HastraFi Launches AUTO Token, Bringing Near-Prime US Auto Loans to Solana via Kamino

HastraFi launched AUTO on Solana at 17:50 UTC on July 29, 2026. AUTO is the first permissionless real-world asset token on the network backed by near-prime US auto loans. At launch, the token carries a 9.07% APY with approximately 2.40 million tokens in circulation, and it is immediately live on Kamino Finance KMNO$0.018-9.3% for collateralized lending and looped yield strategies.

Tokenized treasuries, money market funds, and home equity products have all come onchain on Solana over the past year. Consumer auto credit, the largest segment of US consumer lending, had no permissionless onchain path until today.

AUTO Targets a $1.68 Trillion Credit Market

US auto credit outstanding stands at $1.68 trillion, putting it at the top of US consumer credit categories. HastraFi's AUTO token routes interest payments from near-prime auto loans in that pool directly into Solana DeFi infrastructure.

Near-prime borrowers sit below prime credit thresholds but above subprime. Their loans carry higher interest rates than prime paper, which produces the yield AUTO holders receive. The tradeoff is higher credit risk than prime-only products. HastraFi discloses this directly: the portfolio carries more credit exposure than prime alternatives, and delinquency outcomes feed through off-chain servicing channels, not smart contract logic.

AUTO is permissionless. Any wallet can hold and trade it, with no accreditation checks or whitelist requirements. Most institutional credit RWAs restrict access to qualified purchasers; AUTO does not.

A Six-Party Stack for One Asset Class

The AUTO token's architecture draws on six specialized partners, each covering a distinct function.

Figure handles capital markets and loan origination infrastructure, structuring the auto loan pool that backs the token through its Figure Forge capital markets platform. Agora Data, a Texas-based auto lending fintech, is the pool's third-party loan originator and the first external originator on the Hastra protocol. Prior HastraFi products sourced loans entirely from Figure's own book. AUTO introduces external origination risk alongside the expanded pool.

Chainlink Data Streams power real-time pricing and data feeds for the token. Orca ORCA$1.12-3.1% hosts liquidity pools, RockawayX serves as market maker, and Sentora curates the vault.

The launch apparatus is purpose-built. Capital markets, loan origination, oracles, DEX liquidity, market making, and vault management are each handled by a dedicated specialist rather than consolidated into the issuer. That structure is more institutional in its separation of concerns than most tokenized credit products that have come to market on Solana.

Kamino Integration: Collateral and Up to 2.9x Leverage

AUTO launched exclusively on Kamino Finance, Solana's largest lending protocol. Holders can post AUTO as collateral to borrow stablecoins, or run looped yield strategies via Kamino Multiply at up to 2.9x leverage.

Kamino Multiply works by cycling AUTO deposits against borrowed stablecoins, purchasing additional AUTO, and repeating the loop, amplifying yield exposure and correspondingly magnifying the downside if the underlying loan pool underperforms. Kamino documents the compounding risk.

This follows the pattern Kamino has established with other RWA issuers. Superstate's tokenized funds crossed $17M in active collateral on Kamino in mid-July, integrating tokenized fund units as borrowable collateral without requiring holders to sell. AUTO extends that model to consumer credit. Tokenized equities on Solana recently crossed $53M in combined DeFi lending collateral, with Kamino accounting for a substantial share.

Credit Risk and Off-Chain Dependency

AUTO's yield is compensation for identifiable risk. Near-prime borrowers default at higher rates than prime borrowers, and the loan pool's performance depends on accurate delinquency reporting and the legal enforceability of credit agreements that exist entirely outside the smart contract layer.

Off-chain loan servicing by Figure is a structural dependency: borrower defaults do not trigger automatic Solana contract execution. Recovery runs through standard credit servicing channels, and token holders have exposure to that outcome. The addition of Agora Data as a third-party originator adds a second institutional counterparty to the dependency chain.

Chainlink Data Streams provide real-time pricing, which addresses oracle risk. Oracle quality does not address credit quality, and the two risks are independent.

HastraFi's PRIME Precedent

HastraFi has operated tokenized credit on Solana before. Its PRIME market, backed by home equity loans, peaked at $600 million in H1 2026 per Crypto Briefing's reporting, giving the team a production track record on the same Hastra protocol infrastructure that now runs AUTO.

The structural difference between PRIME and AUTO is origination. PRIME drew entirely from Figure's home equity loan book. AUTO introduces Agora Data as an external originator, a first for the protocol, which expands the loanable asset pool beyond what Figure's own balance sheet can source but adds an additional counterparty to the dependency chain.

HastraFi has also signaled plans to expand AUTO to Ethereum, though no timeline has been stated.

Solana crossed 300,000 RWA holders across all asset types in mid-July, putting it ahead of every other blockchain in that metric for the first time. AUTO adds the first consumer auto loan category to that holder base. The segment has existed at massive scale in traditional finance without a permissionless onchain route until today.