For me,
@HastraFi $PRIME stands as one of the highest-quality RWA pools on
@pendle_fi, especially within the consumer credit/mortgage-related RWA segment.
Summary of the yield source behind Hastra $PRIME:
+ It is not focused on first mortgages, but primarily on Home Equity Line of Credit (HELOC).
+ HELOCs are loans extended to homeowners who already own their property, using the remaining equity in the home as collateral for additional borrowing. These are real-world debts originated by Figure for its customers.
+
@Figure collects interest from these homeowners → the interest flows into the pool → holders of PRIME receive their share as yield.
+ PRIME is the token that represents entitlement to interest from this real HELOC pool. Built on blockchain, it allows on-chain retail users to trade, stake, and use it as collateral across DeFi.
Key strengths in safety and structure:
+ Multiple layers of robust protection: 108% over-collateralization, automated liquidation, originator substitution, paydown at 98% LTV, and BWIC liquidation.
+ Zero realized losses since launch rare achievement in RWA credit.
+ Figure brings a strong track record, including AAA ratings on previous securitizations.
Compared to other RWA pools on Pendle:
+ On par with top private credit or reinsurance pools such as
@onrefinance
+ Offers a notably stronger risk profile than pools like Saturn (sUSDat) or Apyx (apyUSD), which rely on STRC/Bitcoin-backed dividends.
+ While it carries slightly higher credit risk than pure Treasury RWA pools, it compensates with a significantly higher yield of approximately 5.9% fixed APY.
If you're looking for solid RWA exposure with strong downside protection and attractive fixed yield, Hastra $PRIME is definitely worth a close look.