AUTO

https://www.sec.gov/Archives/edgar/data/1974395/000094787125000192/ss4462725_s1a.htm

“The Terms of Use for Hastra's DeFi application are governed by Signum Ltd., a company organized under the laws of the British Virgin Islands ('Hastra'), which is a wholly owned subsidiary of Provenance Cayman Foundation, a Cayman foundation.”

“FCC was organized as a Delaware corporation, on April 13, 2023”

Verifier note panel 1/3 confirmed (agreement=2) | trimmed uncited claims (5) and re-confirmed | openai/gpt-5.6-terra: unsupported — The Hastra Terms expressly support that Signum Ltd. is organized in the BVI, is referred to as “Hastra,” and is a wholly owned subsidiary of Provenance Cayman Foundation, a Cayman foundation. They als | anthropic/claude-sonnet-5: unsupported — The hastra.io/terms fetch does confirm that Signum Ltd. (BVI) operates as 'Hastra' and is a wholly owned subsidiary of Provenance Cayman Foundation, matching the claimed quote verbatim. However, the t | openai/gpt-5.6-terra: confirmed — Hastra’s terms expressly state that the DeFi application/services are provided by “Signum Ltd., a company organized under the laws of the British Virgin Islands” and define it as “Hastra”; they also s

Signum Ltd.

Holder claim

Exposure to pro-rata participation claims on cash flows of an auto-loan pool held in a bankruptcy-remote Delaware statutory trust; not a fund share

1 source

https://api.dexscreener.com/latest/dex/tokens/GNE6oDS6jHrfaV3GQVVCCp37fDnT7PiPuewMKBj2bqNm

“AUTO represents exposure to direct loan participation claims on cash flows from the underlying auto loan pool, structured through a bankruptcy-remote trust.”

Verifier note panel 2/3 confirmed (agreement=1) | trimmed uncited claims (2) and re-confirmed | gpt-family: unsupported — The source supports that AUTO provides exposure to pro rata loan-participation cash-flow claims, is distinct from a tokenized fund share, and uses a bankruptcy-remote Delaware statutory trust. However | anthropic-family: confirmed — The cited quote appears verbatim in the source ('AUTO represents exposure to direct loan participation claims on cash flows from the underlying auto loan pool, structured through a bankruptcy-remote t | gpt-family: confirmed — The source explicitly states that AUTO provides exposure to direct loan participation claims on cash flows from the underlying auto-loan pool through a bankruptcy-remote trust. It separately identifie

Bankruptcy remote: true.

Redemption reality

AUTO can also be exited by transfer or sale on Solana secondary venues rather than through direct protocol redemption; researchers disagree on which venue is the exclusive or primary listing as of their review dates.Disputed

3 sources

Disputed positions

claude: Hastra states 'AUTO is now live exclusively on Kamino,' making Kamino the sole listed secondary venue, subject to Kamino's US/UK/OFAC jurisdiction blocks.
opencode: On-chain data shows an AUTO/PRIME liquidity pool on Orca (live since 2026-07-01, per Dexscreener), with wYLDS separately swappable for USDC on Raydium, Uniswap, and Kamino.
codex/structure-flows: AUTO is described only as 'fully transferable' as an SPL token on Solana, without naming an exclusive venue; liquidity, caps, and market-maker obligations are undisclosed.

https://hastra.io/auto

“AUTO is now live exclusively on Kamino.”

“Hastra AUTO ... pairCreatedAt: 1782946165000”

https://help.hastra.io/integration-guides/auto-hastra-sol-programmatic-integration-guide

“fully transferable”

Verifier note re-adjudicated 2026-08-03T12:42:34.024Z from rejected status | panel 2/3 confirmed (agreement=4, disputed) | gpt-family: unsupported — The archived Hastra sources support the core proposition that AUTO can be transferred or sold instead of directly unstaked: AUTO is described as a fully transferable Solana SPL token, and the product | anthropic-family: confirmed — The core value — that AUTO can be exited via transfer or sale on Solana secondary venues rather than only through direct protocol redemption — is directly supported. help.hastra.io/auto/what-is-auto s | kimi-family: confirmed — The core atomic value — that AUTO can be exited via secondary-market transfer or sale on Solana — is directly supported: help.hastra.io states 'AUTO is fully transferable as an SPL token on Solana. Yi

Sharpest risk

The on-chain attack surface includes Hastra's Solana vault-mint and vault-stake programs, and the Chainlink oracle pricing the AUTO-wYLDS exchange rate, where a stale or uninitialized price causes redemption calls to fail outright.Disputed

3 sources

Disputed positions

opencode: two named audits completed — Informal Systems (fixed 1 Critical) and Sherlock (0 Critical/High) — with published report PDFs hosted at hastra.io.
codex/claude/depth-risks-story: no named third-party smart-contract audit report was located; Hastra's claim that contracts 'have been audited' is unsupported by a public report, auditor, date, or scope.

“call will fail if”

https://github.com/provenance-io/hastra-sol-vault-stake

“The Squads v4 vault PDA ... serves as upgrade authority for both vault-mint and vault-stake programs.”

“The accepted vectors are economic rather than safety-critical...”

Verifier note panel 1/4 confirmed (agreement=5, disputed) | trimmed uncited claims (5) and re-confirmed | openai/gpt-5.6-terra: unsupported — The Hastra integration guide supports that Solana uses vault-mint and vault-stake-auto programs, that AUTO/wYLDS pricing is Chainlink-sourced, and that an AUTO redemption fails when the stored Chainli | anthropic/claude-sonnet-5: unsupported — The redemption-failure mechanism (stale/uninitialized Chainlink price causing the redeem call to fail) is directly confirmed by the re-fetched Hastra integration guide, which states verbatim that 'The | google/gemini-3.6-flash: unsupported — While the fetched sources confirm the Solana program names (vault-mint and vault-stake) and that redemption calls fail outright if the Chainlink oracle price is stale or uninitialized, none of the fet | openai/gpt-5.6-terra: confirmed — The AUTO integration guide explicitly identifies the Solana vault-mint and vault-stake-auto Anchor programs, states that AUTO shares are issued/redeemed using a Chainlink Data Streams-sourced wYLDS-pe

Eligibility

Non-U.S. persons only, per Hastra's Terms of Use.

1 source

https://help.hastra.io/integration-guides/auto-hastra-sol-programmatic-integration-guide

“You must not be a resident, citizen, or person located in the United States of America or any U.S. territory.”

Verifier note panel 1/3 confirmed (agreement=2) | trimmed uncited claims (2) and re-confirmed | openai/gpt-5.6-terra: unsupported — The Terms expressly exclude U.S. residents, citizens, and persons located in the United States or U.S. territories, supporting the non-U.S. element. They also exclude persons resident, citizen, or loc | anthropic/claude-sonnet-5: unsupported — The quoted language is accurately reproduced and the U.S.-person exclusion is confirmed by the source. However, the claim asserts exclusion specifically of 'OFAC/OFSI-sanctioned persons and jurisdicti | openai/gpt-5.6-terra: confirmed — Hastra’s Terms of Use expressly state in the Eligibility section: “You must not be a resident, citizen, or person located in the United States of America or any U.S. territory.” This supports the stat

Ineligible holders may need to sell on a secondary market.

Assets & source of return

Yield mechanics

NAV/exchange-rate accrual (non-rebasing): yield arrives as newly-minted wYLDS via periodic publish_rewards calls, raising the Chainlink-oracle wYLDS-per-AUTO rate; no manual claim, realized on unstaking.

2 sources

“yield does not require a manual claim”

https://help.hastra.io/integration-guides/auto-hastra-sol-programmatic-integration-guide

“vault-stake-auto program receives newly minted wYLDS via a CPI through periodic publish_rewards calls”

Verifier note re-adjudicated 2026-08-03T12:47:31.490Z from rejected status | panel 1/4 confirmed (agreement=5) | trimmed uncited claims (2) and re-confirmed | gpt-family: unsupported — The source supports a non-rebasing, share-based exchange-rate mechanism: periodic publish_rewards calls add newly minted wYLDS to the stake vault, the Chainlink-sourced wYLDS-per-AUTO price appreciate | anthropic-family: unsupported — Most of the claim is supported: the source confirms non-rebasing exchange-rate accrual ('yield does not require a manual claim — it accrues through an appreciating Chainlink-sourced exchange rate'), t | kimi-family: unsupported — Most of the claim is directly supported: the source states yield 'does not require a manual claim,' that vault-stake-auto 'receives newly minted wYLDS via a CPI into vault-mint's external_program_mint | gpt-family: confirmed — The source states that AUTO is share-based; yield requires no manual claim and accrues through an appreciating Chainlink-sourced exchange rate. It further states that periodic publish_rewards calls de

Holdings

Sinking reserve account intended to build to 2.5% of outstanding pool principal as credit support.

1 source

“builds to 2.5 percent”

Verifier note panel 2/2 confirmed (agreement=2) | openai/gpt-5.6-terra: confirmed — The fetched Hastra AUTO page expressly states: “Reserve account. A sinking fund that builds to 2.5 percent of outstanding principal over time. It absorbs realized credit losses before any loss reaches | anthropic/claude-sonnet-5: confirmed — The source explicitly states under 'What protections sit between me and credit losses?': 'Reserve account. A sinking fund that builds to 2.5 percent of outstanding principal over time. It absorbs real

Holdings

Figure commits $25 million of seed capital to the auto-loan pool as first-loss credit protection.

1 source

https://cointelegraph.com/news/figure-hastra-expand-tokenized-credit-auto-loans

“Figure's $25M commitment”

Verifier note panel 2/2 confirmed (agreement=2) | openai/gpt-5.6-terra: confirmed — The fetched Hastra AUTO documentation states: “Figure commits seed capital to the auto loan trust as first-loss protection,” under the heading “Figure’s $25M commitment.” This supports that Figure com | anthropic/claude-sonnet-5: confirmed — The cited page explicitly states: 'Figure’s $25M commitment. Figure commits seed capital to the auto loan trust as first-loss protection. Figure’s money is at risk alongside yours.' This directly matc

Collateralization

240Disputed

2 sources

Disputed positions

breadth-claude/breadth-opencode: ~240% — roughly 2.4x cash-flow overcollateralization (≈20% net loan coupon backing a ≈9% target holder payout).
breadth-codex: 114.94% — derived from the 87-cent loan advance rate (1/0.87).
breadth-api-2: 100% — cited to DefiLlama's RWA asset page without loan-level derivation.
depth-structure-flows: no single ratio — describes a structural cushion composed of the 20%-vs-9% coupon spread, 2.5% reserve account, $25M Figure first-loss commitment, and 87% advance rate (~13% loan-level overcollateralization).

“The auto structuring includes ~2.4x cashflow over-collateralization, with an expected starting interest rate of ~8.6%.”

“That is roughly 2.4 times as much cash flow as needed to pay the yield.”

Verifier note panel 2/3 confirmed (agreement=2, disputed) | openai/gpt-5.6-terra: unsupported — The fetched Hastra page states only that underlying loans generate cash flow “roughly 2.4 times” that needed to pay AUTO’s approximately 9% target yield, and later calls this “approximately 2.4 times | anthropic/claude-sonnet-5: confirmed — Both cited sources explicitly state the auto loan structuring involves ~2.4x cashflow over-collateralization (Cointelegraph: '~2.4x cashflow over-collateralization'; Hastra help doc: 'roughly 2.4 time | google/gemini-3.6-flash: confirmed — The retrieved documentation explicitly confirms ~2.4x cash flow over-collateralization ('roughly 2.4 times as much cash flow as needed to pay the yield' / '2.4 times cashflow overcollateralization'),

Holdings

Near-prime/subprime U.S. consumer auto loans originated and serviced by Agora Data, secured by first-priority liens on new and used motor vehicles; loan-level FICO, vintage and geographic mix not disclosed as of 2026-08-02.

2 sources

“Motor vehicles (new and used)”

“backed by consumer auto loans originated by Agora Data”

Verifier note panel 2/3 confirmed (agreement=3) | openai/gpt-5.6-terra: unsupported — The fetched Hastra page supports that AUTO’s pool consists of consumer auto loans originated by Agora Data; that Agora handles origination, underwriting, and servicing; that the credit is near-prime a | anthropic/claude-sonnet-5: confirmed — The refetched page directly supports every element of the claim. It states the underlying loans are 'near-prime' (explicitly in the origination section) and elsewhere explicitly calls them 'near-prime | google/gemini-3.6-flash: confirmed — The provided source confirms that the underlying asset consists of near-prime and subprime U.S. consumer auto loans originated and serviced by Agora Data, secured by first-priority liens on new and us

Structure & quality

Figure Forge structures the auto loans into standardized Participation Interest tokens via a Master Participation Agreement, drawn from tokenized whole loans. The loans themselves are isolated in a Delaware statutory trust, pledged under a Master Repurchase Agreement between originator Agora Data and the trust. Hastra's wYLDS token wraps YLDS as on-chain collateral, and staking wYLDS into the AUTO vault gives holders exposure to the loan pool's cash flows.

