Figure and Hastra Enhance DeFi with New Auto Loan Offering
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James Mitchell combines investment banking with cryptocurrency journalism to analyze the institutional adoption of digital assets. Specializing in ETFs and regulation, he translates complex developments…
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In a significant development for decentralized finance (DeFi), Figure has announced the introduction of auto loans to its existing platform, thereby enhancing its Democratized Prime marketplace. This innovative step aims to broaden the range of tokenized consumer credit options available for DeFi investors.
The addition of auto finance marks the first new asset type that will be integrated into the Democratized Prime lending marketplace. This initiative is designed to enable a diverse array of consumer credit offerings to be issued, traded, and funded on-chain. Figure’s CEO, Michael Tannenbaum, noted that the team has been strategically working towards this milestone, with the platform already facilitating over $22 billion in on-chain loans.
This endeavor represents a pivotal moment in assessing the viability of tokenized private credit beyond traditional home-equity products. It could potentially open up new avenues for DeFi investors looking for real-world yields while highlighting inherent risks associated with subprime loan markets.
Figure initially launched Hastra in 2025, and its subsequent public rollout took place later that same year. Originally developed on the Solana blockchain, Hastra was built to serve as an extension of Figure’s lending infrastructure, leveraging its loan origination capabilities to incorporate real-world assets into the blockchain ecosystem.
Simultaneously, Hastra is poised to expand its reach by entering Ethereum-compatible chains, thereby integrating its existing credit system into a wider DeFi landscape. Initially, the auto finance product will debut on Solana before transitioning to Ethereum later in the year.
Despite this promising development, experts caution that shifting consumer loans onto the blockchain does not eliminate the fundamental risks tied to these financial assets. Non-prime auto loans, in particular, are known for higher default rates, especially in economically challenging times.
Regulatory concerns, transparency, and the performance of these blockchain-based credit products under volatile market conditions remain pressing issues that regulators and market participants must address.
Earlier this month, analysts at Bernstein expressed a positive outlook for Figure, suggesting it could be undervalued. They assigned an “Outperform” rating and set a price target that nearly doubles its current trading rate. This optimistic assessment follows a notable uptick in Figure’s tokenized lending business, with loan originations exceeding $1.2 billion in March.
Figure successfully went public on September 11, 2025, listing on Nasdaq under the ticker symbol FIGR. As the platform continues to innovate, the impact of these advancements on DeFi and consumer credit markets will be closely monitored.
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