OpenFi has launched a $100 million USDC deposit yield program on the Pharos mainnet, marking a significant step in integrating institutional-grade RWA yields with on-chain stablecoin liquidity. The program, announced on June 2, features an initial allocation of $30 million and targets a supply APY of 10%. This initiative utilizes the Pharos flagship fixed-income RWA vault, pAlpha, as collateral for the first time at the protocol level, allowing pAlpha holders to borrow USDC without redeeming their underlying RWA positions. The pAlpha vault, valued at $50 million, is curated by AXIL and comprises 70% structured consumer credit tranches managed by R25 and 30% tokenized U.S. Treasuries managed by Anemoy. Managed by Ascent Fund Services and audited by Ernst & Young, this program aims to democratize access to RWA yields. OpenFi plans to expand its offerings by integrating additional RWA collateral assets, including tokenized U.S. equities and gold.