2 sources

“This structuring layer is called Figure Forge, which includes the smart contract that creates composible Participation Interest tokens (via a Master Participation Agreement) from the underlying tokenized whole loans.”

“The auto loans sit in a Delaware statutory trust pledged under a Master Repurchase Agreement (MRA) between the originator and the bankruptcy remote-trust.”

Verifier note panel 2/2 confirmed (agreement=2) | openai/gpt-5.6-terra: confirmed — The fetched Hastra AUTO page supports each material element of the narrative. It states that Agora-originated loans are tokenized on Figure Connect/Provenance and that Figure Forge transforms them int | anthropic/claude-sonnet-5: confirmed — The source directly states Figure Forge creates 'composible Participation Interest tokens (via a Master Participation Agreement) from the underlying tokenized whole loans,' matching the claim precisel

Composition

AUTO is backed by staked wYLDS, which is lent through Figure's Democratized Prime marketplace into a pool of near-prime consumer auto-loan participation tokens originated by Agora Data. The loans sit in a Delaware statutory trust, pledged under a Master Repurchase Agreement between Agora and the trust, and are structured into fungible tokens by Figure Forge. Credit protections include an 87% advance-rate cap on loans that falls to 43.5% at 61–90 days delinquent and 0% at 91+ days, a reserve account building to 2.5% of outstanding principal, and Figure's $25 million first-loss commitment.

2 sources

“The auto loans in the pool are originated by Agora Data, an established auto finance company”

“the underlying auto loans generate approximately 20 percent in net coupon, and AUTO holders are paid approximately 9 percent*... Reserve account... builds to 2.5 percent of outstanding principal... Figure's $25M commitment... Advance rate mechanics... Current loans are advanced at 87 cents on the dollar.”

Verifier note panel 2/2 confirmed (agreement=2) | openai/gpt-5.6-terra: confirmed — The fetched Hastra AUTO page supports each material element: AUTO is minted when wYLDS is staked and the YLDS backing wYLDS is programmatically lent through Democratized Prime; the pool consists of ne | anthropic/claude-sonnet-5: confirmed — All material elements of the claim are supported by the fetched source: AUTO is backed by staked wYLDS lent via Democratized Prime into a pool of near-prime auto loan participation tokens originated b

Yield source

AUTO's yield originates from interest paid by near-prime consumer auto-loan borrowers into the Democratized Prime pool. Hastra takes a 50 basis-point platform fee before yield reaches AUTO holders. The issuer discloses the underlying loan pool generates approximately 20% net coupon while targeting approximately 9% for AUTO holders.

2 sources

“This is real yield from real borrowers making real car payments, not token emissions or liquidity mining rewards.”

https://help.hastra.io/integration-guides/auto-hastra-sol-programmatic-integration-guide

“the underlying auto loans generate approximately 20 percent in net coupon, and AUTO holders are paid approximately 9 percent*.”

Verifier note panel 1/3 confirmed (agreement=2) | trimmed uncited claims (3) and re-confirmed | openai/gpt-5.6-terra: unsupported — The cited page supports that AUTO provides exposure to interest paid on consumer auto loans through Democratized Prime; that wYLDS staking programmatically funds the auto-loan pool; that Hastra deduct | anthropic/claude-sonnet-5: unsupported — The fetched Hastra 'What is AUTO?' page directly supports most of the narrative: the 50bps Hastra platform fee taken before distribution to AUTO holders, the near-prime consumer auto loan pool via Dem | openai/gpt-5.6-terra: confirmed — The fetched Hastra AUTO page supports all material elements: AUTO provides exposure to interest paid by borrowers in a consumer-auto-loan pool through Democratized Prime; the loans are described as ne

Yield mechanics

Exchange-rate accrual via Chainlink-priced vault; rewards administrators periodically push yield into the vault; no manual claim needed for ordinary yield accrual.

2 sources

“As yield flows into the stake vault, the Chainlink price appreciates — 1 AUTO becomes redeemable for more wYLDS over time.”

“Yield continues to accrue to whichever wallet holds the tokens.”

Verifier note panel 1/3 confirmed (agreement=2) | trimmed uncited claims (4) and re-confirmed | openai/gpt-5.6-terra: unsupported — The AUTO integration guide supports the core AUTO mechanics: AUTO is a share-based position; yield accrues through an appreciating Chainlink Data Streams–sourced AUTO/wYLDS exchange rate; rewards are | anthropic/claude-sonnet-5: unsupported — The two fetched pages fully support the core mechanics claimed: AUTO uses a share-based, Chainlink-sourced exchange rate (not a rebasing token), yield is pushed into the stake vault periodically by re | openai/gpt-5.6-terra: confirmed — The AUTO integration guide expressly states that ordinary Solana AUTO yield accrues through an appreciating Chainlink-sourced AUTO/wYLDS exchange rate, rather than requiring a manual claim. It says of

Issuer & people

Issuing entity

Signum Ltd. (BVI, d/b/a Hastra), wholly owned subsidiary of Provenance Cayman Foundation; backing asset YLDS issued by Figure.

2 sources

https://www.sec.gov/Archives/edgar/data/1974395/000094787125000192/ss4462725_s1a.htm

“The Terms of Use for Hastra's DeFi application are governed by Signum Ltd., a company organized under the laws of the British Virgin Islands ('Hastra'), which is a wholly owned subsidiary of Provenance Cayman Foundation, a Cayman foundation.”

“FCC was organized as a Delaware corporation, on April 13, 2023”

Backers

Bertram Capital

3 sources

https://www.crowdfundinsider.com/2021/05/175595-mike-cagneys-blockchain-firm-figure-technologies-acquires-200m-via-series-d-at-3-2b-valuation/Ll

“co-led by 10T Holdings and Morgan Creek Digital, with participation from new and existing investors including DCM, Digital Currency Group, HCM Capital, Ribbit Capital, RPM Ventures, and The Partners at DST Global.”

https://investors.figure.com/news-releases/news-release-details/ondo-invests-25-million-figures-ylds-stablecoin-power-ousg-and

“Ondo invests $25 million in Figure's YLDS stablecoin”

https://www.morpheus-research.com/figure/,

“Backed by Bertram Capital, Agora operates across 600+ monthly active dealers”

Verifier note re-adjudicated 2026-08-03T12:34:43.411Z from rejected status | panel 1/4 confirmed (agreement=4) | trimmed uncited claims (12) and re-confirmed | gpt-family: unsupported — The archived Hastra source supports only Bertram Capital as a backer of Agora. It also says that “Figure” made a strategic equity investment in Agora, but it does not identify the investor as Figure T | anthropic-family: unsupported — Only one of the three cited sources was actually archived/fetched here: the Hastra help page. That page supports exactly one list item — Bertram Capital — and even then as a backer of Agora Data (the | kimi-family: unsupported — Only one source (help.hastra.io) was archived. In it, Bertram Capital is named as a backer of Agora Data (the third-party loan originator), not of the issuer Figure; Figure Technology Solutions is the | gpt-family: confirmed — The archived Hastra source explicitly identifies Agora Data as “Backed by Bertram Capital.” The other quoted sources concern Figure Technologies and do not contradict Bertram Capital’s status as a bac

Incidents & track record

An Informal Systems security audit (September–November 2025) of Hastra's Solana vault programs found one Critical-severity issue — a missing vault-token-account ownership check that could 'break the fundamental backing guarantee' — which was remediated and confirmed fixed in a November 2025 follow-up review.

3 sources

“Figure Technology: Smoke And Mirrors From A Fast-And-Loose Lender Masquerading As A Blockchain Darling.”

https://hastra.io/Hastra_vault-mint_&_vault-stake_Solana_Programs_Summary_Audit_Report.pdf

“Our initial assessment identified 9 findings across various severity levels: 1 Critical, 4 Medium, 2 Low, and 2 Informational.”

https://www.businesswire.com/news/home/20250910400753/en/Figure-Technology-Solutions-Inc.-Announces-Pricing-of-Initial-Public-Offering

“significant risks, including loss of principal”

Verifier note panel 1/4 confirmed (agreement=5) | trimmed uncited claims (7) and re-confirmed | openai/gpt-5.6-terra: unsupported — The Informal Systems audit source supports the audit-related portion: it records a September 24–November 18, 2025 engagement; an initial nine findings (1 Critical, 4 Medium, 2 Low, 2 Informational); t | anthropic/claude-sonnet-5: unsupported — The Informal Systems audit details (Critical severity missing vault-token-account ownership check, described as able to 'break the fundamental backing guarantee', timeframe Sept 24–Nov 18 2025, and re | google/gemini-3.6-flash: unsupported — The re-fetched sources do not contain any reference to the report published by Morpheus Research on 2026-04-16, its allegations that Figure's on-chain claims mask traditional documentary lending proce | openai/gpt-5.6-terra: confirmed — The Hastra-hosted Informal Systems summary audit report states that Figure engaged Informal Systems in September 2025; the two-phase engagement ran from September 24 to November 18, 2025. It identifie

Operating history

Hastra/Democratized Prime infrastructure entered production November 2025.

3 sources

“Shares began trading on the Nasdaq Global Select Market on September 11, 2025 under the ticker symbol 'FIGR'.”

https://agoradata.com/revenews/auto-loans-become-public-on-chain/Ks

“AUTO uses the same Democratized Prime platform and smart contract infrastructure as PRIME, which has been in production since November 2025.”

“first asset-pooled non-prime auto securitization in 2020”

Verifier note re-adjudicated 2026-08-03T12:46:19.500Z from rejected status | panel 1/4 confirmed (agreement=3) | trimmed uncited claims (11) and re-confirmed | gpt-family: unsupported — The archived Hastra page supports only that PRIME's Democratized Prime platform and smart-contract infrastructure had been in production since November 2025. No fetched source substantiates the Figure | anthropic-family: unsupported — Only the Hastra source (help.hastra.io) was archived and provided. It confirms exactly one component of the bundled operating_history value: the archived page states verbatim 'AUTO uses the same Democ | kimi-family: unsupported — Only one of three cited sources was archived (help.hastra.io). That page does confirm the Democratized Prime platform and smart contract infrastructure 'has been in production since November 2025', su | gpt-family: confirmed — The archived Hastra source explicitly states that AUTO uses the same Democratized Prime platform and smart-contract infrastructure as PRIME and that this infrastructure "has been in production since N

Operating history

Informal Systems audited vault programs Sept–Nov 2025.

2 sources

https://www.globenewswire.com/news-release/2025/12/04/3199853/0/en/Figure-and-Leading-Crypto-Partners-Launch-RWA-Consortium-for-Onchain-Finance-on-Solana.html

“Figure and Leading Crypto Partners Launch RWA Consortium for Onchain Finance on Solana”

https://hastra.io/Hastra_vault-mint_&_vault-stake_Solana_Programs_Summary_Audit_Report.pdf

“In September 2025, Figure engaged Informal Systems to conduct a comprehensive security audit of the Hastra vault-mint and vault-stake Solana programs.”

Verifier note panel 1/3 confirmed (agreement=2) | trimmed uncited claims (4) and re-confirmed | openai/gpt-5.6-terra: unsupported — The fetched Hastra/Informal report directly supports that Figure engaged Informal Systems in September 2025 and that the audit occurred in two phases from September 24 through November 18, 2025. It do | anthropic/claude-sonnet-5: unsupported — Only two sources were actually fetched: the GlobeNewswire press release (title only, dated 2025-12-04) and the Hastra/Informal Systems audit PDF. The audit PDF does support that Informal Systems' enga | openai/gpt-5.6-terra: confirmed — The cited audit report expressly states that Figure engaged Informal Systems in September 2025 for a comprehensive security audit of the Hastra vault-mint and vault-stake Solana programs. It further s

Service providers

Agora Data, Inc. (originator/servicer), Figure/Figure Forge (structuring, credit enhancement, Democratized Prime marketplace), UMB Bank N.A. (custodian), Figure Equity Solutions, Inc. (transfer agent/administrator), Figure Investment Advisors, LLC (investment adviser)

2 sources

https://www.sec.gov/Archives/edgar/data/1974395/000094787125000216/ss4476065_497.htm

“The auto loans in the pool are originated by Agora Data...Backed by Bertram Capital.”

“UMB Bank n.a. member FDIC, is custodian of FCC's assets pursuant to a custody agreement. Figure Equity Solutions, Inc. is FCC's transfer agent pursuant to a transfer agency agreement.”

