The financial RWA public chain @pharos_network officially announced a $44M Series A financing two days ago. Interestingly, the official revealed that many undisclosed top institutions jointly led the investment, including Asian private equity funds, new energy listed companies, and compliant financial institutions in Hong Kong. Subsidiaries of Sumitomo Corporation, crypto-native institutions like SNZ and Flow Traders are also participating.

This resource-based traditional capital + crypto-native hybrid financing strategy is actually relatively rare in the current market.

Two days ago, they announced the financing and then immediately launched a pre-deposit activity for the RWA Vault in collaboration with OKX Wallet before the mainnet launch. The details of the activity can be seen by everyone; here, the main discussion is about where the underlying assets are actually utilized.

The official announced that the funds for this pre-deposit are not used for high-risk plays in staking or lending protocols but are directly invested in real-world RWA assets. The specific allocation mainly consists of two parts:

1️⃣ 30% allocated to JTRSY

A well-established product on Centrifuge, managed by Anemoy with support from Janus Henderson, investing in 0-3 month U.S. short-term Treasury bills (T-bills). Rated AA+ by S&P, with good liquidity and top-notch credit, serving purely as the safety cushion and liquidity cornerstone for the entire Vault, with daily data available on-chain.

2️⃣ 70% high-yield consumer credit portfolio

Curated by institutional-level RWA risk management provider Axil, investing in a portfolio of consumer credit assets in multiple emerging market countries. Prioritizing places with fast GDP growth, relatively sound regulations, and political stability, starting with countries/institutions that meet compliance conditions well. Collaborating partners are all well-established local licensed financial institutions with over 10 years of experience, equipped with AI big data risk control engines, healthy balance sheets, and stable profitability.

This kind of asset is essentially much closer to traditional financial products, just with a transparent distribution model on-chain. Therefore, what I personally value more is not the 14%-16% APY, but rather that it has begun to have real underlying cash flow support, rather than purely circulating on-chain.

Of course, the activity requires locking funds for about 100 days (16% during the first 10 days of the ETH phase, and 14% during the later mainnet phase), and there are risks including smart contract risk, credit risk, and liquidity risk. It is advised that everyone carefully assess their financial situation before deciding whether to participate.

This is purely personal analysis and does not constitute any investment advice. Digital assets have risks; DYOR, judge for yourself.

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