According to CoinMeta, the real-world asset ( RWA ) protocol Pencil Finance for student loans has announced the completion of its first full-chain student loan lending cycle worth one million US dollars. The funds were raised in July 2025 by Animoca Brands, Open Campus, and New Campus. The loan was structured into a senior tranche with fixed returns ( senior tranche ) and a junior tranche with floating returns that assumed priority in loss coverage ( junior tranche ). Borrowers have fully repaid the principal and interest to the investors. This cycle provided financing for approximately 6,600 students from 118 institutions in Southeast Asia who lacked access to traditional financial services; around 1,050 of these students received direct funding, with 50% of the borrowers being women and 93% coming from low-income families.