Verifier note panel 1/3 confirmed (agreement=2) | trimmed uncited claims (12) and re-confirmed | openai/gpt-5.6-terra: unsupported — The fetched Hastra page supports Agora Data as the auto-loan originator and servicer, and supports Figure/Figure Forge’s structuring, credit-enhancement, and Democratized Prime marketplace roles. The | anthropic/claude-sonnet-5: unsupported — The two fetched sources only substantiate a subset of the listed service providers. The Hastra help page confirms Agora Data as originator/servicer 'Backed by Bertram Capital' and confirms Figure/Figu | openai/gpt-5.6-terra: confirmed — The Hastra AUTO source supports Agora Data as originator and servicer, and supports Figure/Figure Forge’s structuring role, credit-enhancement role, and operation of the Democratized Prime marketplace

What the issuer does

Agora Data originates and services the auto loans, Figure structures them via Figure Forge and credit enhancement, and Hastra distributes the resulting tokens to DeFi.

2 sources

https://www.globenewswire.com/news-release/2025/12/04/3199853/0/en/Figure-and-Leading-Crypto-Partners-Launch-RWA-Consortium-for-Onchain-Finance-on-Solana.html

“Agora handles origination, underwriting, and servicing. Figure handles structuring, credit enhancement, and capital markets infrastructure. Hastra handles DeFi distribution.”

“With over $19 billion in on-chain loan originations to date and a 70% market share in the RWA private credit, Figure is uniquely positioned to bridge traditional credit markets with DeFi.”

Verifier note panel 1/3 confirmed (agreement=2) | trimmed uncited claims (10) and re-confirmed | openai/gpt-5.6-terra: unsupported — The Hastra AUTO page supports the operational allocation of roles: Agora originates, underwrites, and services the auto loans; Figure tokenizes/structures them through Figure Connect and Figure Forge | anthropic/claude-sonnet-5: unsupported — The hastra.io help-page content that was actually fetched fully supports the core division-of-labor claim: Agora Data originates/underwrites/services the auto loans, Figure structures them via Figure | openai/gpt-5.6-terra: confirmed — The fetched Hastra AUTO page expressly states that Agora handles “origination, underwriting, and servicing”; Figure handles “structuring, credit enhancement, and capital markets infrastructure”; and H

backers investors Searched, not found — No equity investors or funding round disclosed; Hastra is presented as incubated (not VC-funded) by Figure and Provenance Blockchain. Checked globenewswire RWA Consortium release, hastra.io, help.hastra.io, rootdata.com/Projects/detail/Hastra.

Redemption & liquidity

secondary market

3 sources

Disputed positions

claude: Hastra states 'AUTO is now live exclusively on Kamino,' making Kamino the sole listed secondary venue, subject to Kamino's US/UK/OFAC jurisdiction blocks.
opencode: On-chain data shows an AUTO/PRIME liquidity pool on Orca (live since 2026-07-01, per Dexscreener), with wYLDS separately swappable for USDC on Raydium, Uniswap, and Kamino.
codex/structure-flows: AUTO is described only as 'fully transferable' as an SPL token on Solana, without naming an exclusive venue; liquidity, caps, and market-maker obligations are undisclosed.

https://hastra.io/auto

“AUTO is now live exclusively on Kamino.”

https://api.dexscreener.com/latest/dex/tokens/GNE6oDS6jHrfaV3GQVVCCp37fDnT7PiPuewMKBj2bqNm

“Hastra AUTO ... pairCreatedAt: 1782946165000”

https://help.hastra.io/integration-guides/auto-hastra-sol-programmatic-integration-guide

“fully transferable”

Minimum2000

auto to wylds

AUTO can be redeemed for wYLDS at the prevailing Chainlink-sourced exchange rate, which appreciates over time as yield accrues.

1 source

“As yield flows into the stake vault, the Chainlink price appreciates — 1 AUTO becomes redeemable for more wYLDS over time.”

Verifier note panel 2/2 confirmed (agreement=2) | openai/gpt-5.6-terra: confirmed — The fetched guide expressly states that AUTO is redeemable directly for wYLDS: redemption atomically burns AUTO and transfers proportional wYLDS, calculated using the live Chainlink price at the time | anthropic/claude-sonnet-5: confirmed — The source explicitly states that AUTO can be redeemed for wYLDS: 'The vault-stake-auto program supports a single-step direct redemption... redeem atomically burns the specified AUTO shares and transf

Minimum2000

auto wylds

Atomic on-chain redemption of AUTO for wYLDS at the live Chainlink-sourced exchange rate; available anytime, no lock-up.

2 sources

https://help.hastra.io/integration-guides/auto-hastra-sol-programmatic-integration-guide

“Unlike the ETH flow, on Solana yield does not require a manual claim — it accrues through an appreciating Chainlink-sourced exchange rate”

https://help.hastra.io/integration-guides/auto-hastra-sol-programmatic-integration-guide

“1 AUTO becomes redeemable for more wYLDS over time.”

Verifier note panel 2/2 confirmed (agreement=2) | openai/gpt-5.6-terra: confirmed — The Solana integration guide expressly states that `redeem` “atomically burns” AUTO and transfers proportional wYLDS in a single call, with “no unbonding period or queuing.” It specifies the wYLDS amo | anthropic/claude-sonnet-5: confirmed — The integration guide explicitly states redemption is a single atomic call ('redeem atomically burns the specified AUTO shares and transfers the proportional wYLDS...There is no unbonding period or qu

Minimum2000

Caps / gates

No per-investor or global cap, window, or notice period disclosed; wYLDS-to-USDC exit leg has a ~$2,000 batching minimum (floor, not cap) and is operator-batched

1 source

“This leg is operator-managed and includes a batching minimum (currently $2k)”

Verifier note panel 2/2 confirmed (agreement=1) | gpt-family: confirmed — The cited guide discloses no per-investor or aggregate redemption cap, redemption window, or notice period. It explicitly describes the wYLDS-to-USDC leg as operator-managed, with a current $2k batchi | anthropic-family: confirmed — The quote is verbatim-accurate: the source states the wYLDS→USDC leg 'is operator-managed and includes a batching minimum (currently $2k)'. This is characterized as a batching minimum (a floor to part

Risks

Underlying asset

Concentration

AUTO concentrates risk in a small set of counterparties: a single loan originator/servicer (Agora Data) and a single structurer and first-loss provider (Figure/Figure Forge).

3 sources

https://www.morpheus-research.com/figure/','quote':'99

“99% of YLDS supply controlled by Figure and one passive investor.”

https://www.crowdfundinsider.com/2026/03/267959-figure-launches-figure-forge-to-transform-illiquid-loans-into-tradable-defi-collateral/','quote':'Agora

“Agora Data serves as the inaugural partner… Figure will operate a dedicated auto-loan Forge on Provenance, seeding liquidity and creating high-yield pools.”

“Agora handles origination, underwriting, and servicing”

Verifier note panel 1/4 confirmed (agreement=5) | trimmed uncited claims (6) and re-confirmed | openai/gpt-5.6-terra: unsupported — The Hastra AUTO page supports that Agora Data originates, underwrites, and services the underlying auto loans, and that Figure handles structuring and provides a stated $25M first-loss commitment. It | anthropic/claude-sonnet-5: unsupported — The only source whose live content was actually re-fetched and shown is help.hastra.io/auto/what-is-auto. That page does support the claims about Agora Data being the originator/servicer ('Agora handl | google/gemini-3.6-flash: unsupported — The provided sources do not mention UMB Bank, N.A. as the reserve custodian behind YLDS collateral. | openai/gpt-5.6-terra: confirmed — The fetched Hastra AUTO page identifies Agora Data as the originator of the pool’s auto loans and expressly states that Agora handles “origination, underwriting, and servicing.” It identifies Figure a

Underlying / economic

The underlying consumer auto loans are near-prime and subprime, carrying borrower default risk. Hastra's structure mitigates this via roughly 2.4x cashflow overcollateralization, a loan-loss reserve building to 2.5% of principal, and Figure's $25M first-loss commitment, but does not eliminate credit risk passed to AUTO holders.

1 source

“the underlying auto loans generate approximately 20 percent in net coupon, and AUTO holders are paid approximately 9 percent*... Reserve account... builds to 2.5 percent of outstanding principal... Figure's $25M commitment”

Verifier note panel 2/2 confirmed (agreement=1) | openai/gpt-5.6-terra: confirmed — The fetched Hastra AUTO page expressly states that the underlying loans are “near-prime and subprime consumer auto credit” and that structural protections “do not eliminate credit risk entirely.” It s | anthropic/claude-sonnet-5: confirmed — The claim states the underlying auto loans are near-prime and subprime, carrying borrower default risk, mitigated by ~2.4x cashflow overcollateralization, a loan-loss reserve building to 2.5% of princ

Issuer & legal claim

Regulatory

YLDS, the ultimate backing, is issued by a face-amount certificate company registered under the Investment Company Act of 1940. Consumer auto lending is subject to federal and state regulation, so regulatory changes could impair the product or holder access.

2 sources

https://www.sec.gov/Archives/edgar/data/1974395/000094787125000216/ss4476065_497.htm

“Consumer auto lending is subject to federal and state regulation. Changes in regulations affecting tokenized RWAs, auto finance, or cross-chain operations could impact the product.”

“Neither the U.S. Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy of this prospectus.”

Verifier note panel 1/3 confirmed (agreement=1) | trimmed uncited claims (8) and re-confirmed | gpt-family: unsupported — The sources support that YLDS backs wYLDS, that FCC is an SEC-registered face-amount certificate company under the Investment Company Act of 1940, and that consumer auto lending and tokenized/cross-ch | anthropic-family: unsupported — The core regulatory framing is well-supported: the SEC prospectus (497) confirms Figure Certificate Company is a face-amount certificate company registered with the SEC under the Investment Company Ac | gpt-family: confirmed — The Hastra source states that wYLDS is backed by YLDS, describes YLDS as an SEC-registered face-amount certificate, and expressly warns that federal and state regulation of consumer auto lending—and r

Issuer failure

Hastra is operated by Signum Ltd., a British Virgin Islands entity, and Hastra's own documentation notes current mechanics 'may not reflect final product design.'

4 sources

https://www.figuremarkets.com/disclosures/figure_decentralized_integration_terms_and_conditions/','quote':'IN

Custody & counterparties

Custodian

AUTO's redemption value depends on a chain of custodial dependencies: wYLDS is backed 1:1 by YLDS held in Hastra's reserve.

3 sources

https://www.ylds.com/institutions/','quote':'Held

“Held at UMB Bank NA. Not commingled with operating capital.”

“Each wYLDS is backed 1:1 with YLDS held in Hastra's reserve.”

https://help.hastra.io/integration-guides/auto-hastra-sol-programmatic-integration-guide

“depend on third-party infrastructure”

Verifier note panel 1/4 confirmed (agreement=5) | trimmed uncited claims (6) and re-confirmed | openai/gpt-5.6-terra: unsupported — The fetched wYLDS page supports that each wYLDS is backed 1:1 by YLDS held in Hastra’s reserve. The fetched AUTO page supports that staking wYLDS programmatically funds lending to the auto pool and id | anthropic/claude-sonnet-5: unsupported — The two Hastra help-center pages that were actually re-fetched confirm the 1:1 wYLDS/YLDS backing mechanism ('Each wYLDS is backed 1:1 with YLDS held in Hastra's reserve') and generally describe third | google/gemini-3.6-flash: unsupported — The claim states that YLDS reserves are held at a single named custodian, UMB Bank, N.A., segregated from operating capital. However, neither of the fetched source pages mention UMB Bank, N.A., nor is | openai/gpt-5.6-terra: confirmed — The fetched Hastra wYLDS page expressly states that “Each wYLDS is backed 1:1 with YLDS held in Hastra’s reserve.” The AUTO page states that AUTO is minted when wYLDS is staked and that the associated

Credit / counterparty

AUTO holders bear indirect credit risk of Figure Certificate Company: wYLDS, and thus AUTO, is ultimately backed by FCC Certificates that are unsecured and payable solely from FCC's assets, per SEC filings. Structural protections such as Figure's $25M first-loss commitment and a reserve account building to 2.5% of outstanding principal absorb losses first, but do not eliminate this unsecured claim risk. The auto-loan trust layer is isolated from Figure's own credit risk, but the upstream YLDS layer is not equally protected.

Contracts & controls

Hack / smart contract

3 sources

Disputed positions

opencode: two named audits completed — Informal Systems (fixed 1 Critical) and Sherlock (0 Critical/High) — with published report PDFs hosted at hastra.io.
codex/claude/depth-risks-story: no named third-party smart-contract audit report was located; Hastra's claim that contracts 'have been audited' is unsupported by a public report, auditor, date, or scope.

