The DeFi protocol Hastra, developed with Figure and supported by the Provenance Blockchain Foundation, has seen its PRIME token attract over $450 million in deposits on Morpho markets within approximately 100 days. The token provides exposure to Figure’s home equity loan pools, which consist primarily of home equity lines of credit and real estate credit.
PRIME offers a net yield of approximately 6% APY after a 50 basis point fee. Users can utilize the token as collateral on Morpho to borrow stablecoins, including PYUSD and USDC, while continuing to earn yield on the underlying asset. Over $400 million worth of PRIME has migrated to Ethereum, primarily to serve as collateral for these lending activities.
Total onchain assets under management for the project have recently fluctuated between $500 million and $570 million. Vaults managed by Sentora and Galaxy Curation facilitate the routing of stablecoin deposits into PRIME-backed markets. This integration has established PRIME as a leading real-world asset collateral option on the Morpho platform.
Figure has originated over $30 billion in home equity loans to date, providing the underlying credit operation for the tokenized product. The current deposit volume represents a portion of this broader lending activity. The structure allows investors to potentially earn the base yield on PRIME alongside returns generated from the deployment of borrowed stablecoins.
