Figure, Hastra Tokenize Auto Loans on Solana; EVM Rollout

Figure and its Hastra unit have begun tokenizing auto loans on the Solana blockchain and plan to expand the product to Ethereum and other Ethereum-compatible (EVM) chains around June. The tokenized auto loans will be listed on Figure Markets’ Democratized Prime, a decentralized lending marketplace.

Democratized Prime will add auto finance as the first asset class beyond the platform’s home equity products. Figure will use its existing loan origination and credit infrastructure to move vehicle loans onto blockchains so those loans can be issued, traded and funded onchain.

Hastra launched in 2025 and initially operated on Solana. The auto finance product will start on Solana and then roll out to Ethereum as part of a broader expansion to EVM networks, a Figure spokesperson confirmed.

Figure reports more than $22 billion in onchain loan originations. Loan originations reached $1.2 billion in March, and first-quarter originations totaled $2.9 billion. Figure went public on Sept. 11, 2025, and trades under the ticker FIGR; the company’s shares are down about 12% year-to-date. Analysts at Bernstein have assigned an Outperform rating with a $67 price target, noting growth in tokenized lending volumes.

Auto loan pools will offer a new consumer credit asset class for decentralized finance investors. Non-prime auto loans historically have higher default rates in weaker economic conditions, which creates potential loss exposure for investors. Regulators and market participants have raised questions about transparency, governance, investor protections and how onchain credit products would perform under stress.

Figure plans to apply its current origination and credit controls as it moves auto loans onto multiple blockchains. Michael Tannenbaum, Figure’s CEO, noted the company had been preparing to expand its tokenized credit marketplace and pointed to the firm’s origination totals.