“call will fail if”

https://github.com/provenance-io/hastra-sol-vault-stake

“The Squads v4 vault PDA ... serves as upgrade authority for both vault-mint and vault-stake programs.”

“The accepted vectors are economic rather than safety-critical...”

Redemption & market

Depeg / liquidity

wYLDS is backed 1:1 by YLDS held in Hastra's reserve.

3 sources

https://www.figuremarkets.com/disclosures/figure_decentralized_integration_terms_and_conditions/','quote':'high

“par value...pegged to the dollar (1 YLDS = 1 Certificate = $0.01 NAV).”

“high risks of illiquidity, devaluation”

“through Raydium and Kamino protocols… to trade back to USDC”

Verifier note re-adjudicated 2026-08-03T12:53:53.568Z from rejected status | panel 1/4 confirmed (agreement=5) | trimmed uncited claims (12) and re-confirmed | gpt-family: unsupported — The fetched source supports that wYLDS is backed 1:1 by reserved YLDS, can trade or redeem through Raydium and Kamino, and uses an increasing exchange rate to reflect accrued yield. It does not descri | anthropic-family: unsupported — Only one cited source was actually archived/fetched: the Hastra 'What is wYLDS?' page. That page supports several ancillary points (wYLDS is backed 1:1 with YLDS, its exchange rate accrues over time, | kimi-family: unsupported — Only the Hastra wYLDS help page was archived, and it supports just one material sub-claim: each wYLDS is backed 1:1 with YLDS held in Hastra's reserve. Nothing in the fetched source describes AUTO at | gpt-family: confirmed — The archived Hastra source explicitly states that each wYLDS is backed 1:1 by YLDS held in Hastra's reserve and describes Hastra holding YLDS reserves to back issued wYLDS tokens. This directly suppor

Exit risk

Converting wYLDS to USDC is a two-step, operator-mediated process rather than instant settlement.

2 sources

Legal, custody & controls

Legal wrapper

Bankruptcy remote

true

1 source

“AUTO represents exposure to direct loan participation claims on cash flows from the underlying auto loan pool, structured through a bankruptcy-remote trust.”

Verifier note panel 2/2 confirmed (agreement=1) | gpt-family: confirmed — The archived source expressly states that the auto loans sit in a Delaware statutory trust described as bankruptcy-remote and that the structure is designed to isolate the loan assets from the credit | anthropic-family: confirmed — The archived source directly supports bankruptcy_remote = true. The cited quote appears verbatim in the FAQ: 'AUTO represents exposure to direct loan participation claims on cash flows from the underl

Transfer restrictions

Freely transferable SPL token

2 sources

“AUTO is fully transferable as an SPL token on Solana.”

“The protocol is designed with regulatory compliance in mind: vaults include account freeze/thaw controls, whitelisted withdrawals, and two-step redemption flows.”

Verifier note panel 1/3 confirmed (agreement=1) | trimmed uncited claims (5) and re-confirmed | gpt-family: unsupported — The AUTO documentation confirms that AUTO is fully transferable as an SPL token on Solana. The audit confirms that Hastra vaults include freeze/thaw controls and whitelisted withdrawals. However, neit | anthropic-family: unsupported — The transferability and control components are supported: the help page states 'AUTO is fully transferable as an SPL token on Solana' (backing 'freely transferable SPL token' and, by implication, no h | gpt-family: confirmed — The AUTO documentation explicitly states: “AUTO is fully transferable as an SPL token on Solana,” directly supporting the claimed transfer restriction. The audit’s freeze/thaw and withdrawal controls

Regime

wYLDS is a Solana DeFi token from Signum Ltd. (BVI) under Terms of Use with no stated securities exemption; the underlying reserve asset YLDS is a yield-bearing stablecoin issued by Figure and registered with the U.S. Securities and Exchange Commission (SEC).

4 sources

https://eco.com/support/en/articles/14982167-figure-technology-s-onchain-stack-certificates-capital-markets-ylds

“a face-amount certificate is an investment product (regulated under the Investment Company Act of 1940).”

“Figure Certificate Company is a separately incorporated subsidiary registered with the SEC as a face-amount certificate company under Section 28 of the Investment Company Act of 1940.”

https://www.figuremarkets.com/markets/democratized-prime/earn/,Ically

“Figure Payments Corporation offers to self-directed investors and traders cryptocurrency brokerage services under the brand name, "Figure Markets". It is neither licensed with the SEC or the CFTC nor is it a Member of NFA.”

“These Terms of Use govern access to and use of the decentralized finance (DeFi) application and related services provided by Signum Ltd., a company organized under the laws of the British Virgin Islands ('Hastra').”

Verifier note re-adjudicated 2026-08-03T12:37:21.540Z from rejected status | panel 1/4 confirmed (agreement=4) | trimmed uncited claims (12) and re-confirmed | gpt-family: unsupported — The Hastra Terms support that Signum Ltd. is a BVI company providing a DeFi application, that users receive wYLDS, and that wYLDS is backed 1:1 by YLDS. The supplied YLDS/Eco quotations support that Y | anthropic-family: unsupported — Only the hastra.io/terms source is present in the archived content; the ylds.com, eco.com, and figuremarkets sources are cited but no content is provided, so their quotes cannot be verified. The archi | kimi-family: unsupported — The Hastra Terms of Use confirm Signum Ltd. is a BVI company operating a DeFi protocol, that wYLDS is a Solana-based token backed 1:1 by YLDS, and that YLDS is 'a yield-bearing stablecoin issued by Fi | gpt-family: confirmed — Hastra’s Terms expressly identify Signum Ltd. as the BVI company providing the DeFi application, describe wYLDS as a Solana-based token, and state that it is backed 1:1 by YLDS, which the Terms call a

Vehicle

Signum Ltd. (BVI) operates the Hastra protocol/token; the underlying auto loans sit in a Delaware statutory trust under a Master Repurchase Agreement; the YLDS reserve asset is issued by Figure and is SEC-registered.

2 sources

“These Terms of Use govern access to and use of the decentralized finance (DeFi) application and related services provided by Signum Ltd., a company organized under the laws of the British Virgin Islands ('Hastra').”

“The auto loans sit in a Delaware statutory trust pledged under a Master Repurchase Agreement (MRA) between the originator and the bankruptcy remote-trust.”

Verifier note re-adjudicated 2026-08-03T12:49:12.801Z from rejected status | panel 1/4 confirmed (agreement=5) | trimmed uncited claims (7) and re-confirmed | gpt-family: unsupported — The sources support that Signum Ltd. is a BVI company providing the Hastra application/protocol and that the auto loans sit in a Delaware statutory trust pledged under an MRA. However, they do not est | anthropic-family: unsupported — The Signum Ltd. (BVI) operator claim is confirmed nearly verbatim by hastra.io/terms, and the 'auto loans sit in a Delaware statutory trust pledged under an MRA' claim is confirmed verbatim by help.ha | kimi-family: unsupported — Two of three structural elements are supported: the Terms confirm Signum Ltd., a BVI company (subsidiary of Provenance Cayman Foundation), provides the Hastra protocol; the help page confirms the auto | gpt-family: confirmed — The archived Hastra Terms identify Signum Ltd. as a British Virgin Islands company providing the Hastra DeFi application and related Protocol services. The AUTO documentation expressly states that the

If the issuer fails

If the auto-loan originator (Agora) defaults under the Master Repurchase Agreement, the loans undergo a true sale into a Delaware statutory trust, whose independent administrator liquidates the collateral and remits proceeds to Democratized Prime lenders (the AUTO vault).

4 sources

“remit the proceeds back”

“The Site and Protocol are provided on an 'AS IS' and 'AS AVAILABLE' basis WITHOUT WARRANTIES … liability is capped at '$100.'”

https://www.federalregister.gov/documents/full_text/text/2024/11/21/2024-27229.txt

“FCC is not a bank … nor are they insured by the Federal Deposit Insurance Corporation (FDIC) … If there are losses on FCC's assets, FCC may not have sufficient resources to meet its obligations.”

“If the Applicant were to default on any obligation under a Certificate, the Custodian would be authorized to cure such default by liquidating so much of the assets held by it as necessary to discharge Applicant's obligations.”

Verifier note panel 1/4 confirmed (agreement=4) | trimmed uncited claims (12) and re-confirmed | openai/gpt-5.6-terra: unsupported — The AUTO help page supports the core MRA/default structure: loans are pledged in a Delaware statutory trust; an originator default under the MRA results in a true sale to the trust; and an independent | anthropic/claude-sonnet-5: unsupported — The two sources that were actually re-fetched (help.hastra.io/auto/what-is-auto and hastra.io/terms) substantiate the core mechanics of the AUTO vault: the Delaware statutory trust structure pledged u | google/gemini-3.6-flash: unsupported — While the fetched source 'What is AUTO?' supports the claim regarding Agora defaulting under the Master Repurchase Agreement, true sale into a Delaware statutory trust, and independent administrator l | openai/gpt-5.6-terra: confirmed — The Hastra AUTO page directly supports the material mechanism: it identifies Agora Data as the auto-loan originator; states that loans sit in a Delaware statutory trust pledged under a Master Repurcha

Tax treatment

No entity-level or pass-through tax structure disclosed; holders solely responsible for their own tax treatment; Hastra provides no tax advice.

1 source

https://www.ylds.com/institutions/,Ical

“acquiring, staking, earning wYLDS on, and disposing of digital assets may have tax consequences in your jurisdiction”

Verifier note panel 2/2 confirmed (agreement=2) | openai/gpt-5.6-terra: confirmed — The terms expressly state that acquiring, staking, earning wYLDS, and disposing of digital assets may have tax consequences; that users are “solely responsible for determining and satisfying” their ta | anthropic/claude-sonnet-5: confirmed — The re-fetched Terms of Use page contains the exact quoted text under the 'Tax Risk' heading: 'Acquiring, staking, earning wYLDS on, and disposing of digital assets may have tax consequences in your j

Custody

Custodians

Agora Data (auto-loan originator/servicer), Delaware statutory trust (auto-loan collateral), Hastra program-controlled Solana vault

4 sources

“Segregated reserves. Held at UMB Bank NA. Not commingled with operating capital.”

https://www.crypto-reporter.com/newsfeed/bitgo-adds-qualified-custody-support-for-ylds-an-sec-registered-yield-bearing-security-issued-by-figure-certificate-company-128593/,Ical

“The Certificates are not secured by any particular asset of FCC; however, as required by the Investment Company Act, FCC maintains capital and reserves with its custodian to support its obligations under the Certificates.”

https://help.hastra.io/integration-guides/auto-hastra-sol-programmatic-integration-guide

“program-controlled vault token account”

https://hastra.io/Hastra_vault-mint_%26_vault-stake_Solana_Programs_Summary_Audit_Report.pdf

“Loans tokenized on Figure Connect using DART registry; Figure Forge smart contract creates standardized fungible participation tokens”

Verifier note re-adjudicated 2026-08-03T12:39:39.139Z from rejected status | panel 1/4 confirmed (agreement=5) | trimmed uncited claims (12) and re-confirmed | gpt-family: unsupported — The sources support UMB Bank N.A. holding segregated YLDS reserves; BitGo adding qualified-custody support for YLDS; Agora Data originating, underwriting, and servicing auto loans; auto-loan assets re | anthropic-family: unsupported — Only two of the cited sources are present in the archived content (both help.hastra.io pages). These support: Agora Data as auto-loan originator/servicer ('Agora handles origination, underwriting, and | kimi-family: unsupported — Only the two help.hastra.io pages were actually fetched; the ylds.com and crypto-reporter.com pages exist only as claimed quotes with no archived content, so items sourced solely from them cannot be v | gpt-family: confirmed — The fetched Hastra sources support each listed item: Agora Data originates, underwrites, and services the auto loans; the loans sit in a Delaware statutory trust structured to isolate and administer t

Controls

Admin powers

The Sherlock audit found privileged configuration paths defer fail-safety to off-chain operational discipline. No multisig, timelock, or committee gating is disclosed.

2 sources

“Both programs include account freeze/thaw functionality for their respective tokens and maintain administrator lists for governance.”

“Several findings involved operator-privileged configuration paths that defer fail-safety to off-chain operational discipline rather than enforcing it on-chain.”

Verifier note panel 1/3 confirmed (agreement=1) | trimmed uncited claims (4) and re-confirmed | gpt-family: unsupported — The sources support that both Solana programs have token-account freeze/thaw functionality and administrator lists, and Sherlock expressly reports operator-privileged configuration paths that rely par | anthropic-family: unsupported — Most material claims check out against the union of sources. The Informal (Sherlock-labeled in claim, actually Informal Systems / the summary report) report supports program-controlled vault authority | gpt-family: confirmed — The Sherlock report expressly states that several operator-privileged configuration paths rely on off-chain operational discipline instead of on-chain fail-safety. The Informal Systems report confirms

Unilateral changes

Claim-related protocol fees are disclosed only at the time of claim.

