# Hastra AUTO

> Hastra AUTO is a yield-bearing crypto token that gives holders exposure to interest from consumer auto loans pooled through Figure’s Democratized Prime marketplace.

- Canonical URL: https://iq.wiki/wiki/hastra-auto
- Categories: Cryptoassets
- Tags: Ethereum, Solana, RWA, Token
- Created: 2026-10-24T15:49:07.404Z
- Last updated: 2026-10-24T15:49:07.404Z
- Source: IQ.wiki — the world's largest blockchain and crypto encyclopedia (https://iq.wiki)

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**Hastra AUTO** (AUTO) is a [Solana](https://iq.wiki/wiki/solana) liquid-staking token that gives holders exposure to interest from a pool of consumer auto loans in [Figure](https://iq.wiki/wiki/figure)’s Democratized Prime marketplace. Launched on July 22, 2026, it is Hastra’s second yield product after PRIME, which is backed by home-equity lending. AUTO is minted when users stake wYLDS, and its value accrues through an exchange rate that reflects yield added to the pool rather than through a separate coupon paid directly to holders.[[1]](#cite-id-dsnw7d7lm1)​[[2]](#cite-id-anwjzq3n23)​[[3]](#cite-id-uhn080txv5)​

## Launch and Ecosystem

AUTO’s inception date is listed as July 22, 2026. On August 4, 2026, Kamino announced that AUTO was available through its [Solana](https://iq.wiki/wiki/solana) protocol, where users could supply it, borrow against it, or use it in leveraged looping strategies. The announcement described AUTO as [Hastra](https://iq.wiki/wiki/hastra)’s second market on Kamino after PRIME and presented the two products as providing exposure to consumer auto loans and home-equity lending, respectively.[[1]](#cite-id-dsnw7d7lm1)​[[8]](#cite-id-kez7tp3ho9)​

Hastra and Kamino have described AUTO as a way to bring U.S. consumer auto-loan exposure into on-chain credit markets. Hastra’s product page also describes [collateral](https://iq.wiki/wiki/collateral) use and leveraged strategies, while Hastra’s overview identifies integrations with Solana lending protocols as a planned use case. Such strategies increase exposure to the underlying asset and introduce the additional risks associated with borrowing and [leverage](https://iq.wiki/wiki/leverage).[[8]](#cite-id-kez7tp3ho9)​[[5]](#cite-id-b2yfj19m20)​[[2]](#cite-id-anwjzq3n23)​

## Structure and Yield

AUTO connects a series of lending and [tokenization](https://iq.wiki/wiki/tokenization) arrangements. Agora Data originates near-prime consumer auto loans, while [Figure](https://iq.wiki/wiki/figure) structures the loans and supplies marketplace and capital-markets infrastructure. [Hastra](https://iq.wiki/wiki/hastra) distributes the resulting pool exposure through its DeFi protocol on [Solana](https://iq.wiki/wiki/solana). The loans are represented on [Provenance](https://iq.wiki/wiki/provenance) Blockchain and enter Figure’s Democratized Prime Auto Pool, where lenders provide warehouse funding.[[2]](#cite-id-anwjzq3n23)​[[4]](#cite-id-9wqd7nlwt4)​

Users can obtain AUTO by first converting [USDC](https://iq.wiki/wiki/usdc) into wYLDS and then [staking](https://iq.wiki/wiki/staking) wYLDS through Hastra. wYLDS represents exposure to [YLDS](https://iq.wiki/wiki/ylds), which Hastra describes as a yield-bearing [stablecoin](https://iq.wiki/wiki/stablecoin) backed by U.S. Treasuries and short-term repurchase agreements on U.S. Treasuries. Figure Certificate Company issues YLDS as a face-amount certificate; YLDS is distinct from both wYLDS and AUTO.[[5]](#cite-id-b2yfj19m20)​[[6]](#cite-id-8689x9672m)​[[4]](#cite-id-9wqd7nlwt4)​

When wYLDS is staked, the protocol triggers an instruction to lend the YLDS backing it into the Auto Pool. Agora’s loans are tokenized through Figure Connect and structured by Figure Forge into standardized, fungible loan-participation tokens representing proportional claims on the loans’ cash flows. Figure Connect uses Digital Asset Registry Technologies (DART), Figure’s registry for digital liens and electronic notes. The resulting participation tokens enter Democratized Prime on Provenance, where they support the pool’s lending activity.[[2]](#cite-id-anwjzq3n23)​[[4]](#cite-id-9wqd7nlwt4)​

Interest paid by borrowers flows through the pool and the YLDS and wYLDS layers to the Hastra AUTO vault. Yield is reflected in the AUTO-to-wYLDS exchange rate, so one AUTO can be redeemed for more wYLDS as yield accrues. The rate is updated using [Chainlink](https://iq.wiki/wiki/chainlink) Data Streams, with rewards administrators periodically verifying the price. Yield is generated off-chain on the Provenance side and returned to Solana as YLDS or wYLDS.[[3]](#cite-id-uhn080txv5)​[[4]](#cite-id-9wqd7nlwt4)​

