Tokenized US Auto Loans: Hastra Brings AUTO to Solana
Hastra has launched AUTO — tokenized US auto loans from the near-prime segment, usable as collateral on Kamino. It is the first third-party-originated credit class on the platform.
What happened
Hastra has launched AUTO on Solana: tokenized US auto loans from the so-called near-prime segment. The loans are originated by Agora and securitized via Figure Forge; Chainlink Data Streams supply the pricing data. On Kamino, AUTO can be used as collateral and borrowed against, with vaults curated by RockawayX and Sentora. Hastra cites a target yield range of roughly 8 to 9 percent per year.
Why this differs from tokenized equities
With tokenized equities, a custodied security sits behind the token — its value derives from an exchange price. Credit claims work differently: the yield comes from borrowers paying their installments. That introduces risks that equity tokens do not have:
- Defaults: if borrowers stop paying, the yield falls. “Near-prime” describes borrowers with mid-tier credit quality — not the top segment.
- Origination and servicing: quality depends on how carefully loans are underwritten and collected. That work happens off-chain.
- Legal structure: whether the claim on those payments is enforceable is determined by the securitization, not by the token.
What is genuinely new about AUTO is the composability: a credit claim serving as collateral in a lending protocol stacks two layers of risk — the credit risk and the risk of the DeFi protocol on top.
Context
Per Hastra, AUTO is the first third-party-originated credit class on the platform.
How tokenized assets work in general is covered in Tokenized stocks (xStocks) on Solana; for the mechanics of lending protocols, see Kamino explained.
Note: This is reporting, not investment advice. Hastra itself notes restrictions for users outside the US; tokenized credit products are subject to different rules depending on the country.
What to watch
- How default rates develop and whether they are disclosed
- Whether the target yield holds over a longer period
- How lending protocols handle credit claims as collateral when defaults rise