2 sources

“We reserve the right to modify these Terms, in whole or in part, at any time and at our sole discretion … suspend or terminate your access … at any time and without notice.”

Documents

20 facts

AuditSherlock smart-contract audit report for Hastra vault programs (hastra.io/sherlock-hastra-audit.pdf).2026-08-02

1 source

“regulatory-compliance controls (account freeze/thaw, whitelisted withdrawals, two-step redemption)”

Verifier note panel 2/2 confirmed (agreement=1) | openai/gpt-5.6-terra: confirmed — The fetched PDF is a Sherlock security-review/audit report concerning the Hastra protocol’s vault system, including yield and staking vaults. It explicitly states that the protocol includes “regulator | anthropic/claude-sonnet-5: confirmed — The fetched PDF content explicitly contains the phrase 'regulatory-compliance controls (account freeze/thaw, whitelisted withdrawals, two-step redemption)' verbatim in the Executive Summary section, m

DocumentHastra help-center product page 'What is AUTO?' covering mechanics, fees, and structural protections; undated, reviewed 2026-08-02.2026-08-02

1 source

https://www.sec.gov/Archives/edgar/data/1974395/000094787125000192/ss4462725_s1a.htm

“What is AUTO?”

Verifier note panel 2/3 confirmed (agreement=4) | openai/gpt-5.6-terra: unsupported — The fetched Hastra help-center page is titled “What is AUTO?” and substantively covers AUTO’s mechanics, the 50 bps Hastra platform fee, and multiple structural protections. However, the fetched conte | anthropic/claude-sonnet-5: confirmed — The cited URL https://help.hastra.io/auto/what-is-auto is a Hastra help-center page titled 'What is AUTO?' and the fetched content confirms this exact title and covers mechanics (staking wYLDS, mintin | google/gemini-3.6-flash: confirmed — The cited page 'What is AUTO?' from Hastra's help center confirms all elements of the claim: it is an undated product page covering mechanics (staking wYLDS, 4-stage loan-to-wallet flow, Democratized

ProspectusFigure Certificate Company SEC prospectus/registration filings (S-1/A and Rule 497) describing YLDS as a face-amount certificate.2026-08-02

2 sources

“face-amount certificate company registered with the U.S. Securities and Exchange Commission ('SEC') under the Investment Company Act of 1940”

https://www.sec.gov/Archives/edgar/data/1974395/000094787125000216/ss4476065_497.htm

“Custodian: UMB Bank n.a. member FDIC, is custodian of FCC's assets pursuant to a custody agreement.”

Verifier note panel 2/2 confirmed (agreement=2) | openai/gpt-5.6-terra: confirmed — Both cited SEC EDGAR filings directly support the atomic value. The February 18, 2025 S-1/A identifies Figure Certificate Company (FCC) as “a face-amount certificate company registered with the U.S. S | anthropic/claude-sonnet-5: confirmed — Both fetched documents are confirmed to be actual SEC filings by Figure Certificate Company: the first is Form S-1/A (Amendment No. 6, Registration No. 333-275154, filed Feb 18, 2025) and the second i

+ 17 more documents

ProspectusFigure Certificate Company SEC prospectus/registration filings (S-1/A and Rule 497) describing YLDS as a face-amount certificate.2026-08-02

2 sources

https://www.sec.gov/Archives/edgar/data/1974395/000094787125000192/ss4462725_s1a.htm

“face-amount certificate company registered with the U.S. Securities and Exchange Commission ('SEC') under the Investment Company Act of 1940”

https://www.sec.gov/Archives/edgar/data/1974395/000094787125000216/ss4476065_497.htm

“Custodian: UMB Bank n.a. member FDIC, is custodian of FCC's assets pursuant to a custody agreement.”

AuditInformal Systems audit report of Hastra's vault-mint and vault-stake Solana programs, Sep-Nov 2025.2026-08-02

1 source

https://hastra.io/Hastra_vault-mint_&_vault-stake_Solana_Programs_Summary_Audit_Report.pdf

“In September 2025, Figure engaged Informal Systems to conduct a comprehensive security audit of the Hastra vault-mint and vault-stake Solana programs.”

Appendix

Rejected facts (47)

Documents · Source documents

Figure Technology Solutions SEC filing dated 2026-04-24, disclosing the Signum Ltd. (dba Hastra) software license agreement.

1 source

https://www.sec.gov/Archives/edgar/data/2064124/000206412426000020/figr-20260424.htm

“Disclosures regarding a Software License Agreement entered into with Signum Ltd. (dba Hastra), granting Hastra a license to use proprietary software to support their protocol.”

Verifier note panel 0/3 confirmed (agreement=1) | openai/gpt-5.6-terra: unsupported — The cited SEC document is a Figure Technology Solutions, Inc. definitive proxy statement (Schedule 14A) dated April 24, 2026. However, the fetched content contains no disclosure of a Software License | anthropic/claude-sonnet-5: contradicted — The cited SEC filing at that URL/accession number is a DEF 14A (Definitive Proxy Statement) for Figure Technology Solutions' 2026 Annual Meeting of Stockholders, dated April 24, 2026. It covers direct | google/gemini-3.6-flash: unsupported — The provided SEC filing text (DEF 14A Proxy Statement dated April 24, 2026) does not contain the quoted statement nor any references to Signum Ltd., Hastra, or a Software License Agreement.

Redemption · Exit paths

wYLDS-to-USDC redemption is a two-step, operator-mediated process across Hastra's vault-mint and vault-stake programs, not instant.

1 source

https://help.hastra.io/integration-guides/auto-hastra-sol-programmatic-integration-guide

“Returning to USDC is a multi-step process across both programs.”

Verifier note panel 0/2 confirmed (agreement=1) | openai/gpt-5.6-terra: contradicted — The source confirms that conversion of wYLDS to USDC is operator-mediated and follows a two-call `request_redeem` / `complete_redeem` flow, with batching minimums and possible banking-hours delays. Ho | anthropic/claude-sonnet-5: unsupported — The source confirms that converting wYLDS to USDC (Phase 2) is indeed a two-step, operator/admin-mediated process (request_redeem/complete_redeem) and not instant — this matches the claim's core asser

Legal & Regulatory Structure · Bankruptcy remote

false

2 sources

https://www.sec.gov/Archives/edgar/data/1974395/000094787125000216/ss4476065_497.htm

“This structure is designed to isolate the loan assets from the credit risk of any single party, including Figure.”

“The Certificates are unsecured and backed solely by the assets of FCC.”

Verifier note panel 0/2 confirmed (agreement=2) | openai/gpt-5.6-terra: contradicted — The Hastra AUTO source expressly states that the auto loans sit in a “bankruptcy remote-trust” and labels this protection “Bankruptcy remoteness.” It further says the structure is designed to isolate | anthropic/claude-sonnet-5: contradicted — The Hastra source explicitly and repeatedly states that the auto loan structure IS bankruptcy remote: it describes 'Bankruptcy remoteness' as one of the named structural protections, states the loans

Controls & Governance · Upgradeability

Upgradeable Solana programs controlled by a program upgrade authority; no on-chain timelock or multisig disclosed

1 source

https://hastra.io/Hastra_vault-mint_%26_vault-stake_Solana_Programs_Summary_Audit_Report.pdf

“missing program update authority validation in the initialize instruction (creating a race condition where any account could front-run deployment)”

Verifier note panel 1/3 confirmed (agreement=1) | gpt-family: unsupported — The report confirms that the audited code had an initialize-instruction flaw involving missing validation of the program update authority, but it does not establish the deployed programs' upgradeabili | anthropic-family: confirmed — The claimed quote appears verbatim in the archived audit report as a Medium-severity finding: 'missing program update authority validation in the initialize instruction (creating a race condition wher | gpt-family: unsupported — The claimed atomic value for upgradeability is blank. The source discusses missing validation of the program update authority during initialization and says the issue was later resolved, but it does n

Issuer · Service providers

Agora Data (loan originator/servicer), Figure Technology Solutions / Figure Forge / Figure Connect / Democratized Prime (structuring & marketplace), Figure Certificate Company (YLDS issuer), Figure Investment Advisors LLC (reserve manager), Figure Equity Solutions Inc. (YLDS transfer agent), UMB Bank N.A. (YLDS reserve custodian), Provenance Blockchain (settlement layer), Chainlink (oracle/CCIP), Circle CCTP (USDC bridge), Kamino Finance / Raydium / Orca (secondary liquidity), Privy (wallets), Gauntlet (risk management), Informal Systems and Sherlock (security auditors), Squads v4 multisig (program upgrade authority)

4 sources

https://www.crypto-reporter.com/newsfeed/bitgo-adds-qualified-custody-support-for-ylds-an-sec-registered-yield-bearing-security-issued-by-figure-certificate-company-128593/Xa

“managed by Figure Investment Advisors, LLC, a registered investment advisor.”

“UMB Bank n.a., member FDIC, is custodian of FCC's assets pursuant to a custody agreement.”

“Both vault-stake programs use a Squads v4 multisig vault PDA as upgrade authority.”

“Agora handles origination, underwriting, and servicing. Figure handles structuring, credit enhancement, and capital markets infrastructure. Hastra handles DeFi distribution.”

Verifier note re-adjudicated 2026-08-03T12:36:04.476Z from rejected status | panel 0/4 confirmed (agreement=5) | gpt-family: unsupported — The archived Hastra source supports Agora Data as the auto-loan originator, underwriter, and servicer; Figure Connect and Figure Forge for tokenization and structuring; Democratized Prime as the lendi | anthropic-family: unsupported — Of the sources cited, only the Hastra help-center article (help.hastra.io/auto/what-is-auto) was provided as archived content. The three other cited URLs (ylds.com, crypto-reporter.com, github.com/pro | kimi-family: unsupported — Only the Hastra help page has archived content; it supports Agora Data (origination/underwriting/servicing), Figure Connect, Figure Forge, Democratized Prime, Figure Technologies, and Provenance Block | gpt-family: unsupported — The archived Hastra source supports Agora Data as the auto-loan originator and servicer, Figure Connect for tokenization, Figure Forge for structuring, and Democratized Prime as the lending marketplac

Legal & Regulatory Structure · Tax treatment

Not disclosed for AUTO/wYLDS specifically — Hastra places all tax responsibility on the user; the underlying YLDS certificates are treated as debt instruments for U.S. federal income tax purposes, with yield taxed as ordinary interest income.

2 sources

https://eco.com/support/en/articles/14982160

“Acquiring, staking, earning wYLDS on, and disposing of digital assets may have tax consequences in your jurisdiction. You are solely responsible for determining and satisfying your tax obligations. We do not provide tax advice.”

“Yield on a face-amount certificate is generally taxed as interest income for US holders.”

Verifier note panel 0/2 confirmed (agreement=2) | openai/gpt-5.6-terra: unsupported — Hastra’s live Terms support that tax consequences may arise from acquiring, staking, earning, or disposing of digital assets; that the user is solely responsible for their tax obligations; and that Ha | anthropic/claude-sonnet-5: unsupported — The re-fetched hastra.io/terms content fully confirms the first quote verbatim (Tax Risk section: 'Acquiring, staking, earning wYLDS on, and disposing of digital assets may have tax consequences in yo

Risks & Protections · Regulatory

AUTO/wYLDS are marketed as a permissionless DeFi wrapper around YLDS, an SEC-registered face-amount certificate; Hastra's documentation states 'wYLDS is not registered with the SEC or any securities regulator,' creating ambiguity about how the wrapped token would be treated. Consumer auto lending is separately subject to federal and state regulation, and the exclusive/primary secondary venue already blocks US, UK, and OFAC-sanctioned users, reflecting existing regulatory sensitivity.

3 sources

“wYLDS is not registered with the SEC or any securities regulator”

https://medium.com/@fitraeth/compiling-kamino-finance-the-ultimate-q-a-digest-d33478dd4ffb

“Consumer auto lending is subject to federal and state regulation. Changes in regulations affecting tokenized RWAs, auto finance, or cross-chain operations could impact the product.”

“Kamino is restricted in the UK, US, and OFAC sanctioned countries.”

Verifier note re-adjudicated 2026-08-03T12:44:27.157Z from rejected status | panel 0/3 confirmed (agreement=5) | gpt-family: contradicted — The fetched Hastra material supports that YLDS is SEC-registered, is described as a face-amount certificate, and underlies wYLDS; it also supports permissionless-like features such as no KYC, transfer | anthropic-family: unsupported — The AUTO regulatory-risk quote is confirmed verbatim on the fetched AUTO page ('Consumer auto lending is subject to federal and state regulation. Changes in regulations affecting tokenized RWAs, auto | kimi-family: unsupported — Several material claims hold: YLDS as an SEC-registered face-amount certificate is confirmed ('the first SEC-registered, yield-bearing stablecoin' and 'YLDS is a face-amount certificate backed by U.S.

