Figure and Hastra are adding auto loans to their tokenized lending platform, expanding the types of real-world assets available to decentralized finance (DeFi) investors beyond home equity products.
Democratized Prime, a decentralized lending marketplace on Figure Markets, is adding auto financing as its first new asset class as part of its plan to build a marketplace where various types of consumer credit can be issued, traded and financed online, according to a Tuesday announcement shared with Cointelegraph.
“We’ve been working on this purposefully,” said Figure CEO Michael Tannenbaum, adding that the platform has generated more than $22 billion in onchain loans.
The move marks an early test of whether tokenized private credit can expand from equity products to mainstream consumer lending, a shift that could expand DeFi’s access to real returns but also import the credit risks of subprime-like lending markets.
Figure launched Hastra in 2025, with its public debut and rollout later that year. Initially launched on Solana (SOL), the platform was built as an extension of Figure’s credit ecosystem, leveraging its lending and credit infrastructure to bring real-world assets (RWAs) onchain.
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Hastra expands into EVM chains
At the same time, Hastra is expanding into Ethereum-compatible (EVM) chains, opening access to a larger DeFi ecosystem and bringing the existing credit system, including home loan exposure, to new chains.
A spokesperson for Figure told Cointelegraph that Hastra will start with Ethereum (ETH) as part of its push into EVM chains. They also confirmed that the car financing product will first launch on Solana before rolling out on Ethereum around June.
Yet bringing consumer loans to market does not eliminate the underlying risks associated with these assets. Non-prime auto loans can carry higher default rates, especially in weaker economic conditions.
There are also questions around regulation, transparency and how these blockchain-based credit products would perform under stress or during volatile market conditions.
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Figure gets bullish outlook from Bernstein
Earlier this month, Bernstein analysts said Figure may be undervalued, assigning the blockchain-based lender an Outperform rating and a $67 price target, nearly double its recent trading price. The bullish outlook follows growth in tokenized lending activity, with loan production surpassing $1.2 billion in March and volumes reaching $2.9 billion in the first quarter.
Figure went public on September 11, 2025 and listed on the Nasdaq under the ticker symbol FIGR.
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