Today, Pharos Network announced the launch of pRNH Vault. This product, initiated by the R25 protocol, opens the door for qualified users to invest in US high-yield 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 is beginning to include corporate credit assets.

The underlying linkage of pRNH Vault is the NYLIM Anemoy US high-yield corporate bond independent portfolio (HYB). This portfolio is jointly initiated by New York Life Investment Management (NYLIM) and Anemoy, with Centrifuge providing tokenization technology support. Through this Vault, real assets truly become programmable, composable, and can seamlessly connect to various on-chain financial applications.

The foundation of HYB is a diversified portfolio of dollar-denominated high-yield corporate bonds, gaining exposure through shares of the NYLI GF US high-yield corporate bond sub-fund. According to product materials, this strategy is actively managed by New York Life Investment Management, with investments primarily in dollar-denominated high-yield credit bonds. Anemoy and Centrifuge have tokenized this fund, generating corresponding shares on-chain while retaining the operational system behind traditional asset management. Qualified users only need to deposit USDC on Pharos to exchange for pRNH tokens through R25, thus indirectly holding HYB assets. The target scale of the Vault is 100 million dollars, with a target annual yield of about 7% (specific fluctuations depend on market conditions and the performance of underlying assets). This Vault does not impose a hard lock-up period, and users can submit subscription or redemption requests at any time. However, actual receipt and settlement still need to follow the operational rhythm of the underlying fund, qualified investor thresholds, and regulatory requirements in various regions.

The first wave of institutional RWA (real-world assets) boom mainly brought US Treasury bonds, money market funds, and stablecoins onto the chain. As the market matures, more types of real financial assets are beginning to enter programmable environments, where they can interact with on-chain liquidity, applications, and other financial facilities.

From Pharos's perspective, tokenization is just the first step. What is truly valuable is how to discover value, assess opportunities, verify eligibility, and how to execute and settle financial activities in a programmatic manner after the assets are on-chain. "Tokenization is just the first step in bringing real finance onto the chain. The greater opportunity lies in building a market where institutional-level assets can be actively discovered, assessed, and utilized programmably," said the Co-Founder and CEO of Pharos Network. "The launch of pRNH is a reflection of this transformation, allowing real-world credit assets to integrate into an open financial environment aimed at both humans and intelligent agents."

The structure of pRNH also demonstrates that real financial assets are increasingly closely integrated with on-chain intelligent systems. According to the product introduction of R25, this Vault’s architecture has already embedded agent-assisted functions covering multiple links, including underlying credit screening, liquidity monitoring, on-chain operations, and asset allocation. This means that future intelligent agents will not only be able to transfer assets but will also be able to proactively discover financial opportunities, assess conditions, monitor risks, and coordinate transactions around real value.

In order to efficiently coordinate real financial activities on-chain, Pharos has combined several core technologies, including deep parallel execution capability provided by the SALI engine, modular SPN (Specialized Processing Network), protocol-level compliance framework, ZK-KYC/AML mechanism, AsyncBFT consensus, native AI agent support (including x402 protocol), and compatibility with EVM and WASM. The goal of this architecture is to support a massive market covering real assets, stablecoins, cross-border settlement, on-chain yield, and agency intermediary business.

As more and more institutional assets are coming on-chain, Pharos believes that the next phase of blockchain infrastructure will not be as simple as storing and transferring tokenized assets. The future market will need an infrastructure that connects real value, programmable identity, compliance 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-level assets are open to everyone. The launch of pRNH injects institutional-level corporate credit assets into this ecosystem, also providing a real 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-level assets widely available. It is designed for high-performance RealFi and programmable financial markets, integrating deep parallel execution, modular SPN, protocol-level compliance infrastructure, and native intelligent agent support, promoting the comprehensive on-chain integration of real-world financial activities. The team was founded by former senior executives and core engineers from Ant Group, with investors including global institutions from both traditional finance and the crypto space, such as Sumitomo Corporation, Flow Traders, SNZ, Hack VC, and Faction VC.