Documents · Source documents

Hastra Terms of Use (hastra.io/terms).

1 source

https://www.sec.gov/Archives/edgar/data/2064124/000206412426000009/figr-20251231.htm

“The Terms of Use for Hastra's DeFi application are governed by Signum Ltd.”

Verifier note panel 1/2 confirmed (agreement=2) | openai/gpt-5.6-terra: confirmed — The cited Hastra Terms of Use page identifies itself as “Terms of Use” and states that the DeFi application and related services are “provided by Signum Ltd.” It further defines Signum Ltd. as a Briti | anthropic/claude-sonnet-5: unsupported — The underlying reference itself checks out — hastra.io/terms does host a page titled 'Terms of Use' that governs the Hastra DeFi application, so the document_terms_of_use value (Hastra Terms of Use at

Documents · Source documents

Figure Technology Solutions SEC Form 10-K, fiscal year ended 2025-12-31; relevant to Figure counterparty diligence.

1 source

“ANNUAL REPORT”

Verifier note panel 0/3 confirmed (agreement=1) | openai/gpt-5.6-terra: unsupported — The fetched SEC content supports that the filing is tagged for FY 2025 and contains a 2025-12-31 reporting period, but the excerpt does not state “ANNUAL REPORT,” identify the issuer by its full legal | anthropic/claude-sonnet-5: unsupported — The re-fetched content from the cited SEC.gov URL consists entirely of XBRL/inline-XBRL data tags, entity identifiers, and context references (e.g., dei:DocumentFiscalYearFocus, us-gaap:CommonClassAMe | google/gemini-3.6-flash: unsupported — The cited source text provided in the prompt does not contain the quoted phrase 'ANNUAL REPORT'.

Custody & Verification · Audits

Figure Technology Solutions' consolidated 2025 financial statements were independently audited; this is a corporate audit and not an audit of AUTO, its trust, collateral, or contracts.

1 source

https://www.sec.gov/Archives/edgar/data/2064124/000206412426000009/figr-20251231.htm

“We have audited the accompanying consolidated balance sheets”

Verifier note panel 0/3 confirmed (agreement=1) | openai/gpt-5.6-terra: unsupported — The re-fetched SEC content is an XBRL/metadata extract showing a FY 2025 filing, but it does not include the quoted auditor-report language or otherwise identify an independent auditor, the audited co | anthropic/claude-sonnet-5: unsupported — The re-fetched content from the cited SEC filing URL consists entirely of raw XBRL context/tag metadata (entity identifiers, date contexts, unit definitions, etc.) and does not contain the claimed quo | google/gemini-3.6-flash: unsupported — The provided source snippet consists of XBRL data tags and financial line-item identifiers from Figure Technology Solutions' Form 10-K filing. It does not contain the auditor's report text, the quote

Issuer · Legal entity

Signum Ltd., a British Virgin Islands company d/b/a Hastra ('Hastra-Fi'), operates the Hastra protocol and mints AUTO via its Solana vault-stake-auto program; a wholly owned subsidiary of Provenance Cayman Foundation, incubated by Figure Technology Solutions and Provenance Blockchain Foundation.

1 source

“Signum Ltd., a company organized under the laws of the British Virgin Islands ('Hastra'), a wholly owned subsidiary of Provenance Cayman Foundation, a Cayman foundation.”

Verifier note re-adjudicated 2026-08-03T12:48:27.599Z from rejected status | panel 0/4 confirmed (agreement=4) | gpt-family: unsupported — The cited Terms confirm that Signum Ltd. is organized under British Virgin Islands law, is called “Hastra” in the Terms, provides the Hastra protocol, and is a wholly owned subsidiary of Provenance Ca | anthropic-family: unsupported — The quoted sentence from https://hastra.io/terms is verbatim accurate: Signum Ltd. is a BVI company under 'Hastra' and a wholly owned subsidiary of Provenance Cayman Foundation, a Cayman foundation. H | kimi-family: unsupported — The source confirms Signum Ltd. is a BVI company, d/b/a Hastra, wholly owned subsidiary of Provenance Cayman Foundation. However, the archived content never mentions an 'AUTO' token, a 'Solana vault-s | gpt-family: unsupported — The Terms expressly identify Signum Ltd. as a British Virgin Islands company, define it as “Hastra,” describe it as the provider of the DeFi application and related services, and state that it is a wh

Legal & Regulatory Structure · Transfer restrictions

AUTO is freely transferable as an SPL token, but designated freeze administrators can freeze/thaw individual token accounts and Hastra bars US persons and OFAC-sanctioned jurisdictions; the underlying YLDS layer requires transfer-agent authorization and KYC/AML approval for every transfer.

3 sources

“Yes, AUTO is fully transferable as an SPL token on Solana. Yield continues to accrue to whichever wallet holds the tokens.”

“a resident, citizen, or person located in the United States of America or any U.S. territory … Belarus … Cuba, Iran … Zimbabwe”

“Designated administrators can freeze/thaw specific token accounts.”

Verifier note re-adjudicated 2026-08-03T12:50:24.527Z from rejected status | panel 0/4 confirmed (agreement=5) | gpt-family: unsupported — The archived Hastra FAQ expressly supports that AUTO is fully transferable as an SPL token and that yield follows the holding wallet. The Terms support eligibility restrictions on U.S. persons, specif | anthropic-family: unsupported — The archived sources confirm two sub-claims: (1) AUTO is fully transferable as an SPL token — verbatim in the help.hastra.io FAQ ('Yes, AUTO is fully transferable as an SPL token on Solana. Yield cont | kimi-family: unsupported — The fetched content confirms two parts: AUTO's free SPL transferability ('Yes, AUTO is fully transferable as an SPL token on Solana') and Hastra's bar on US persons and OFAC-sanctioned jurisdictions ( | gpt-family: unsupported — The AUTO help page expressly says AUTO is fully transferable as an SPL token and that yield follows the holding wallet. The Terms also prohibit U.S. persons and persons in specified or comprehensively

Custody & Verification · Audits

Figure performs AI-enabled quality-control review of Agora's auto loans for underwriting-guideline compliance; this is a loan-level QC process, not a financial-statement audit.

1 source

https://hastra.io/hastra-pulse/public/api/v1/por

“Loans tokenized on Figure Connect using DART registry; Figure Forge smart contract creates standardized fungible participation tokens”

Verifier note panel 0/3 confirmed (agreement=1) | openai/gpt-5.6-terra: contradicted — The fetched page attributes AI-powered underwriting to Agora Data and states that “Agora handles origination, underwriting, and servicing.” It describes Figure’s role as sourcing and diligencing the t | anthropic/claude-sonnet-5: unsupported — The fetched page describes Agora as the originator using its own 'AI-powered underwriting framework,' and states Figure's role is limited to structuring, credit enhancement, and capital markets infras | google/gemini-3.6-flash: unsupported — The provided text mentions that Agora originates auto loans through an AI-powered underwriting framework and that Figure sources and diligences the originator. However, it does not state that Figure p

Documents · Source documents

Hastra Pulse proof-of-reserves live API endpoint.

1 source

“por”

Verifier note panel 1/3 confirmed (agreement=1) | openai/gpt-5.6-terra: unsupported — The cited URL is a live JSON API endpoint and its path ends in `/por`, but the fetched content never expands “por” as “proof-of-reserves” or explicitly identifies the endpoint as a Hastra Pulse proof- | anthropic/claude-sonnet-5: unsupported — The document asserts this URL is the 'Hastra Pulse proof-of-reserves live API endpoint' and cites the quote 'por.' However, the live JSON returned by the endpoint never contains the literal string 'po | google/gemini-3.6-flash: confirmed — The live API endpoint at https://hastra.io/hastra-pulse/public/api/v1/por returns JSON data detailing supply, vault balances, reserve ratios, and holder stats across various cards/tokens, confirming i

Fees · Fee schedule

2 sources

https://help.hastra.io/wylds/buying-wylds

“USDC and wYLDS convert at a 1:1 ratio.”

https://help.hastra.io/integration-guides/auto-hastra-sol-programmatic-integration-guide

“No fees or caps are explicitly specified in the document”

Verifier note re-adjudicated 2026-08-03T12:40:46.226Z from rejected status | panel 0/3 confirmed (agreement=3) | gpt-family: unsupported — The sources establish a 1:1 USDC-to-wYLDS conversion ratio, but that does not establish a zero mint/redeem fee. The buying guide explicitly tells users to review “Any applicable fees” and separately i | anthropic-family: unsupported — The claim fee_mint_redeem = 0 is inferred from silence, not stated. The AUTO integration guide never specifies a mint/redeem fee (the claimant's own quote admits 'No fees or caps are explicitly specif | kimi-family: unsupported — Neither source explicitly states that mint/redeem fees are zero. The claimed quote from the integration guide concedes 'No fees or caps are explicitly specified in the document,' which is an admission

Redemption · Exit paths

Multi-step, operator-mediated wYLDS→USDC redemption across the vault-mint and vault-stake programs; not instant.

1 source

https://help.hastra.io/integration-guides/auto-hastra-sol-programmatic-integration-guide

“Returning to USDC is a multi-step process across both programs.”

Verifier note panel 1/2 confirmed (agreement=1) | openai/gpt-5.6-terra: contradicted — The source confirms that an AUTO→USDC exit is multi-step across both programs: AUTO is redeemed to wYLDS in vault-stake-auto, then wYLDS is converted to USDC through vault-mint’s operator-mediated req | anthropic/claude-sonnet-5: confirmed — The source explicitly states 'Returning to USDC is a multi-step process across both programs' and details Phase 1 (redeem AUTO for wYLDS, single-step/atomic) and Phase 2 (wYLDS→USDC via vault-mint's a

Issuer · What the issuer does

Hastra (operated by Signum Ltd.) is a DeFi distribution layer, incubated by Figure Technology Solutions (Nasdaq: FIGR) and the Provenance Blockchain Foundation, that routes yield from Figure's on-chain lending stack to token holders. Figure originates and structures the underlying credit — via Figure Connect (DART registry) and Figure Forge (participation-token structuring) — and operates the Democratized Prime marketplace, while Agora Data originates, underwrites and services the AUTO pool's consumer auto loans. Figure has reported over $22 billion in cumulative on-chain loan originations through this infrastructure.

2 sources

https://phemex.com/news/article/figure-and-hastra-expand-defi-credit-with-auto-loan-offering-73248

“AUTO is a yield token on Hastra that gives you access to structured consumer auto loan yield through the Democratized Prime decentralized lending marketplace.”

“Figure's CEO, Michael Tannenbaum, highlighted the platform's success in originating over $22 billion in onchain loans.”

Verifier note panel 0/3 confirmed (agreement=5) | openai/gpt-5.6-terra: contradicted — The Hastra page supports that Hastra distributes DeFi yield; AUTO uses Democratized Prime; Figure Connect uses DART; Figure Forge creates participation tokens; Figure operates Democratized Prime; and | anthropic/claude-sonnet-5: unsupported — The fetched help.hastra.io page substantiates most of the mechanical claims (DeFi distribution layer routing yield from Figure's on-chain lending stack, Figure Connect/DART, Figure Forge participation | google/gemini-3.6-flash: unsupported — The cited sources support that Hastra is a DeFi distribution layer routing yield from Figure's on-chain lending stack, that Figure utilizes Figure Connect (DART registry), Figure Forge, and the Democr

The Underlying · Composition

AUTO's economic backing is a pool of near-prime and subprime U.S. consumer auto loans originated by Agora Data, funded when holders stake wYLDS into Hastra's AUTO vault and that capital is programmatically lent through Figure's Democratized Prime marketplace. The loans are tokenized on Figure Connect using the DART lien/e-note registry and converted into standardized participation tokens by the Figure Forge smart contract. The wYLDS staked to mint AUTO is itself backed 1:1 by YLDS, Figure Certificate Company's SEC-registered face-amount certificate, whose reserves are short-duration U.S. Treasuries and Treasury repurchase agreements.

3 sources

“backed by consumer auto loans originated by Agora Data … an established auto finance company that acquires and originates consumer auto loans in the near-prime segment”

https://eco.com/support/en/articles/14982167-figure-technology-s-onchain-stack-certificates-capital-markets-ylds

“wYLDS is backed by reserves of YLDS, which is backed by real world assets similar to those in money market funds”

“Reserves are held in short-duration US Treasuries and Treasury repurchase agreements.”

