Figure and Hastra expand DeFi credit with auto loans, bringing tokenized consumer lending beyond home equity and testing real-world yield markets onchain

Figure seeding Forge's auto-loan order book with its own capital means they're originator, tokenizer, and primary market maker on the same underlying — $19B in cumulative on-chain originations and AAA-rated securitizations lend credibility, but that vertical integration concentrates counterparty risk in ways TradFi ABS was specifically designed to distribute across independent servicers and trustees. FIGR dropped 13% on the announcement, so public equity investors aren't exactly pricing this as a breakout catalyst. DeFi lenders on Hastra and Democratized Prime need to figure out whether pro-rata pool participation tokens with Figure-backstopped liquidity actually give them the loss-modeling transparency that traditional structured credit took decades to build, or just the yield without the infrastructure.

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