Pharos Puts Three Tokenized Credit Products on Fireblocks

Pharos Network has made three tokenized U.S. high-yield credit products accessible through Fireblocks, opening its $241.64 million real-world asset platform to institutions that already run their operations on Fireblocks' custody and transaction infrastructure.

The company announced the integration on Tuesday, Nov. 10. The supported lineup comprises the Raffaello NYLIM HYB Vault (pRNH), the NYLIM Anemoy fund, and Axil Prime Credit (APC), a credit strategy issued on R25 Protocol. Fireblocks also supports PROS, Pharos' native coin.

For asset managers, funds, payment service providers and exchanges on Fireblocks, the change is operational rather than conceptual. They can hold, transfer and manage the supported assets inside their existing workspaces, and they can apply their own permission structures to transactions involving Pharos-issued tokens. Nothing about the integration forces a new operating environment.

What does this change for institutional access?

The practical question for practitioners is what a custody integration of this kind actually alters. The answer lies in distribution. Pharos-issued products previously required institutions to connect to the Pharos network directly — a step many allocators will not take for a single issuer or strategy. By plugging into Fireblocks, Pharos gives its issuers a route to an installed institutional base without asking that base to rebuild anything.

Pharos co-founder and CEO Wish Wu framed the logic in a statement: "Institutions do not adopt new networks by rebuilding their stack. They adopt them through the infrastructure they already run."

That principle has guided earlier moves in the tokenized credit sector. A prior Centrifuge deployment placed tokenized fixed-income funds on Circle's Arc network, including a high-yield strategy associated with New York Life Investment Management. The Pharos-Fireblocks integration extends the same distribution logic to a broader set of credit products under a single operational wrapper.

How the custody and controls work

Fireblocks supplies private-key management based on multi-party computation, or MPC — a key-sharding approach in which no single party ever holds a complete key. On top of that foundation, institutions can configure transaction rules to fit their own compliance frameworks.

Available controls include:

• whitelisting for smart contracts, restricting which on-chain programs an institution's assets can interact with;
• multi-party approvals, requiring more than one signer before a transaction executes.

For compliance teams at funds and asset managers, these controls matter more than raw custody. Tokenized credit strategies interact with smart contracts by design — subscription, redemption and yield distribution all execute on-chain. Policy engines that constrain those interactions to vetted contract addresses reduce the operational risk surface that has historically kept conservative allocators away from on-chain credit.

The product set in detail

The three newly supported products span two issuance channels. The Raffaello NYLIM HYB Vault (pRNH) and the NYLIM Anemoy fund both carry links to New York Life Investment Management, one of the larger fixed-income managers to appear in tokenized form. Axil Prime Credit (APC), the third product, is a credit strategy issued on R25 Protocol.

Pharos' real-world asset platform holds more than $241.64 million in aggregated assets across its product range — roughly the scale of a small single-strategy mutual fund, but deployed through tokenized rails rather than traditional transfer agency. The Fireblocks connection adds PROS, the network's native coin, to the supported asset list, giving institutions a way to manage gas, staking or fee positions within the same workspace.

Distribution over technology

The commercial core of the announcement is not a new chain feature or token standard. It is a go-to-market move. Issuers on Pharos gain exposure to Fireblocks' institutional customer base, a population that includes regulated financial institutions already equipped with MPC custody and policy engines. For those issuers, the integration functions as distribution infrastructure: their products become visible and operable to buyers who would not have onboarded to a standalone network.

The two companies plan joint appearances at industry events and targeted introductions between Pharos issuers and institutional audiences, according to the announcement. That roadshow posture signals the integration is the beginning of an outbound sales effort rather than the end of a technical project.

For tokenized credit more broadly, the deal reinforces a pattern: competitive advantage in the sector is shifting from issuance capability toward placement. Protocols that can route products into existing institutional workflows — as Centrifuge did with Circle's Arc and Pharos has now done with Fireblocks — will define how quickly the tokenized credit market scales beyond early adopters.

Expect further custody and distribution integrations of this kind as issuers compete for allocators who demand institutional controls before committing capital on-chain.