Verifier note panel 0/3 confirmed (agreement=4) | openai/gpt-5.6-terra: unsupported — The fetched Hastra sources support the AUTO mechanism: staking wYLDS mints AUTO and programmatically directs the YLDS backing into Democratized Prime’s auto pool; the pool includes near-prime and subp | anthropic/claude-sonnet-5: contradicted — Most elements of the claim are well supported by the fetched pages: AUTO's backing by near-prime/subprime Agora Data auto loans, staking wYLDS to fund Democratized Prime lending, tokenization via Figu | google/gemini-3.6-flash: unsupported — While almost all material claims regarding the underlying auto loan composition (originated by Agora Data, near-prime and subprime credit), tokenization (Figure Connect, DART, Figure Forge participati

The Underlying · Yield source

Yield originates from the interest paid by near-prime/subprime auto-loan borrowers, whose loans generate approximately 20% net coupon; Figure Markets separately charges borrowers a 50 basis-point annual service fee on the loan amount. The Democratized Prime marketplace sets the pool lending rate via an hourly utilization-based auction, and AUTO holders receive approximately 9% of that flow after Hastra deducts a 50 basis-point platform fee, with the residual spread absorbed by the reserve account, Figure's first-loss commitment, and the loan-level advance-rate haircut.

2 sources

https://cdn.figure.com/frontend-markets/apps/markets-marketing/disclosures/democratized-prime-general-terms-and-conditions-2025-10-22-v2.pdf

“This is real yield from real borrowers making real car payments, not token emissions or liquidity mining rewards.”

“The Borrower agrees to pay a service fee to Figure Markets equal to 50 basis points (0.5%) of the Loan amount per annum, which is automatically deducted by the Platform”

Verifier note panel 0/3 confirmed (agreement=4) | openai/gpt-5.6-terra: contradicted — The Hastra page supports the core yield narrative: AUTO exposes holders to consumer-auto-loan interest; the loans involve near-prime/subprime credit; the underlying loans are said to generate approxim | anthropic/claude-sonnet-5: unsupported — Most elements of the claim are directly supported by the fetched pages: the ~20% net coupon on auto loans, the ~9% target yield to AUTO holders, the 50bp Hastra platform fee, the 50bp Figure Markets b | google/gemini-3.6-flash: unsupported — The claim states that the Democratized Prime marketplace sets the pool lending rate via an 'hourly utilization-based auction', whereas the fetched Hastra documentation states that the rate is set cont

Legal & Regulatory Structure · Bankruptcy remote

falseDisputed

2 sources

Disputed positions

true — for the underlying auto-loan collateral trust only: on originator default the loans undergo a true sale to a bankruptcy-remote Delaware statutory trust (breadth-codex, breadth-opencode).
false — for the AUTO/wYLDS/Hastra holder-claim layer: AUTO/wYLDS holders have an unsecured claim against Signum Ltd./Hastra and against FCC's YLDS reserves, with no bankruptcy-remote SPV protecting token holders directly (breadth-api-2, depth-issuer-legal, breadth-claude, breadth-opencode).

“If the originator defaults under the MRA, the loans are sold in a true sale to the trust, which has an independent trust administator and liquidiaton, whose only non-discretionary powers are to sell the assets and remit the proceeds back to the Democratized Prime lenders in a default scenario.”

“FCC is not a bank … nor are they insured by the Federal Deposit Insurance Corporation (FDIC) … If there are losses on FCC's assets, FCC may not have sufficient resources to meet its obligations.”

Verifier note panel 0/3 confirmed (agreement=4, disputed) | openai/gpt-5.6-terra: contradicted — The fetched Hastra AUTO page expressly describes the structure as providing “Bankruptcy remoteness” and states that the loans are pledged under an MRA “between the originator and the bankruptcy remote | anthropic/claude-sonnet-5: contradicted — The claim asserts bankruptcy_remote = false, but the primary re-fetched source (help.hastra.io/auto/what-is-auto) explicitly and repeatedly states the opposite. It has a dedicated subsection titled 'B | google/gemini-3.6-flash: contradicted — The term sheet claim states that bankruptcy_remote is false. However, the cited documentation explicitly highlights 'Bankruptcy remoteness', stating that the auto loans sit in a 'bankruptcy remote-tru

Custody & Verification · Audits

Sherlock conducted a collaborative audit of Hastra's Ethereum contracts (YieldVault.sol, StakingVault.sol, Chainlink FeedVerifier.sol, HastraNavEngine.sol) from 2026-04-09 to 2026-04-12: 0 Critical, 0 High, 4 Medium findings (2 resolved, 2 acknowledged), 11 Low/Info resolved.

1 source

https://help.hastra.io/integration-guides/auto-hastra-sol-programmatic-integration-guide

“Overall outcome: No Critical or High-severity findings were identified across either engagement. All Medium-severity findings were either resolved by the team or formally accepted.”

Verifier note panel 0/3 confirmed (agreement=1) | openai/gpt-5.6-terra: contradicted — The PDF supports that Sherlock performed a collaborative engagement dated April 9–12, 2026 and lists the four named Ethereum files in its stated scope. However, the claimed finding totals improperly a | anthropic/claude-sonnet-5: contradicted — The claim asserts that the April 9–12, 2026 engagement alone (covering only the four named Ethereum contracts) produced 4 Medium findings (2 resolved, 2 acknowledged) and 11 Low/Info resolved. The sou | google/gemini-3.6-flash: contradicted — The claim misattributes the combined findings of two separate engagements across two blockchains to a single audit timeframe and scope. The 4 Medium (2 resolved, 2 acknowledged) and 11 Low/Info findin

Redemption · Caps / gates

No formal per-investor or global redemption cap is disclosed; the practical constraint is Redeem Vault/wYLDS liquidity, with a redemption 'remaining pending until the Redeem Vault is liquid,' and only one pending wYLDS-to-USDC redemption permitted per account at a time.

3 sources

“recommended path is to stop at wYLDS”

https://help.hastra.io/integration-guides/auto-hastra-sol-programmatic-integration-guide

“The token account that will hold vaulted tokens (USDC) when users request a redeem.”

https://hastra.io

“USDC pending. Once complete, you will be able to redeem more wYLDS.”

Verifier note re-adjudicated 2026-08-03T12:52:15.183Z from rejected status | panel 0/4 confirmed (agreement=4) | gpt-family: unsupported — The archived integration guide confirms an operator-mediated wYLDS-to-USDC request/complete flow and describes a user-specific RedemptionRequest PDA, but it does not state the claimed liquidity rule, | anthropic-family: unsupported — Only one of the three cited quotes appears in the archived content. The help.hastra.io quote 'recommended path is to stop at wYLDS' is verified verbatim, and the AUTO integration guide corroborates th | kimi-family: unsupported — Several key elements of the claim rest on quotes not present in the archived snapshots. The hastra.io quote 'USDC pending. Once complete, you will be able to redeem more wYLDS' does not appear in the | gpt-family: unsupported — The claimed atomic value for redemption_cap is blank. The archived sources describe an operator-mediated wYLDS-to-USDC redemption process and a current $2,000 batching minimum, but they do not state a

Documents · Source documents

Technical integration guide detailing the AUTO redemption lifecycle, unbonding settings, and batching minimum; undated, reviewed 2026-08-02.

1 source

“The Redemption Lifecycle”

Verifier note panel 1/2 confirmed (agreement=2) | openai/gpt-5.6-terra: unsupported — The fetched page is an AUTO Solana programmatic integration guide and expressly details “The Redemption Lifecycle,” including that the AUTO-to-wYLDS redemption has no unbonding period/queue (with unbo | anthropic/claude-sonnet-5: confirmed — The cited page is titled '[AUTO] Hastra SOL Programmatic Integration Guide' and is a technical integration guide. It contains a section explicitly headed 'The Redemption Lifecycle: AUTO → wYLDS → USDC

Documents · Source documents

Hastra Terms of Use (Signum Ltd., BVI), governing the DeFi application; current as of 2026-07-30.

1 source

https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001974395

“These Terms of Use govern access to and use of the decentralized finance (DeFi) application and related services provided by Signum Ltd., a company organized under the laws of the British Virgin Islands ('Hastra').”

Verifier note panel 1/2 confirmed (agreement=2) | openai/gpt-5.6-terra: unsupported — The fetched page confirms that it is titled “Terms of Use,” governs access to and use of Hastra’s DeFi application and related services, and identifies Signum Ltd. as organized under British Virgin Is | anthropic/claude-sonnet-5: confirmed — The live fetch of https://hastra.io/terms shows the Terms of Use are indeed provided by Signum Ltd., described as 'a company organized under the laws of the British Virgin Islands ("Hastra")', and the

Documents · Source documents

Figure Certificate Co Form S-1 registration statement (YLDS), file 333-275154, initial filing 2023-10-24, amendment no. 6 on 2025-02-18, via SEC EDGAR CIK 1974395.

1 source

“Figure Certificate Co”

Verifier note panel 0/3 confirmed (agreement=1) | openai/gpt-5.6-terra: contradicted — The fetched SEC EDGAR page does not identify CIK 0001974395 as “Figure Certificate Co” and states “There is no filings data for this organization” and “Please use the Company or Person Lookup to find | anthropic/claude-sonnet-5: contradicted — The claim asserts that CIK 1974395 corresponds to 'Figure Certificate Co' and that this entity has an S-1 filing (333-275154) with an amendment no. 6 dated 2025-02-18. The cited quote 'Figure Certific | google/gemini-3.6-flash: unsupported — The re-fetched EDGAR page for CIK 0001974395 returned an empty company landing page without entity details and does not contain the quoted text 'Figure Certificate Co'.

Description · Holder's claim

A redemption right against Hastra's vault to receive wYLDS (plus accrued yield) at the oracle exchange rate — not a fund share or direct ownership claim on the auto loans; an unsecured on-chain claim ultimately backed by YLDS, an unsecured FCC obligation, not FDIC-insured.

3 sources

https://github.com/provenance-io/hastra-sol-vault-stake

“not buying individual auto loans”

“the stake program burns PRIME or AUTO and transfers wYLDS per the oracle price”

https://www.crypto-reporter.com/newsfeed/bitgo-adds-qualified-custody-support-for-ylds-an-sec-registered-yield-bearing-security-issued-by-figure-certificate-company-128593/Al

“YLDS tokens are unsecured obligations backed solely by the assets of the issuing entity, Figure Certificate Company.”

Verifier note panel 0/3 confirmed (agreement=5) | openai/gpt-5.6-terra: contradicted — The fetched Hastra AUTO page expressly says AUTO is not a purchase of individual auto loans, but it also says AUTO “represents exposure to direct loan participation claims on cash flows from the under | anthropic/claude-sonnet-5: unsupported — Only the help.hastra.io page was actually re-fetched; the GitHub repo and crypto-reporter article, which are the sources for the vault/oracle redemption mechanism and the 'unsecured FCC obligation, no | google/gemini-3.6-flash: unsupported — While the source confirms that holding AUTO is not buying individual auto loans or a traditional fund share, the specific mechanics regarding a redemption right against Hastra's vault at an 'oracle ex

The Underlying · Holdings

The wYLDS staked to mint AUTO is backed 1:1 by YLDS, Figure Certificate Company's SEC-registered face-amount certificate, whose reserves are short-duration U.S. Treasuries and Treasury repos comparable to prime money-market fund holdings.

2 sources

https://www.ylds.com/institutions/Ers

“Each wYLDS maintains a '1:1' backing with YLDS held in Hastra's reserve”

“Reserve composition available on demand.”

Verifier note panel 0/2 confirmed (agreement=2) | openai/gpt-5.6-terra: contradicted — The Hastra page supports that wYLDS is backed 1:1 by YLDS in Hastra’s reserve. However, it identifies YLDS as an SEC-registered yield-bearing stablecoin “minted by Figure Loans, LLC,” not as a face-am | anthropic/claude-sonnet-5: unsupported — The Hastra help-page does confirm the core 1:1 backing claim verbatim ('Each wYLDS is backed 1:1 with YLDS held in Hastra's reserve'), but the rest of the atomic claim is not substantiated by the fetc

Documents · Source documents

Figure Certificate Co Form S-1/A registration statement amendment for FY2025.

