Bitwise launches leveraged RWA vault targeting 10%+ yield
DeFi & Yields ·
Bitwise has introduced PPLUS, a Premium+ real-world asset vault built on Ember Protocol, aimed at non-U.S. investors seeking yield above 10%.
The vault, announced by Bitwise, pools exposure across a mix of underlying assets: tokenized cross-border payment flows, GPU-backed loans, and prime home equity claims. PPLUS applies leverage to this basket of real-world credit and payment instruments in pursuit of the stated 10%+ yield target, a structure that ties returns to off-chain economic activity rather than purely crypto-native trading strategies.
The launch extends Bitwise's broader push into tokenized real-world assets, an area the firm has been building out through several vehicles. Its Crypto Carry Fund, rebranded as USCC, has already crossed $120 million in deposits after integrating with Aave's Horizon institutional lending platform, one of the more notable RWA tie-ins in decentralized finance so far. Bitwise's profile describes the firm as a San Francisco-based crypto-specialist manager that builds regulated wrappers—ETFs, separately managed accounts, and tokenized funds—for exposure to digital assets, spanning spot Bitcoin and Ethereum ETFs, European ETPs, and staking-integrated products like its Hyperliquid ETF.
PPLUS differs from those earlier products in structure: rather than listing on a traditional exchange or wrapping a single asset, it operates as an on-chain vault through Ember Protocol, explicitly targeting investors outside the United States. That non-U.S. framing suggests the product is designed to sit outside the regulatory perimeter that governs Bitwise's SEC-approved ETFs, allowing it to combine leverage and a blended RWA portfolio in ways a U.S.-listed fund typically could not.
Because the vault draws on multiple distinct RWA categories—payments, GPU collateral, and home equity—its actual yield and risk profile will depend on how each of those underlying markets performs and how the leverage component amplifies gains or losses. Not yet disclosed is the specific leverage ratio, fee structure, or minimum investment size for PPLUS, nor how Ember Protocol manages custody and liquidation across such a heterogeneous asset mix. Whether the 10%+ target holds up once the vault has live performance data, and how it compares with Bitwise's other tokenized products like USCC, remains to be seen.