Hastra's PRIME, a tokenized home equity product built with Figure, has attracted more than $450 million in deposits across Morpho markets in roughly 100 days — a pace that highlights a specific playbook for real-world asset (RWA) adoption. The hook was not yield alone, but the ability to borrow against it.

Tokenizing a real-world asset, the reasoning goes, is the easy part. Getting anyone to actually want it is the hard part. PRIME's early traction suggests the second problem can be addressed by pairing passive yield with onchain credit.

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 the token as collateral on Morpho. For readers new to the venue, Morpho is a decentralized lending protocol on Ethereum where lenders supply assets — largely through curated vaults — and borrowers post collateral to take out loans, which is what allowed a yield-bearing RWA to plug directly into onchain credit markets.

PRIME tracks variable yields from Figure's actively managed Prime home equity loan pools, which consist mainly of Home Equity Lines of Credit (HELOCs) and related real estate credit. The net yield currently sits at around 6% APY after a 50 basis point fee (0.5%) — the passive part of the pitch.

The active part is where Morpho comes in. Holders can post PRIME as collateral and borrow widely used dollar-pegged stablecoins such as PayPal-issued PYUSD or Circle-issued USDC, all while the underlying token continues to earn.

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. That migration pushed PRIME's circulating supply to an all-time high, and 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 is that tokenization by itself does not generate adoption. For a yield-bearing asset, the utility that drives engagement is credit — the ability for holders to obtain 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 more than $30 billion in home equity loans, giving PRIME a substantial real-world lending operation underneath it. Hastra acts as the bridge between that traditional credit machine and DeFi composability — the property that lets an onchain asset be reused across lending markets, vaults, and other protocols instead of sitting idle in a wallet.

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, however — 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.

Scale remains the other open question. 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.

From here, the observable markers are concrete: whether deposits extend beyond the current $450 million, how total onchain AUM moves around its recent $500 million–$570 million range, and whether other RWA issuers replicate the yield-plus-credit pairing that PRIME's first 100 days put on display.

Disclosure: This article was edited by Estefano Gomez.