Briefing
Figure Technology Solutions has launched a Real-World Asset (RWA) Consortium to strategically expand access to institutional-grade yields via the new PRIME liquid staking token on Solana. This initiative fundamentally alters the RWA vertical by creating a standardized distribution layer, Hastra, which bridges Figure’s regulated, on-chain loan originations from the Provenance Blockchain to the high-speed Solana DeFi ecosystem. The primary consequence is the democratization of yield, allowing any DeFi user to participate in pools backed by tokenized private credit. This move establishes a defensible network effect around compliant, high-quality assets, leveraging Figure’s established scale, which includes over $19 billion in on-chain loan originations to date.
Context
Prior to this launch, the Real-World Asset landscape was characterized by two core frictions → regulatory segmentation and liquidity fragmentation. Institutional RWA products were often siloed on permissioned chains, restricting access to accredited investors and preventing composability with the broader decentralized finance application layer. Retail DeFi users, meanwhile, were relegated to synthetic or volatile yields, unable to access the stable, off-chain credit yields that underpin traditional finance. This created a significant product gap, separating the capital efficiency of regulated assets from the open, liquid markets of public blockchains.
Analysis
The RWA Consortium and the PRIME token directly alter the application layer by introducing a new, highly composable financial primitive. PRIME functions as a liquid staking token for the underlying RWA collateral, allowing users to earn yield from real lending activity while maintaining instant liquidity on Solana. This system transforms digital ownership models by wrapping traditionally illiquid, regulated assets into a tradeable token. The chain of cause and effect is clear → Hastra’s liquidity protocol acts as a distribution layer, taking yield from Figure’s Democratized Prime lending protocol and packaging it into PRIME.
This architecture attracts net-new, institutional-grade capital to Solana, directly challenging existing DeFi protocols that rely on purely crypto-native yield sources. The innovation is the strategic use of a liquid staking model to solve the RWA liquidity problem, effectively turning a regulated, interest-bearing loan position into a productive, composable asset for the entire DeFi ecosystem.
Parameters
- Total On-Chain Originations → $19 Billion → The total value of loans Figure has originated on-chain, representing the scale of the underlying asset pool.
- Protocol Layer → Hastra Liquidity Protocol → The distribution layer that packages RWA yield into the PRIME token.
- Distribution Chain → Solana → The high-throughput public blockchain where the liquid staking token is accessible to DeFi users.
- Asset Type → Tokenized Private Credit → The specific class of real-world assets (e.g. HELOCs) backing the yield.
Outlook
The immediate next phase involves the deep integration of the PRIME token across Solana’s native DeFi ecosystem, particularly with money markets and automated market makers, to maximize its utility as collateral. This model is a foundational primitive, setting a clear standard for RWA tokenization that prioritizes compliance and composability. Competitors in the RWA space will be forced to adopt similar liquid wrapping mechanisms to avoid having their capital siloed, creating a forkable design pattern for bridging regulated assets to public chains. The ultimate outcome is the establishment of a new, highly-defensible flywheel where institutional origination scale drives public chain liquidity, which in turn creates a more robust and attractive market for the next tranche of tokenized assets.
