Bitwise Launches PPLUS RWA Vault on Ember Protocol Targeting Over 10% Net Yield

The notable shift here is structural rather than the headline yield: Bitwise is packaging private-credit style RWA exposures — payment financing, GPU-backed lending, tokenized home equity — into a single leveraged vault, splitting strategy design from operational execution with Ember. That places yield aggregation, not asset origination, at the centre of the product. The open questions are how the leverage is managed across assets with very different liquidity profiles, and whether curated multi-asset wrappers of this kind become a repeatable template for other issuers.