Figure and Hastra Expand Tokenized Credit Platform with Auto Loans

Figure and Hastra are broadening their tokenized credit platform by incorporating auto loans, thereby extending the range of real-world assets available to decentralized finance (DeFi) investors beyond home equity products. According to Cointelegraph, Democratized Prime, a decentralized lending marketplace on Figure Markets, is introducing auto finance as its inaugural new asset class. This initiative is part of a broader strategy to create a marketplace where various types of consumer credit can be issued, traded, and funded onchain, as announced on Tuesday. Michael Tannenbaum, CEO of Figure, emphasized the strategic nature of this development, noting that the platform has already originated over $22 billion in onchain loans. This move represents an early test of whether tokenized private credit can extend beyond home-equity products into mainstream consumer lending. Such a shift could potentially broaden DeFi’s access to real-world yield while also introducing the credit risks associated with subprime-style loan markets. Figure launched Hastra in 2025, with its public debut and rollout occurring later that year. Initially launched on Solana (SOL), the platform was designed as an extension of Figure’s lending ecosystem, utilizing its loan origination and credit infrastructure to bring real-world assets (RWAs) onchain. Simultaneously, Hastra is expanding to Ethereum-compatible (EVM) chains, thereby opening access to a larger DeFi ecosystem and extending its existing credit system, including home equity loan exposure, to new chains. A Figure spokesperson informed Cointelegraph that Hastra will begin with Ethereum (ETH) as part of its expansion into EVM chains. They also confirmed that the auto finance product will initially launch on Solana before being rolled out on Ethereum around June. Despite these advancements, bringing consumer loans onchain does not eliminate the inherent risks associated with these assets. Non-prime auto loans can have higher default rates, particularly in weaker economic conditions. Additionally, there are concerns regarding regulation, transparency, and the performance of these blockchain-based credit products under stress or during volatile market conditions. Earlier this month, Bernstein analysts expressed a bullish outlook on Figure, suggesting that the blockchain-based lender might be undervalued. They assigned an “Outperform” rating and a $67 price target, nearly double its recent trading price. This optimistic perspective follows growth in Figure's tokenized lending business, with loan originations exceeding $1.2 billion in March and first-quarter volumes reaching $2.9 billion. Figure went public on September 11, 2025, listing on the Nasdaq under the ticker symbol FIGR.