Bitwise brings PAPY vault to Circle's Arc for USDC-based RWA lending
- —PAPY-USDC went live on September 16, 2026, alongside Arc's public mainnet launch
- —Net APY stands at 4.79%, against a 5–6% target, with a 0.39–0.4% management fee
- —Deposits remain modest at $418K–$422K against a roughly $1B capacity cap
- —Collateral includes tokenized RWAs such as Huma Finance's PST and sUSDai
Why it matters: The expansion reinforces Morpho's role as multi-network infrastructure for curators and signals growing demand for RWA-backed lending on new chains.
Source: Crypto Briefing