AUTO’s yield comes from borrower interest rather than token emissions or liquidity-mining rewards. The marketplace rate varies with pool utilization and the supply and demand for lending capital; neither Figure nor Hastra sets it manually. Hastra deducts a 50-basis-point platform fee. Its displayed “Effective APY” is an estimate based on the preceding 24-hour change in net asset value, including the pool rate and interest on unused wYLDS liquidity after the fee, and is refreshed in the user interface every five minutes. Hastra states that rates are variable and not guaranteed.[[2]](#cite-id-anwjzq3n23)​[[7]](#cite-id-rst08t722e)​

## Origination and Credit Protections

Agora Data originates, underwrites, and services the underlying near-prime auto loans. It uses an AI-powered underwriting framework and serves car dealerships across the United States. [Hastra](https://iq.wiki/wiki/hastra) and the Kamino announcement describe Agora as working with more than 600 monthly active dealers, with a $100 million warehouse facility from Capital One and a history of public securitizations supported by third-party-validated performance data. Bertram Capital backs Agora, and [Figure](https://iq.wiki/wiki/figure) made a strategic equity investment in the company as part of its partnership.[[2]](#cite-id-anwjzq3n23)​[[8]](#cite-id-kez7tp3ho9)​

Figure’s role differs from its role in PRIME. Figure originates the home-equity lines of credit underlying PRIME, whereas AUTO uses Agora as a third-party originator that Figure sources and diligences. Figure structures the Auto Pool, provides credit enhancement, and operates the marketplace infrastructure; Hastra handles DeFi distribution. Figure Forge creates participation-interest tokens from tokenized whole loans under a Master Participation Agreement.[[2]](#cite-id-anwjzq3n23)​[[4]](#cite-id-9wqd7nlwt4)​

The auto loans are secured by new and used motor vehicles. Hastra describes several layers intended to absorb losses before they affect AUTO holders: a reserve account that accumulates to 2.5% of outstanding principal; a $25 million Figure seed-capital commitment to the auto-loan trust, described as first-loss protection; and advance-rate limits. Current loans are advanced at 87 cents per dollar. The rate falls to 43.5 cents for loans 61–90 days delinquent and to zero at 91 or more days, removing those loans from the borrowing base.[[2]](#cite-id-anwjzq3n23)​[[4]](#cite-id-9wqd7nlwt4)​

Other stated protections include required buyouts of delinquent loans at defined 60- and 90-day thresholds, Agora’s obligation to repurchase loans that breach representations or eligibility criteria at full principal plus accrued interest, and full recourse to Agora. Agora’s parent company provides a limited guarantee covering specified bad acts, servicing, and purchase obligations. Hastra describes the underlying loans as generating approximately 20% net coupon against an approximately 9% target yield for AUTO, or about 2.4 times the cash flow needed to pay that yield. It also says expected losses are approximately 10% and that the pool could absorb roughly 55% delinquency before holder yield is impaired. These figures are Hastra’s estimates, not guarantees.[[2]](#cite-id-anwjzq3n23)​[[4]](#cite-id-9wqd7nlwt4)​

The loans are held through a Delaware statutory trust pledged under a Master Repurchase Agreement between the originator and the trust. Hastra describes the arrangement as designed to separate the loan assets from the credit risk of any single party. If the originator defaults under the agreement, the loans are sold to the trust in a true sale. The trust has an independent administrator whose stated non-discretionary powers in a default scenario are to sell the assets and remit proceeds to Democratized Prime lenders.[[2]](#cite-id-anwjzq3n23)​[[4]](#cite-id-9wqd7nlwt4)​

## Token Mechanics and Redemption

​[Hastra](https://iq.wiki/wiki/hastra)’s [Solana](https://iq.wiki/wiki/solana) architecture uses two Anchor programs. The shared vault-mint program accepts [USDC](https://iq.wiki/wiki/usdc) and issues wYLDS at a 1:1 ratio, while the vault-stake-auto program accepts wYLDS and issues AUTO shares at the current exchange rate. The exchange rate determines how many AUTO shares are minted for deposited wYLDS and changes as rewards enter the stake vault.[[3]](#cite-id-uhn080txv5)​

AUTO redemption is a single-step on-chain operation: the `redeem` instruction burns AUTO and transfers the corresponding wYLDS from the stake vault using the live exchange rate. The integration guide says there is no current unbonding period or redemption queue. A redemption fails if the stored [Chainlink](https://iq.wiki/wiki/chainlink) price has not been initialized or is older than the configured maximum-staleness limit. An earlier two-step flow using an UnbondingTicket is no longer active; the on-chain unbonding period is set to zero and the `unbond` instruction no longer exists.[[3]](#cite-id-uhn080txv5)​

