Hastra Launches $AUTO, Bringing $1.68T Auto Credit Market to Solana DeFi

Hastra, an RWA issuer boasting over $475M in total multichain AUM, has launched $AUTO, a real-world yield product distributing consumer auto loans among asset holders.

$AUTO becomes the second RWA yield product in Hastra’s line up, joining $PRIME, a HELOC-powered asset that soared to a $360M market size on Solana within 4 months of launch.

The launch signals growing demand for asset-backed credit and specialty finance tokens, which currently represent 13.9% of Solana’s RWA market.

$AUTO Rolls into Solana DeFi

Debuting on Solana before any other chain, $AUTO is the latest durable yield product deployed by Hastra, an RWA issuer incubated by Figure Technologies. Tapping into the $1,68T auto credit market, $AUTO repackages consumer-auto loans into onchain yield products, currently offering 7.81% APY to liquid asset holders.

According to Hastra, auto loans are originated from Agora Data, an established auto finance company with an existing $100M warehouse facility with Capital One.

Figure Forge then transforms these loans into standardized loan participation tokens, pooling similar loans together and issuing fungible, liquid tokens representing pro rata claims on the underlying cash flows. 

From launch, $AUTO is composable across Solana DeFi. Liquid and permissionlessly-tradable via the network’s DEXs, $AUTO can also be lent out, collateralized, or leveraged on venues like Kamino. Meanwhile, certain vault operators, like Sentora and RockawayX, have also implemented $AUTO into some of their capital management and allocation strategies.

$AUTO’s debut follows a strong adoption curve from Hastra’s existing product, $PRIME, which enjoyed explosive growth in the months following its launch. In just 4 months, $PRIME roared to a market cap of over $360M on Solana, before expanding to Ethereum.

Passive Yield Products Dominate Solana RWA TVL

Solana’s RWA market has dominated crypto mindshare in recent weeks, with explosive volumes across tokenized equities suggesting the onchain economy is embracing more mature, traditional asset classes.

But while onchain stocks capture tremendous volume, commentators argue that passive yield products represent a much larger portion of Solana’s RWA economy than equities and treasuries.

According to RWA.xyz, asset-backed credit and specialty finance tokens like Hastra’s $PRIME, OnRe’s $ONyc Huma’s $PST, equate to over $777M in TVL, constituting 21% of Solana’s total RWA market. Collectively, these assets generate millions of dollars in annual yield for holders, giving investors access to a diversified and resilient range of onchain financial products.

By comparison, Solana’s tokenized equity sector commands a smaller market cap of $472M, with United States Treasuries representing the largest slice of the pie, excluding stablecoins.

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