ME News reports that on June 2 (UTC+8), the next-generation RWA collateralized lending protocol OpenFi announced a $100 million USDC deposit yield program on the Pharos mainnet, with an initial allocation of $30 million and an expected supply APY target of 10%. This marks the first time the Pharos flagship fixed-income RWA vault, pAlpha, is being used as collateral by an external lending market at the protocol level, driving deeper integration between institutional-grade RWA yields and on-chain stablecoin liquidity.
Through this product, pAlpha holders will be able to use pAlpha as collateral to borrow USDC in the future, unlocking dollar liquidity without redeeming the underlying institutional RWA positions; USDC depositors will earn a Supply APY yield backed by the cash flows from real credit assets. As the core collateral asset, pAlpha has a size of $50 million, with Pharos’s chief strategic partner AXIL serving as Curator; the asset allocation consists of 70% structured consumer credit tranches managed by R25 and 30% tokenized U.S. Treasuries managed by Anemoy (a sub-advisor of Janus Henderson). The vault is managed by Ascent Fund Services and audited by Ernst & Young.
The OpenFi team stated that bringing institutional-grade fixed-income assets into the on-chain lending market is a pivotal milestone for scaling the RealFi narrative, enabling global users to access RWA yields previously available only to qualified institutions via USDC. Moving forward, OpenFi will sequentially integrate additional RWA collateral assets, including tokenized U.S. equities, tokenized gold, and tokenized money market funds.
About OpenFi: A next-generation RWA collateralized lending protocol deployed on the Pharos network, incubated by the Pharos Foundation and the Wanxiang Blockchain Lab, with a cumulative TVL of $7.6 billion, 20.9 million transactions, and 500,000 unique wallets on the Pharos Atlantic testnet.
Official website: https://www.open-fi.xyz/
X: https://x.com/open_fi_(Source: OpenFi)