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Hastra's tokenized home equity product found its demand by letting holders borrow stablecoins against it

Tue 10 Nov 2026 · 11:14 EST · 3 min read

In DeFi

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Tokenizing a real-world asset is the easy part. Getting anyone to actually want it is the hard part.

Hastra seems to have cracked at least part of that puzzle. Its PRIME token, which gives exposure to Figure’s home equity loan pools, attracted over $450 million in deposits across Morpho markets in about 100 days.

That figure matters because it points to a specific playbook for real-world asset (RWA) adoption. The yield alone was not the hook. The ability to borrow against that yield was.

How PRIME ended up as collateral

Hastra is a DeFi protocol built in collaboration with Figure and supported by the Provenance Blockchain Foundation. In May 2026, it launched PRIME on Ethereum and listed it as collateral on Morpho.

The token tracks variable yields from Figure’s actively managed Prime home equity loan pools. Those pools consist mainly of Home Equity Lines of Credit (HELOCs) and related real estate credit.

The net yield sits at around 6% APY, after a 50 basis point fee. That is the passive part of the pitch.

The active part is where Morpho comes in. Holders can post PRIME as collateral and borrow stablecoins like PYUSD or USDC, all while the underlying token keeps earning.

The numbers behind the adoption

The $450 million-plus deposit figure is only one piece of the picture. Over $400 million worth of PRIME has moved to Ethereum, mostly to serve as collateral.

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That migration pushed PRIME’s circulating supply to an all-time high. Total onchain assets under management have recently ranged between $500 million and $570 million.

Curated Morpho vaults are doing much of the plumbing. Vaults run by Sentora and Galaxy Curation route PYUSD and USDC deposits into PRIME-backed markets, supplying the stablecoins that borrowers draw against their collateral. That arrangement has helped place PRIME among the top RWA collateral options on Morpho.

Reid Simon, President of Digital Assets at Figure, framed the challenge plainly.

“Any issuer can tokenize an asset.”

His broader argument: tokenization by itself does not generate adoption. For a yield-bearing asset, the utility that drives engagement is credit, meaning holders can get financing against the asset without having to sell it.

Why Figure’s involvement matters

Figure is not a newcomer experimenting with a side project. The company has originated over $30 billion in home equity loans, which gives PRIME a substantial real-world lending operation sitting underneath it.

Hastra acts as the bridge between that traditional credit machine and DeFi composability.

What this means for RWA issuers and DeFi lenders

For investors, the structure offers two layers of potential return: the roughly 6% net yield on PRIME, plus whatever the borrowed stablecoins are put to work doing. Leverage cuts both ways, of course. Stacking borrowed funds on top of a yield product amplifies gains and losses alike.

PRIME’s value ultimately depends on the performance of home equity loans, which means the health of the underlying borrowers matters even if they never touch a blockchain.

The other open question is scale. Hundreds of millions in deposits is meaningful for an early-stage product, but it remains small relative to the more than $30 billion in home equity loans Figure has originated.

Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.

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