Figure Technology Solutions, Inc. (Nasdaq: FIGR), the blockchain-native capital marketplace for the origination, funding, sale, and trading of onchain loan products and tokenized real-world assets (RWAs), announced the launch of the RWA Consortium, a coalition that will expand access to Figure’s onchain loan originations, starting on Solana.
The Consortium represents an effort by crypto platforms to support adoption of PRIME, the liquid staking token that is built on the Hastra liquidity protocol, “developed in partnership with Figure and the Provenance Blockchain Foundation.”
PRIME is enabled by the Democratized Prime decentralized lending protocol on the Provenance Blockchain, which allows users “to lend against pools of tokenized Figure RWA loans.”
Via this coalition, DeFi users can access “institutional-grade yields previously reserved for banks and accredited investors.”
The RWA Consortium builds on Figure’s vision to bring capital markets onchain, a goal recently reinforced “during its IPO and the expansion of its RWA ecosystem across multiple blockchains.”
By extending beyond the Provenance Blockchain to integrate with Layer 1 networks like Solana, Figure is partnering with Hastra to leverage Chainlink CCIP to enable the cross-chain interoperability “needed for a connected, multi-chain finance ecosystem.”
With $19 billion+ (reported) in onchain loan originations to date and a 70% market share in the RWA private credit market, Figure is positioned to bridge traditional credit markets with DeFi.
This initiative follows the debut of Hastra, a liquidity protocol incubated by Figure and Provenance Blockchain that allows the “yields generated in Democratized Prime to reach decentralized finance, with all Hastra yield products secured by the Chainlink data standard.”
Hastra acts as a distribution layer for that yield, while PRIME, a new liquid staking product built “on top of Hastra, lets users amplify their earnings and keep assets liquid.”
Together, these tools connect traditional credit markets with blockchain liquidity, providing “sustainable yields at a time of historic volatility in crypto markets.”
The RWA Consortium unites various participants across the crypto ecosystem to deliver the first full-stack framework “for the PRIME token on Solana.”
Each partner plays a role:
Figure provides access to the yields generated “from its $1B+ a month in onchain loan originations through Democratized Prime.”
- Kamino Finance will serve as the exclusive onchain credit and lending partner, supporting the listing of PRIME on Kamino Lend and collaborating to expand utility for PRIME across Kamino’s product offerings. This includes enabling users to increase their PRIME yield and providing a venue to swap with best price execution on Solana.
- Chainlink, as the official oracle infrastructure across Hastra’s yield primitives on Solana, delivers high-integrity data, with CCIP enabling interoperability across blockchains.
- CASH will serve as the PRIME’s official stablecoin partner. Designed by Phantom using Open Issuance by Bridge and Stripe, CASH enables low-cost borrowing against PRIME and provides deep onchain liquidity across RWA pools.
- Raydium, Solana’s leading automated market maker, will provide the foundational liquidity infrastructure for PRIME. Raydium’s concentrated liquidity pools enable efficient price discovery and deep market depth for institutional-grade RWA tokens entering Solana’s DeFi ecosystem.
- Privy, a Stripe company, will provide custodial and self-custodial embedded wallet infrastructure to help applications onboard users seamlessly and support PRIME-powered activity across DeFi initiatives.
- Gauntlet manages risk for over $1.5 billion in capital through institutional-grade yield strategies. Gauntlet vaults on Kamino will add the PRIME borrow markets to the allocation opportunity set.
Figure’s HELOCs have a origination history and real cash flows from borrower payments. As a publicly-traded company, Figure brings “institutional-grade compliance and transparency to DeFi yields.”
In addition to product integrations, the consortium will “focus on community engagement, education, and adoption through reward programs and events.”
The initiative will host an RWA experience at Solana Breakpoint to highlight new “real-world yield opportunities for users and developers.”
The Consortium will make its physical debut at Solana Breakpoint.
The formation of the RWA Consortium reinforces Figure’s “multi-chain strategy and leadership in RWA tokenization.”