Markets where borrowers can pledge Hastra’s PRIME drew more than $450 million in lender deposits over roughly 100 days, giving holders a way to seek stablecoin credit while keeping the token’s variable returns.
Using PRIME as loan backing can give holders access to stablecoin borrowing while they continue to carry the token’s variable returns. Sentora and Galaxy Curation oversee vaults that send PYUSD and USDC deposits to Morpho markets, where the funds are available for borrowers. PRIME is the collateral; vault assets are what borrowers can draw.
PRIME reflects variable returns from loan pools that Figure manages. Most exposure in those pools is to home equity lines of credit, with other real estate lending also included. A 50-basis-point fee leaves PRIME with a net yield near 6% APY. That yield describes PRIME’s return; it is separate from the amount deposited into Morpho markets.
The more-than-$450 million amount counts deposits in Morpho markets that accept PRIME as collateral; it is not a total of loans made. It captures capital supplied by lenders, rather than credit borrowers have drawn.
Hastra brought PRIME to Ethereum in May 2026, making the token eligible as collateral on Morpho. Figure’s home equity loan originations exceed $30 billion; that total differs from PRIME’s exposure to pools managed by the company.
Reid Simon, Figure’s president of digital assets, said, “Any issuer can tokenize an asset.” Simon said credit access gives holders another possible use for a yield-bearing token: seeking financing without giving up their position.
Morpho’s October update put the protocol-wide change in active loans at 40% over a 90-day span. That measure counts loans across the broader protocol, while the PRIME-market figure counts deposits, so the two track different activity. EconoTimes previously covered Morpho’s protocol-wide loan growth.