Converting wYLDS to USDC is separate from redeeming AUTO. It requires a user to submit a `request_redeem` transaction and an operator later to complete it after USDC has been bridged through [Circle](https://iq.wiki/wiki/circle)’s Cross-Chain Transfer Protocol. The guide gives a $2,000 batching minimum for this conversion and notes that YLDS-to-USDC settlement may be delayed by banking hours. Hastra says there are no minimum stake or unstake amounts and no minting or redemption fees apart from transaction [gas](https://iq.wiki/wiki/gas); other fees are governed by its terms.[[3]](#cite-id-uhn080txv5)​[[2]](#cite-id-anwjzq3n23)​

AUTO is an SPL token on Solana, and yield accrues to the wallet holding it. Hastra has described [Ethereum](https://iq.wiki/wiki/ethereum) [mainnet](https://iq.wiki/wiki/mainnet) and additional chains as planned expansions. The protocol also supports separate, epoch-based wYLDS reward claims using Merkle proofs; those claims distribute wYLDS, not AUTO, so recipients must stake the wYLDS separately to receive AUTO exposure.[[2]](#cite-id-anwjzq3n23)​[[3]](#cite-id-uhn080txv5)​

## Governance and Legal Structure

​[Hastra](https://iq.wiki/wiki/hastra) is a decentralized-finance application and protocol provided by Signum Ltd., a British Virgin Islands company and wholly owned subsidiary of [Provenance](https://iq.wiki/wiki/provenance) Cayman [Foundation](https://iq.wiki/wiki/foundation). Signum says it deploys and operates the [smart contracts](https://iq.wiki/wiki/smart-contract) but does not issue AUTO in its own name or act as a counterparty to holders. Users initiate minting by encumbering their own assets, while the protocol’s code executes token redemption and distribution mechanics. The terms state that protocol changes and upgrades require multisignature approval and cannot be made by Signum acting alone.[[7]](#cite-id-rst08t722e)​

The terms characterize each AUTO holder as having a direct, undivided, proportionate proprietary interest in the corresponding staked wYLDS and associated lender interests, pool rights, distributions, recoveries, proceeds, and substituted property. They state that this interest transfers with AUTO and is not merely a contractual claim against Signum. Backing assets are held through designated smart contracts and associated accounts segregated from Signum’s operating assets; Signum says it cannot use or encumber those assets for its own benefit. These descriptions remain subject to the applicable pool documents, and the terms do not guarantee that downstream security interests are valid, perfected, or sufficient to cover losses.[[7]](#cite-id-rst08t722e)​

The terms allocate losses from an impaired pool or auction shortfall proportionately among holders participating in that pool, subject to the relevant pool documents. [Figure](https://iq.wiki/wiki/figure) and third-party service providers operate pool recovery arrangements, rather than Signum or the protocol. Signum states that it remains liable to restore a backing deficiency to the extent caused by its breach of the terms, unauthorized dealing, fraud, wilful misconduct, or failure to maintain required backing.[[7]](#cite-id-rst08t722e)​

Hastra’s terms restrict use of the site and protocol to people at least 18 years old and exclude U.S. residents, citizens, and people located in the United States or its territories, along with people in specified prohibited or comprehensively sanctioned jurisdictions. The terms are governed by British Virgin Islands law, with disputes assigned to the courts there, subject to mandatory rules applicable to [YLDS](https://iq.wiki/wiki/ylds) or downstream lender interests. YLDS is described as a separately registered face-amount certificate; that status does not mean AUTO itself is registered as a security or certificate.[[7]](#cite-id-rst08t722e)​[[4]](#cite-id-9wqd7nlwt4)​

## Risks

AUTO exposes holders to the credit performance of near-prime and some subprime consumer auto loans. Vehicle depreciation can reduce recovery value after default, and credit protections do not eliminate the possibility of losses. Other risks include changes in pool utilization and rates, [Figure](https://iq.wiki/wiki/figure)’s operational or financial difficulties, changes to its lending practices, and dependence on [Agora](https://iq.wiki/wiki/agora), servicers, trusts, [blockchains](https://iq.wiki/wiki/blockchain), oracles, [liquidity providers](https://iq.wiki/wiki/liquidity-providers), and other third parties.[[2]](#cite-id-anwjzq3n23)​[[7]](#cite-id-rst08t722e)​[[4]](#cite-id-9wqd7nlwt4)​

​[Hastra](https://iq.wiki/wiki/hastra)’s terms warn that AUTO’s market price can diverge from its underlying net asset value and that holders may lose some or all of their capital. They also identify smart-contract vulnerabilities, blockchain outages or attacks, bridge failures, regulatory uncertainty, and possible illiquidity. Use of AUTO in other DeFi protocols can add risks such as [liquidation](https://iq.wiki/wiki/liquidation), third-party contract failures, [impermanent loss](https://iq.wiki/wiki/impermanent-loss), and leverage-amplified losses. Although Hastra describes AUTO as having no lock-up and the [Solana](https://iq.wiki/wiki/solana) program as having no unbonding queue, its terms caution that unstaking may involve delays, lockups, or other restrictions.[[7]](#cite-id-rst08t722e)​[[3]](#cite-id-uhn080txv5)​[[5]](#cite-id-b2yfj19m20)​