RWA / YIELD INTELLIGENCE
AUTO Hastra AUTO
Solana vault-stake-auto token whose exchange rate tracks yield derived from consumer auto loans originated via Figure Agora and pooled under the Democratized Prime program, accessed through a wYLDS→YLDS wrapper chain.
Where does the yield come from?
Trace who economically pays. Reported APY is not a guaranteed return.
- Borrower pays auto loan interest
Figure Agora-originated loans
- Interest flows into Democratized Prime pool
- Pool proceeds support YLDS certificate economics
- wYLDS wraps YLDS and stakes/accrues rate
wYLDS ≠ YLDS — distinct wrapper
- AUTO vault wraps wYLDS
Reflects the accreted exchange rate
- AUTO value rises via reward distribution / exchange rate
- No AUTO-specific coupon
All yield is a derived pass-through
- Primary source
- Consumer loan interest
- Secondary source
- Unknown
- Who pays economically
- Consumer auto loan borrowers, via Figure Agora-originated loans inside the Democratized Prime program.
- Variable / fixed
- Variable
- Gross / net
- Unresolved
- Dated yield snapshot
- Unknown
Borrower interest flows through the Democratized Prime auto loan pool, into YLDS certificate economics, into the wYLDS staking wrapper, and finally into the AUTO vault exchange rate. AUTO holders do not hold loans directly.
How yield is distributed
- Mechanism
- Reward distribution
- Notes
- Value accrues via vault exchange-rate appreciation (staking-style), not periodic cash interest paid directly to AUTO holders.
What does the token represent?
Token ownership is not automatically direct ownership of the underlying assets.
- Legal claim type
- Wrapped claim
- Domicile
- Unknown
AUTO represents a share of the Hastra AUTO pool created by staking wYLDS: staking triggers a programmatic instruction that lends the YLDS backing that wYLDS into the Figure Democratized Prime Auto Pool. This is programmatic pool-lending exposure — NOT direct ownership of individual auto loans — and wYLDS is not the same instrument as YLDS.
Derived / wrapped claim: AUTO wraps wYLDS, which wraps YLDS. wYLDS is a distinct staking wrapper and is NOT the same instrument as YLDS itself. AUTO is a share of the Hastra AUTO pool: staking wYLDS triggers a programmatic instruction that lends the underlying YLDS backing into the Figure Democratized Prime Auto Pool — this is pool-level lending exposure, not direct ownership of individual auto loans.
Official website https://hastra.io
Issuers, managers & service parties
- ProtocolHastra
Jurisdiction unresolved — Operates the Solana vault-stake-auto contracts and handles DeFi distribution of yield to AUTO holders, net of a 50 bps platform fee.
- OriginatorAgora Data, Inc.
US — Third-party originator of near-prime consumer auto loans via an AI-underwriting framework, serving dealerships across the US. Not a Figure entity — Figure sources and diligences Agora as an external originator, distinct from PRIME, where Figure originates directly.
- ServicerAgora Data, Inc.
US — Handles origination, underwriting, and servicing of the underlying auto loans.
- OtherFigure Forge / Figure Connect
US — Figure structures Agora's tokenized loans (via Figure Connect / DART digital lien and e-note registry on Provenance) into standardized loan-participation tokens using the Figure Forge smart contract. Figure's role here is structuring, credit enhancement, and capital-markets infrastructure — not origination.
- OtherFigure Democratized Prime (Auto Pool)
US — Marketplace on Provenance where AUTO (via staked wYLDS) provides warehouse funding against Figure Forge participation tokens backed by Agora-originated auto loans.
- Legal issuerFigure Certificate Company (YLDS issuer)
US — Legal issuer of the underlying YLDS face-amount certificate that wYLDS wraps; AUTO is two layers removed from this issuer (AUTO → wYLDS → YLDS).
What sits underneath?
Underlying assets and strategies from primary evidence only.
Near-prime (and some subprime) consumer auto loans secured by vehicles (new and used), originated by Agora Data and structured into standardized loan-participation tokens via Figure Forge before entering the Figure Democratized Prime Auto Pool.
