Hastra Bootstraps Demand for Its RWAs on Morpho
$450M+
$30B+
"Any issuer can tokenize an asset. The ones that grow are the ones whose tokens do something, and Morpho is where PRIME went to work."Reid Simon, President of Digital Assets at Figure
The Opportunity
For institutional asset issuers, bringing a tokenized asset onchain doesn't automatically create demand for it. Adoption follows utility, and for a yield-bearing asset the utility that matters most is credit: enabling holders to access financing against the asset without selling it.
Figure is a Nasdaq-listed lender that has spent years bringing real-world lending onchain. In partnership with Hastra, the opportunity was to distribute its yield-bearing RWA tokens to global onchain liquidity, with credit utility ready from day one.
The Solution
In May 2026, Hastra deployed PRIME on Ethereum and listed it as collateral on Morpho. PRIME gives holders exposure to variable yield from Figure's home equity loan pools on Prime.
Holders of PRIME can borrow PYUSD and USDC in isolated Morpho Markets. The liquidity comes from Morpho Vaults curated by Sentora, Steakhouse, and Galaxy Curation.
Holders mint PRIME through Hastra, post it as collateral on Morpho, and borrow PYUSD or USDC against it, all while the token keeps accruing variable yield from Figure's home equity loans.
The Results
The deployment transformed PRIME from a token that could only be held into collateral holders can borrow against.
Demand for PRIME has followed quickly since deployment in May 2026: most PRIME now sits on Ethereum, much of it posted as collateral on Morpho, and circulating supply has reached an all-time high.
- $450M+ in total deposits across PRIME-backed Morpho Markets
- $400M+ of PRIME now on Ethereum
- All-time high in PRIME circulating supply
PRIME's growth also lays out a playbook for RWA asset issuers:
- Bring a tokenized yield-bearing institutional RWA asset onchain
- Deploy lending markets on Morpho's credit network for credit utility
- Create more demand for the asset onchain