Today, Pharos Network announced the launch of the pRNH Vault. This product, introduced by the R25 protocol, opens a channel for qualified users to invest in high-yield U.S. corporate bonds on-chain. This means that Pharos's RealFi (real-world finance) market is no longer limited to stablecoins and tokenized cash-like products but has begun to incorporate corporate credit assets.
The underlying asset of the pRNH Vault is linked to the NYLIM Anemoy U.S. High Yield Corporate Bond Separate Account (HYB). This portfolio is jointly sponsored by New York Life Investment Management (NYLIM) and Anemoy, with Centrifuge providing tokenization technology. Through this Vault, real assets become truly programmable, composable, and can be seamlessly integrated into various on-chain financial applications.
The underlying asset of HYB is a diversified portfolio of U.S. dollar-denominated high-yield corporate bonds, gaining exposure through shares of the NYLI GF U.S. High Yield Corporate Bond Sub-Fund. According to the product materials, this strategy is actively managed by New York Life Investment Management and primarily invests in U.S. dollar-denominated high-yield credit bonds. Anemoy and Centrifuge tokenize this fund, generating corresponding share tokens on the blockchain while retaining the traditional fund operating structure behind the asset management. Qualified users only need to deposit USDC on Pharos, which can then be exchanged for pRNH tokens through R25, thereby indirectly holding HYB assets. The Vault has a target size of $100 million and aims for an approximate annualized yield of 7% (subject to market conditions and underlying asset performance). This Vault does not have a mandatory lock-up period; users can submit subscription or redemption requests at any time. However, actual settlement and execution still follow the operating schedule of the underlying fund, qualified investor thresholds, and regional regulatory requirements.
The first wave of institutional RWA (Real World Asset) enthusiasm primarily brought U.S. Treasury bonds, money market funds, and stablecoins on-chain. As the market matures, more types of real financial assets are entering the programmable environment, where they can interact with on-chain liquidity, applications, and other financial facilities.
In Pharos's view, tokenization is just the first step. The real value lies in how to discover value, assess opportunities, verify eligibility, and execute and settle financial activities programmatically after assets are on-chain. "Tokenization is merely the first step in bringing real finance on-chain. The greater opportunity lies in building a market where institutional-grade assets can be actively discovered, evaluated, and used programmatically," said the Co-founder and CEO of Pharos Network. "The launch of pRNH embodies this shift, integrating real-world credit assets into an open financial environment accessible to both humans and intelligent agents."
The structure of pRNH also demonstrates the increasingly close integration of real financial assets with on-chain intelligent systems. According to the R25 product introduction, the architecture of this Vault already embeds agent-assisted functionalities covering underlying credit screening, liquidity monitoring, on-chain operations, and asset allocation. This means future intelligent agents will not only be able to transfer assets but will also actively discover financial opportunities, evaluate conditions, monitor risks, and coordinate transactions around real value.
To efficiently coordinate real-world financial activities on-chain, Pharos integrates several core technologies. These include deep parallel execution capabilities provided by the SALI engine, modular SPN (Special Purpose Network), protocol-level compliance frameworks, ZK-KYC/AML mechanisms, AsyncBFT consensus, native AI agent support (including the x402 protocol), and compatibility with EVM and WASM. The goal of this architecture is to support a large-scale market encompassing real assets, stablecoins, cross-border settlement, on-chain yield, and agent-mediated commerce.
As more institutional assets move on-chain, Pharos believes the next stage of blockchain infrastructure will not be limited to merely storing and transferring tokenized assets. The market of the future requires infrastructure capable of connecting real value, programmable identities, compliant access, intelligent decision-making, controllable execution, and real-time settlement. Pharos positions itself as the "value discovery layer" for the agent economy, where real value, intelligent agents, and institutional-grade assets are open to all. The launch of pRNH injects institutional-grade corporate credit assets into this ecosystem and provides a real-world scenario to validate the aforementioned model in practice.
About Pharos Network
Pharos Network is the value discovery layer for the agent economy, dedicated to making real value, intelligent agents, and institutional-grade assets universally accessible. It is specifically built for high-performance RealFi and programmable financial markets, integrating deep parallel execution, modular SPN, protocol-level compliance infrastructure, and native intelligent agent support to drive the full migration of real-world financial activities on-chain. The founding team comprises former Ant Group executives and core engineers, with investment from global institutions spanning traditional finance and the crypto sector, including Sumitomo Corporation, Flow Traders, SNZ, Hack VC, and Faction VC.
