The RockawayX RWA Vault on Kamino is designed to deliver diversified, market-neutral yield by allocating capital across institutional-grade real-world asset strategies on Solana. Since its launch on February 10, the vault has deployed capital across four primary markets: Huma, Prime (Figure), OnRe, and Solstice, and grown to nearly $6 million in total USDC supplied.

Among these allocations, Huma holds the largest position at approximately 43% of total vault capital (at time of writing, allocations change frequently due to active rebalancing). Even before our vault launch, we had been an active Huma user and completed extensive due diligence on the protocol.

In this spotlight blog, we examine what Huma is, how it generates yield, the role of its PST token within the Kamino ecosystem, and why it earned the vault's largest allocation.

What Is Huma?

Huma is a PayFi (payment financing) network that enables global payment institutions to settle payments around the clock using stablecoins and onchain liquidity. It connects businesses that need short-term capital to move money with liquidity providers who earn yield from that activity.

The protocol has processed over $7 billion in transaction volume to date, and is backed by strategic partners including Solana, Circle, Stellar Development Foundation, and Galaxy Digital.

Huma operates in two forms:

• Huma (Permissionless / Huma 2.0): Open-access (no KYC), subject to jurisdictional/compliance screening, built on Solana and launched April 2025.
• Huma Institutional: A permissioned offering with KYC/KYB for institutional investors.

The permissionless product launched in April 2025 as Huma 2.0, built natively on Solana. Users can deposit USDC and choose between two modes:

• Classic Mode: Mints a PayFi Strategy Token (PST) that earns USDC yield (currently 9% APY) from payment financing activity, plus Huma Feather rewards that can be exchanged for HUMA tokens.
• Maxi Mode: Mints a Maxi PayFi Strategy Token (mPST) that forgoes USDC yield in exchange for increased Feather rewards.

How the Yield Is Generated

Huma's yield comes from a specific, repeatable financial activity: payment financing.

When a business uses the Huma network to settle a payment, it pays a daily fee (typically 6 to 10 basis points) to access liquidity until the transaction is repaid. Repayment happens frequently, often within one to five days. Because capital is returned quickly, it can be recycled many times per year. That rapid turnover creates a compounding effect that drives recurring yield for liquidity providers.

In Q3 2025 alone, Huma processed $1.7 billion in transaction volume, with $860.6 million in credit originations, a 25.2% increase from the prior quarter.

This is structurally different from most DeFi yield sources. There is no token emission dependency. There is no leverage loop. The yield is a function of real businesses paying real fees to move real money through the network.

As long as global commerce continues to generate payment volume, the underlying activity that produces this yield persists. It does not depend on crypto market sentiment, token price appreciation, or speculative trading volume.

PST: The LP Token

When users deposit into Huma's permissionless Classic mode, they receive PST (PayFi Strategy Token). PST is a liquid, yield-bearing LP token that represents a depositor's share of the Huma pool.

PST can be supplied as collateral into Kamino's Huma Market, creating a lending and borrowing market around the token. The RockawayX vault takes advantage of this by supplying PST into the Huma Market on Kamino, where utilization rates have been consistently high.

How Huma Fits Into the Vault

There are a few primary reasons why Huma has been included in our RWA Kamino Vault:

Non-correlated yield source
‍Most DeFi yield is tied to crypto market activity: trading fees, liquidation premiums, staking rewards, or token incentives. Huma's yield comes from off-chain payment financing. This makes it a diversifier within the vault and within a broader crypto portfolio. When crypto markets pull back, payment volume does not necessarily follow.

Yield-bearing collateral
‍PST accrues value from the underlying payment financing activity. When supplied as collateral into Kamino's Huma Market, it creates a layered yield structure: the base yield embedded in PST, plus the lending yield from the Kamino market. The vault also earns weekly HUMA token rewards, adding an incentive layer on top.

HUMA is the native utility and governance token of the Huma ecosystem, serving several functions:

• Governance: HUMA holders can stake, with stake duration determining voting power, and the token is designed to support governance over incentives and protocol parameters.
• LP Incentives: Liquidity providers earn HUMA rewards, with higher rewards for greater and longer-term commitments.
• Ecosystem Rewards: Partners and contributors earn HUMA based on contributions to transaction volume and protocol revenues.

High utilization
‍Consistently high utilization in the Huma Market on Kamino signals strong borrowing demand for PST-backed capital. High utilization means the vault's supplied capital is actively earning, not sitting idle.

Institutional backing and audit trail
‍Huma's contracts have been audited across ecosystems, including Halborn and Sec3 (Solana), Spearbit (EVM), and Certora (Stellar). The protocol's partnerships with Solana, Circle, and Stellar Development Foundation provide an additional layer of institutional credibility. In September 2025, Huma became a liquidity provider for the Circle Payments Network (CPN), a cross-border payments network for financial institutions operated by Circle, with plans to expand to 185 payment corridors by the end of 2026.

Conclusion

Huma earned the vault's largest allocation because it offers something most onchain yield sources do not: yield derived from real-world commercial activity that is structurally independent of crypto market cycles. Combined with the composability of PST, the depth of the Kamino lending market, and the additional HUMA incentive layer, it represents a core building block in our diversified RWA strategy.

For more on the vault, visit the Rockaway RWA USDC vault page.