so this is what we can attribute rather than everything it is lent against.
What the manager moved
read 21 September 2026, over 1.2 daysRead over 1.2 days and no asset movement could be attributed to the manager. That is a reading, not an absence of one, every transfer in the window travelled with a deposit or a withdrawal.
Who is in it
Money in and out
Ledger read 45 minutes agoAnalyst tier
Detail is hidden, not absentWho is in this vault, and how much of it is one wallet
A vault that is eighty per cent one depositor is a vault whose price can be reset by a single withdrawal, and whose headline TVL says almost nothing about whether anyone else believes in it. Concentration is the risk a return figure never shows, and it moves before the return line does.
See what unlocksAlready a customer? Sign inWhat is still missing
- Operator cohort. We show what the venue still exposes; strategies deleted before we began observing are invisible, and only pre-registration can make a cohort provably complete.
- Gross-to-net waterfall. Returns are venue-reported and not yet decomposed into fees, funding and slippage.
- Off-chain exposure. Anything held on a centralised exchange is invisible to us, so the risk shown is a floor.