Hastra

Hastra sells on-chain yield from real-world lending operations, built with the financial services company Figure. It held about $537M on Ethereum and Solana at the 2026-08-14 survey. PRIME starts with wYLDS, a wrapper around Figure’s SEC-registered, Treasury-backed YLDS, then adds yield from Figure home-equity lending. The first layer has public securities disclosures. The added HELOC credit pool still relies on off-chain underwriting, servicing, liens and recoveries that a token holder cannot enforce alone from Ethereum or Solana. This is a decision about the off-chain-credit class, not a finding that Hastra or Figure has suffered a loss or failed an individual review.

Review triggers: events that reopen the verdict
• Publishes borrower-level disclosure and third-party verification sufficient to underwrite the credit on-chain

Watched nightly: a warning on its venues or files, or a cited document that changes, reopens the memo. The first confirmation is due 2026-11-15.

The research file

The mechanism

Hastra says wYLDS represents a reserve that holds YLDS one-for-one. YLDS is a Figure Certificate Company debt security backed by cash, Treasury securities and Treasury repo. Staking wYLDS mints PRIME. Hastra says PRIME’s added yield comes from interest earned by Figure’s home-equity-line-of-credit lending operations. The exposure therefore has several layers: wrapper and bridge contracts, regulated YLDS reserves, and the performance and servicing of private consumer credit.

Control and operating record

Figure originates and services the real-world loans, and Figure Certificate Company issues YLDS. Hastra manages the PRIME and wYLDS on-chain product. Figure’s SEC filings show the scale of its business: it facilitated $5 billion of HELOC originations in 2024 and more than $16 billion cumulatively through June 2025. That is a meaningful operating history. But neither volume nor SEC registration shows the PRIME HELOC pool’s borrowers, liens, delinquencies, advance rates and losses by vintage.

The exit

Hastra says holders can unstake PRIME to wYLDS without a lock-up. That exits the staking wrapper, but it does not always turn the holding into cash at par. The holder still owns wYLDS and relies on its market or redemption route, Figure/FCC operations, banking hours for fiat off-ramps where applicable, and enough liquidity. During a credit shock, the ability to transfer a token quickly does not make home-equity collateral instantly sellable.

Why the class rule decides

The off-chain-credit rule decides the result because the added return depends on borrower obligations and legal enforcement outside the recommending wallet’s control. This memo separates the regulated YLDS reserve yield from PRIME’s HELOC spread and does not claim a current loss. We would reopen the review with loan-level borrower and collateral records, independent checks, servicing and payment-priority terms, realized loss history, and evidence from redemption stress tests that supports an individual credit review.

Class rule

The off chain credit class is outside the approved structures, so every protocol in it is not approved until the rule changes. The rule is about the structure, not an adverse finding about this protocol, and it is not a client instruction. The events that would reopen it are listed with the memo.

Sources

The claims above trace to these. Where a number could not be independently verified, the thesis says so.

• Hastra Help — PRIME on Ethereum and HELOC yield · secondary · accessed 2026-08-14
  Supports: PRIME on Ethereum, HELOC yield
• Hastra Help — wYLDS reserve structure · secondary · accessed 2026-08-14
  Supports: wYLDS reserve structure
• Figure SEC filing — YLDS launch and reserve assets · secondary · accessed 2026-08-14
  Supports: YLDS launch, reserve assets
• Figure 2025 registration statement — HELOC operating record · secondary · accessed 2026-08-14
  Supports: HELOC operating record
• Figure 2025 Form 10-K — YLDS redemption and depeg risks · secondary · accessed 2026-08-14
  Supports: YLDS redemption, depeg risks

Inherited controls

The research above describes the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The layer with the most administrative power sets the position’s effective control; that describes control, not quality or suitability.