Today, Pharos Network announced the launch of the pRNH Vault. Developed by the R25 protocol, this product opens up on-chain access to high-yield corporate bonds in the United States for qualified users. This marks an expansion of Pharos’s RealFi (Real World Finance) market beyond stablecoins and tokenized cash products, now incorporating corporate credit assets.
The pRNH Vault is underpinned by the NYLIM Anemoy U.S. High-Yield Corporate Bond Independent Portfolio (HYB), a joint initiative by New York Life Investments (NYLIM) and Anemoy, with tokenization technology provided by Centrifuge. Through this Vault, real-world assets become truly programmable, composable, and seamlessly integrable with on-chain financial applications.
HYB is underpinned by a diversified portfolio of U.S. dollar-denominated high-yield corporate bonds, accessed through the NYLI GF U.S. High-Yield Corporate Bond Sub-Fund. According to the product documentation, this strategy is actively managed by New York Life Investments, with primary investments in U.S. dollar-denominated high-yield credit bonds. Anemoy and Centrifuge have tokenized this fund, creating corresponding on-chain shares while preserving the underlying fund’s traditional asset management infrastructure. Eligible users can deposit USDC on Pharos and exchange it for pRNH tokens to gain indirect exposure to HYB assets. The Vault’s target size is $100 million, with a targeted annualized yield of approximately 7% (subject to market conditions and underlying asset performance). The Vault has no mandatory lock-up period, allowing users to submit subscription or redemption requests at any time. However, actual settlement and processing remain subject to the underlying fund’s operational schedule, eligibility requirements for accredited investors, and regional regulatory frameworks.
The first wave of institutional RWA (real-world asset) adoption primarily brought U.S. Treasuries, money market funds, and stablecoins on-chain. As the market matures, a broader range of real financial assets are entering programmable environments, enabling interaction with on-chain liquidity, applications, and other financial infrastructure.
In Pharos’s view, tokenization is only the first step. The real value lies in what happens after assets are on-chain: how to discover value, evaluate opportunities, verify eligibility, and programmatically execute and settle financial activities. “Tokenization is just the first step in bringing real-world finance on-chain. The greater opportunity lies in building a market where institutional-grade assets can be actively discovered, evaluated, and programmatically utilized,” said the Co-founder and CEO of Pharos Network. “The launch of pRNH embodies this shift, enabling real-world credit assets to integrate into an open financial environment accessible to both humans and intelligent agents.”
The structure of pRNH also demonstrates that real financial assets are increasingly integrating with on-chain smart systems. According to R25’s product documentation, this Vault’s architecture incorporates agent-assisted functionalities across multiple stages, including underlying credit screening, liquidity monitoring, on-chain operations, and asset allocation. This means that future intelligent agents will not only transfer assets but also proactively identify financial opportunities, assess conditions, monitor risks, and coordinate transactions around real-world value.
To efficiently coordinate real-world financial activities on-chain, Pharos integrates several core technologies, including deep parallel execution powered by the SALI engine, a modular SPN (Specialized Processing Network), a protocol-level compliance framework, ZK-KYC/AML mechanisms, AsyncBFT consensus, native AI agent support (including the x402 protocol), and EVM and WASM compatibility. This architecture is designed to enable a massive market encompassing real assets, stablecoins, cross-border settlements, on-chain yields, and agent-mediated commerce.
As an increasing amount of institutional assets are being tokenized, Pharos believes the next stage of blockchain infrastructure will be more than just storing and transferring tokenized assets. The future market requires infrastructure that connects real value, programmable identity, compliant access, intelligent decision-making, controlled execution, and real-time settlement. Pharos positions itself as the “value discovery layer” of the agent economy, where real value, intelligent agents, and institutional-grade assets are accessible to all. The launch of pRNH brings institutional-grade corporate credit assets into this ecosystem and provides a real-world use case to validate the above model in practice.
About Pharos Network
Pharos Network is a value discovery layer for the agent economy, dedicated to making real value, intelligent agents, and institutional-grade assets accessible to all. Built for high-performance RealFi and programmable financial markets, it integrates deep parallel execution, modular SPNs, protocol-level compliance infrastructure, and native agent support to fully onboard real-world financial activities to the blockchain. The team was founded by former senior executives and core engineers from Ant Group, with investments from global institutions across traditional finance and crypto, including Sumitomo Corporation, Flow Traders, SNZ, Hack VC, and Faction VC.