- Near-prime consumer auto loans
- Motor vehicles (collateral)
AUTO does not directly hold loans; exposure is via the wYLDS→YLDS wrapper chain into the Democratized Prime Auto Pool.
What happens when things go wrong?
Structural loss path — not a risk score. Unknown protections stay Unknown.
- Who takes the loss first
- A reserve account (sinking fund) builds to approximately 2.5% of outstanding principal over time and absorbs realized credit losses before any loss reaches AUTO/wYLDS holders; Figure separately commits a $25M equity stub / seed capital to the auto loan trust as first-loss protection alongside that reserve.
- Documented protections
- Cashflow overcollateralization of roughly 2.4x (underlying loans generate ~20% net coupon against a target AUTO yield of approximately ~9%); an 87% advance rate on current loans, dropping to 43.5% at 61–90 days past due and to 0% at 91+ days past due; a mandatory 60/90-day buyout of delinquent loans from the pool; an originator repurchase obligation for loans breaching representations/eligibility; full recourse to Agora plus a limited parent guarantee; bankruptcy remoteness via a Delaware statutory trust pledged under a Master Repurchase Agreement (MRA) between Agora and the trust.
- Investor exposure
- Loss path: borrower default → servicing/recovery (including vehicle repossession and residual-value recovery) → pool-level loss → absorbed first by the reserve account and Figure's equity stub, then by advance-rate step-downs — before any impairment reaches the AUTO/wYLDS exchange rate. Per Hastra's own FAQ, the pool can absorb roughly 55% delinquency (against ~10% expected losses) before yield is impaired. These protections reduce, but do not eliminate, credit risk — vehicle depreciation, servicing quality, and regulatory risk remain.
Full path: borrower payment → Agora servicing → Figure Forge participation-token cash flows → Democratized Prime Auto Pool → reserve account / Figure's $25M equity stub / advance-rate mechanics absorb losses in that order → surplus flows through wYLDS interest into the AUTO exchange rate, net of the 50 bps Hastra platform fee.
How do I get my money back?
Primary redemption ≠ secondary DEX liquidity. Eligibility is scoped.
- Eligible investors
- UNKNOWN
- Primary redemption
- Unstake/redeem AUTO for underlying wYLDS/YLDS exposure per Hastra vault mechanics.
- Timing
- UNKNOWN
- Settlement asset
- UNKNOWN
- Minimum
- UNKNOWN
- Restrictions
- UNKNOWN
- Secondary liquidity
- Any secondary market trading (if listed) is not issuer redemption.
Who holds the underlying assets?
Separate asset custody, cash custody, crypto custody, and token control.
- Asset custody
- Underlying auto loan receivables are pledged into a Delaware statutory trust under a Master Repurchase Agreement (MRA) between Agora and the trust — a bankruptcy-remote structure with an independent trust administrator whose only non-discretionary powers, in a default scenario, are to sell trust assets and remit proceeds to Democratized Prime lenders.
- Cash custody
- YLDS (the base certificate wYLDS wraps) is issued/administered by Figure Certificate Company (FCC) per its SEC-registered face-amount certificate structure; specific cash sub-custodian not itemized this pass.
- Crypto custody
- wYLDS is held in the Hastra wYLDS vault; AUTO is held in the Solana vault-stake-auto (AUTO stake) vault.
See tokenControl block for mint/burn/pause/upgrade detail.
Fees
Gross yield and net yield are not the same. Not ranked by APY.
- platform_fee50 bps (0.50%) Hastra platform fee, netted out of the Democratized Prime pool rate before distribution to AUTO holders.
- Effective APY display (informational, not a fee)VARIABLE — the 'Effective APY' shown in the Hastra UI is a trailing 24-hour NAV-change estimate reflecting the Democratized Prime pool rate plus wYLDS interest on unutilized pool liquidity, net of the 50 bps Hastra fee; updated roughly every 5 minutes. It is a utilization-driven mechanism, not a fixed or guaranteed rate — do not display a captured number as permanently fixed.
Regulation
Authorization is entity × jurisdiction × instrument scoped — not a brand label.
