Hastra, the issuer of RWA, launched a new product, AUTO, on Solana, which is based on consumer auto loan cash flow. This product distributes rewards to on-chain holders and becomes Hastra's second RWA yield token after PRIME.
The underlying assets come from auto loans.
Hastra stated that AUTO's loan assets were initiated by auto finance company Agora Data. Agora Data has already established a $100 million warehouse financing arrangement with Capital One. Figure Forge will then convert these loans into standardized loan participation tokens and package similar loans to form a circulating fungible token.
These tokens represent a proportional share of the underlying cash flow for the holder. The article mentions that AUTO corresponds to the approximately $1.68 trillion US auto loan market, and Hastra is attempting to introduce this type of traditional credit asset into Solana's on-chain financial system.
Integrate Solana DeFi upon launch
Hastra stated that after AUTO is launched, it can be traded directly on Solana's decentralized exchange and can also be used for lending, staking, and leveraged operations. Protocols such as Kamino have been listed as one of the available use cases.
Some vaults and fund management institutions have also begun to integrate this asset, including Sentora and RockawayX. For Solana, this means that RWA products are no longer just on-chain mapped assets, but are further entering the DeFi liquidity and collateral system.
PRIME continues to release new products after expansion.
The launch of AUTO continues the expansion pace of Hastra's existing product, PRIME. PRIME's underlying assets are home equity line-of-credit loans. The article states that within four months of its launch, PRIME's market capitalization on Solana exceeded $360 million, and subsequently expanded to Ethereum.
Hastra currently discloses that its multi-chain managed assets exceed $475 million. With the launch of AUTO, its product line has further expanded from housing-related credit to auto loans.
Passive income assets account for a significant proportion.
According to data from RWA.xyz cited in the article, asset-backed credit and professional finance tokens currently account for a significant share of the Solana RWA market. Including Hastra's PRIME, OnRe's ONyc, and Huma's PST, this category has a combined TVL exceeding $777 million, representing approximately 21% of the Solana RWA market.
The article also states that, broadly speaking, these asset-backed credit and professional financial tokens account for approximately 13.9% of the Solana RWA market. In comparison, the market capitalization of tokenized stocks on Solana is approximately $472 million, while tokenized U.S. Treasury bonds remain one of the largest segments outside of stablecoins.
Overall, the launch of AUTO reflects that the range of RWA assets on Solana is continuing to expand from standardized assets such as government bonds and stocks to income-generating assets such as consumer credit.