No single securities/lending license instrument located for the AUTO wrapper token itself this pass; the underlying YLDS layer is a separately SEC-registered face-amount certificate (see YLDS record).
- Entity
- Hastra
- Jurisdiction
- Unknown
- Instrument
- Unknown
- Authorization / registration
- UNKNOWN
Audit / assurance
Smart-contract audits are not fund audits or loan audits. No combined “audited” badge.
- Smart-contract auditProvider not structuredDate unknown · Hastra's own FAQ states 'both AUTO and PRIME have been audited,' but does not name the audit provider or date on the pages reviewed in this pass.
Smart-contract / token controls
Operational controls — not a decentralization score.
- Mint
- AUTO is minted by the vault-stake-auto program when wYLDS is staked; the AUTO/wYLDS exchange rate is maintained via Chainlink Data Streams and updated periodically by rewards administrators (verify_price).
- Burn
- Redeeming AUTO burns the token via the vault-stake-auto program's single-step redeem instruction, returning wYLDS at the current exchange rate; converting that wYLDS back to USDC is a separate, admin/operator-mediated two-step process (request_redeem / complete_redeem) via vault-mint — not a single permissionless step.
- Pause
- UNKNOWN — no separately documented pause/kill-switch mechanism located for vault-stake-auto in this pass.
- Freeze / blacklist
- UNKNOWN
- Upgrade
- UNKNOWN — named onchain upgrade authority (key or multisig) for vault-stake-auto not identified in this pass.
- Allowlist
- UNKNOWN
Tokenization layer
- Chains
- Solana
- Official ownership record
- Onchain SPL balance in the vault-stake-auto program.
- Transfer restrictions
- UNKNOWN
Wrapper token; official ownership of the underlying YLDS certificate is recorded by Figure Certificate Company's transfer agent, not by the AUTO token.
Research dimensions
What does AUTO actually hold?
AUTO wraps wYLDS, which wraps YLDS, which tracks Figure Democratized Prime consumer auto loans. AUTO does not directly hold loans.
Who absorbs losses if auto loans default?
UNKNOWN in this pass — first-loss allocation across the wrapper chain has not been located/structured.
Is wYLDS the same thing as YLDS?
No. wYLDS is a distinct staking wrapper over YLDS; do not collapse the two layers when describing AUTO's legal claim or issuer.
What must keep working?
Material dependencies only. Count is not a risk score.
- OriginatorFigure AgoraAuto loan origination
- ProgramFigure Democratized PrimeLoan pooling
- Wrapped AssetYLDS certificateBase yield instrument
- Wrapped AssetwYLDS staking wrapperIntermediate wrapper layer
- ProtocolHastra vault-stake-autoAUTO token mechanics
- ChainSolanaToken settlement
Evidence domains
- Entity / issuerVerified structured
Hastra + Figure entities named
- Legal claimVerified structured
Wrapped claim, two layers removed
- Yield sourceVerified structured
Consumer auto loan interest
- Yield waterfallVerified structured
- Loss waterfallResearched unresolved
First-loss position UNKNOWN
- Underlying assetsVerified structured
Auto loans via wrapper chain
- Distribution mechanismVerified structured
Exchange-rate / reward distribution
- RedemptionResearched unresolved
Mechanics thin
- FeesResearched unresolved
- CustodyResearched unresolved
Named custodian not located
- RegulationResearched unresolved
No wrapper-level license found
- Assurance / auditResearched unresolved
No audit located
- Token controlResearched unresolved
- Tokenization / chainVerified structured
Solana SPL
- DependenciesVerified structured
- Geographic / eligibility restrictionsResearched unresolved
Open gaps
- Named onchain upgrade authority (key or multisig) for vault-stake-auto
- Dated LTV / FICO portfolio snapshot for the Auto Pool — not itemized in this pass, distinct from PRIME's published HELOC pool metrics
- Redemption timing / minimum for the AUTO → wYLDS → USDC unwind
- Named smart-contract audit provider/date (Hastra states AUTO 'has been audited' but does not name the auditor on pages reviewed)
Primary sources
RWA / Yield Asset Intelligence. No RWA score. No APY ranking. Unresolved states remain unresolved.