1 source

https://www.sec.gov/Archives/edgar/data/1974395/000094787125000192/ss4462725_s1a.htm

“Figure Certificate Co - Form S-1/A - FY2025”

Verifier note panel 1/3 confirmed (agreement=1) | openai/gpt-5.6-terra: unsupported — The cited SEC filing confirms that it is Figure Certificate Company’s Form S-1 registration statement, Amendment No. 6 (i.e., an S-1/A), filed February 18, 2025. However, the fetched content does not | anthropic/claude-sonnet-5: confirmed — The fetched document is an SEC Form S-1/A (Amendment No. 6) filed by Figure Certificate Company on February 18, 2025, matching the claimed document type, issuer, and FY2025 filing date. The registrant | google/gemini-3.6-flash: unsupported — The cited text does not contain the quoted string 'Figure Certificate Co - Form S-1/A - FY2025'. The registrant is listed as 'FIGURE CERTIFICATE COMPANY', the document is Amendment No. 6 to Form S-1 f

Custody & Verification · Custodians

UMB Bank, N.A. (FDIC member) is custodian of Figure Certificate Company's assets backing YLDS under a custody agreement. Hastra's Solana program-controlled PDA vaults hold YLDS as on-chain collateral for wYLDS, and Hastra states it does not custody user wallet funds. Auto-loan collateral itself is held in a Delaware statutory trust.

3 sources

https://www.sec.gov/Archives/edgar/data/1974395/000094787125000216/ss4476065_497.htm

“UMB Bank n.a. member FDIC, is custodian of FCC's assets pursuant to a custody agreement.”

“Hastra holds YLDS as collateral for wYLDS, but does not issue YLDS.”

“The auto loans sit in a Delaware statutory trust pledged under a Master Repurchase Agreement (MRA)”

Verifier note panel 0/2 confirmed (agreement=2) | openai/gpt-5.6-terra: unsupported — The SEC prospectus expressly states that “UMB Bank n.a. member FDIC, is custodian of FCC’s assets pursuant to a custody agreement.” Hastra’s terms expressly state both that it “holds YLDS as collatera | anthropic/claude-sonnet-5: unsupported — Most sub-claims are confirmed verbatim: UMB Bank N.A. (FDIC member) is confirmed as FCC's custodian per the SEC prospectus; Hastra's terms page confirms it holds YLDS as collateral for wYLDS and expli

Legal & Regulatory Structure · Bankruptcy remote

false

2 sources

https://www.sec.gov/Archives/edgar/data/1974395/000094787125000192/ss4462725_s1a.htm

“This structure is designed to isolate the loan assets from the credit risk of any single party, including Figure.”

“you are buying an obligation of FCC, which are unsecured and solely backed by its assets”

Verifier note panel 0/2 confirmed (agreement=2) | openai/gpt-5.6-terra: contradicted — The Hastra AUTO source expressly states: “Bankruptcy remoteness. The auto loans sit in a Delaware statutory trust” and describes the counterparty as a “bankruptcy remote-trust.” It also says AUTO expo | anthropic/claude-sonnet-5: contradicted — The claim asserts bankruptcy_remote = false, but the Hastra source cited in support of it directly contradicts this. The quoted passage is embedded in a section explicitly titled 'Bankruptcy remotenes

Eligibility & Onboarding · Who can hold/mint

Non-US persons only: Hastra's Terms exclude residents, citizens, or persons located in the United States or any U.S. territory, and persons in OFAC/OFSI-sanctioned jurisdictions.

1 source

https://hastra.io/hastra-pulse/public/api/v1/por

“You must not be a resident, citizen, or person located in the United States of America or any U.S. territory.”

Verifier note panel 0/2 confirmed (agreement=2) | openai/gpt-5.6-terra: unsupported — The Terms expressly exclude residents, citizens, and persons located in the United States or any U.S. territory. They also exclude persons in jurisdictions subject to “comprehensive sanctions” and spe | anthropic/claude-sonnet-5: unsupported — The direct quote matches verbatim and the source does confirm exclusion of persons resident, citizen, or located in the U.S. or U.S. territories, as well as persons in various sanctioned/high-risk jur

Custody & Verification · Attestations

Hastra publishes a self-reported, real-time Proof-of-Reserves JSON feed (hastra.io/hastra-pulse/public/api/v1/por, linked from hastra.io/auto) showing per-token vault balances, but the feed contains no attestor, auditor, or signature field, so no independent attestation is evidenced.

1 source

“keys include "wylds_card", "prime_card", "auto_card", "hastra_account_card", "vaulted_wylds", "current_price", "ratio" — with no attestation/auditor key present.”

Verifier note panel 1/2 confirmed (agreement=2) | openai/gpt-5.6-terra: unsupported — The fetched endpoint is a JSON feed at the cited `/por` path and does contain timestamped token/card data, including `vaulted_wylds`, `vault_balance_by_chain`, supply, price, and ratio fields. Its dis | anthropic/claude-sonnet-5: confirmed — The re-fetched JSON from the cited endpoint contains all the listed keys: "wylds_card", "prime_card", "auto_card", "hastra_account_card" as top-level objects, and "vaulted_wylds", "current_price", "ra

Custody & Verification · Audits

Informal Systems conducted a security audit of Hastra's vault-mint and vault-stake Solana programs between September and November 2025, ahead of the wYLDS/PRIME launch.

1 source

https://hastra.io/Hastra_vault-mint_&_vault-stake_Solana_Programs_Summary_Audit_Report.pdf

“In September 2025, Figure engaged Informal Systems to conduct a comprehensive security audit of the Hastra vault-mint and vault-stake Solana programs.”

Verifier note panel 1/2 confirmed (agreement=1) | openai/gpt-5.6-terra: unsupported — The report directly supports that Figure engaged Informal Systems for a security audit of Hastra’s vault-mint and vault-stake Solana programs, conducted in two phases from September 24 to November 18, | anthropic/claude-sonnet-5: confirmed — The cited PDF explicitly states that Figure engaged Informal Systems in September 2025 to conduct a comprehensive security audit of the Hastra vault-mint and vault-stake Solana programs, and details t

Issuer · Legal entity

Signum Ltd. (BVI, d/b/a Hastra), wholly owned subsidiary of Provenance Cayman Foundation, operates the Hastra protocol/site; upstream backing asset YLDS is issued by Figure Certificate Company (Delaware, SEC-registered face-amount certificate company).

3 sources

https://www.sec.gov/Archives/edgar/data/1974395/000094787125000192/ss4462725_s1a.htm

“The Terms of Use for Hastra's DeFi application are governed by Signum Ltd., a company organized under the laws of the British Virgin Islands ('Hastra'), which is a wholly owned subsidiary of Provenance Cayman Foundation, a Cayman foundation.”

“FCC was organized as a Delaware corporation, on April 13, 2023”

https://www.sec.gov/Archives/edgar/data/1974395/000094787125000216/ss4476065_497.htm

“Figure Certificate Company ("FCC") is a face-amount certificate company registered with the U.S. Securities and Exchange Commission...under the Investment Company Act of 1940.”

Verifier note panel 1/2 confirmed (agreement=2) | openai/gpt-5.6-terra: unsupported — Hastra’s Terms directly support that Signum Ltd. is organized under BVI law, is doing business as “Hastra,” is a wholly owned subsidiary of Provenance Cayman Foundation, and provides the Hastra DeFi a | anthropic/claude-sonnet-5: confirmed — All three cited quotes are verified verbatim in the re-fetched sources. hastra.io/terms confirms Signum Ltd. (BVI) is the entity referred to as 'Hastra,' operating the Site/Protocol, and is stated to

Issuer · Service providers

Agora Data (auto-loan originator/servicer, backed by Bertram Capital), Figure/Figure Forge (structuring, credit enhancement, Democratized Prime marketplace), Chainlink (NAV oracle/Data Streams), Circle CCTP (USDC bridging), UMB Bank N.A. (custodian of FCC assets), Figure Equity Solutions Inc. (FCC transfer agent/administrator), Figure Investment Advisors LLC (FCC investment adviser), Figure Payments Corporation (FCC AML/KYC), Provenance Blockchain Foundation (FCC gas-fee provider), Sentora (AUTO vault curation on Kamino), RockawayX (market making), Kamino Finance, Raydium (DeFi/liquidity venues), Sherlock, Informal Systems (smart-contract auditors), KPMG LLP (parent FTS auditor).

4 sources

“The auto loans in the pool are originated by Agora Data, an established auto finance company”

https://www.sec.gov/Archives/edgar/data/1974395/000094787125000216/ss4476065_497.htm

“The auto loans in the pool are originated by Agora Data...Backed by Bertram Capital.”

“UMB Bank n.a. member FDIC, is custodian of FCC's assets pursuant to a custody agreement. Figure Equity Solutions, Inc. is FCC's transfer agent pursuant to a transfer agency agreement. Figure Equity Solutions, Inc. is the administrator pursuant to an agreement with FCC. Figure Investment Advisors, LLC serves as investment adviser to FCC pursuant to an advisory agreement.”

https://x.com/HastraFi

“Vault curation by @SentoraHQ; market making via @RockawayX.”

Verifier note panel 0/2 confirmed (agreement=2) | openai/gpt-5.6-terra: unsupported — The fetched Hastra page supports Agora Data’s role as AUTO-loan originator, underwriter, and servicer, and supports Figure/Figure Forge’s structuring, credit-enhancement, and Democratized Prime market | anthropic/claude-sonnet-5: unsupported — Only two of the four cited sources were actually re-fetched (help.hastra.io/auto/what-is-auto and the SEC 497 filing); the x.com/HastraFi source was not fetched/verified. Of the claims that can be che

The Underlying · Yield mechanics

NAV/exchange-rate accrual, not rebase: Chainlink-priced AUTO/wYLDS rate appreciates as rewards administrators push yield into the vault; no manual claim needed, unlike monthly-claimed base wYLDS.

2 sources

https://help.hastra.io/integration-guides/auto-hastra-sol-programmatic-integration-guide

“As yield flows into the stake vault, the Chainlink price appreciates — 1 AUTO becomes redeemable for more wYLDS over time.”

“Yield continues to accrue to whichever wallet holds the tokens.”

Verifier note panel 0/2 confirmed (agreement=2) | openai/gpt-5.6-terra: unsupported — The AUTO integration guide supports the core mechanics: AUTO is a share-based position; yield accrues via an appreciating Chainlink-sourced AUTO/wYLDS exchange rate; rewards are periodically added to | anthropic/claude-sonnet-5: unsupported — The first quote is verified verbatim in the AUTO Solana integration guide, which does describe an appreciating Chainlink-sourced exchange rate and explicitly states 'on Solana yield does not require a

Legal & Regulatory Structure · Vehicle

Signum Ltd. (BVI, d/b/a Hastra), a wholly owned subsidiary of Provenance Cayman Foundation, operates the AUTO/wYLDS protocol; the auto-loan collateral itself sits in a Delaware statutory trust pledged under a Master Repurchase Agreement between Agora Data and the trust.

2 sources

“Signum Ltd., a company organized under the laws of the British Virgin Islands...a wholly owned subsidiary of Provenance Cayman Foundation.”

https://www.businesswire.com/news/home/20240422596697/en/Figure-Technology-Solutions-Names-Michael-Tannenbaum-as-Chief-Executive-Officer

“The auto loans sit in a Delaware statutory trust pledged under a Master Repurchase Agreement (MRA) between the originator and the bankruptcy remote-trust.”

Verifier note panel 1/2 confirmed (agreement=2) | openai/gpt-5.6-terra: unsupported — The legal-entity portion is supported: the Terms identify Signum Ltd. as a BVI company, call it “Hastra,” and state it is wholly owned by Provenance Cayman Foundation. The materials also describe Hast | anthropic/claude-sonnet-5: confirmed — The hastra.io/terms page verbatim confirms Signum Ltd. is a BVI company, referred to as 'Hastra' (i.e., trading as Hastra), and is a wholly owned subsidiary of Provenance Cayman Foundation. The help.h

Issuer · Key people

Mike Cagney — Founder of Figure Technology Solutions, moved from CEO to Executive Chairman in April 2024. Michael Tannenbaum was named CEO of Figure Technology Solutions effective April 2024, succeeding Cagney. June Ou is listed as Co-Founder/Director and Ronald Chillemi as Chief Legal Officer in Figure's SEC filings. Hastra/Signum Ltd. does not name its own dedicated executives; Hastra is publicly presented only as a protocol incubated by Figure and the Provenance Blockchain Foundation.

4 sources

“Mike Cagney, Co-Founder and previous Chief Executive Officer of Figure, has assumed the role of Executive Chairman.”

https://www.businesswire.com/news/home/20240423984620/en/Figure-Technology-Solutions-Names-Michael-Tannenbaum-as-Chief-Executive-Officer

“Figure Technology Solutions Names Michael Tannenbaum as Chief Executive Officer...Co-Founder Mike Cagney assumed the role of Executive Chairman.”

https://www.sec.gov/Archives/edgar/data/2064124/000206412426000020/figr-20260424.htm

“Michael Tannenbaum ... Michael Cagney ... June Ou ... Ronald Chillemi”

https://www.globenewswire.com/news-release/2025/12/04/3199853/0/en/figure-and-leading-crypto-partners-launch-rwa-consortium-for-onchain-finance-on-solana.html

“'We're democratizing access to institutional lending markets,' said Mike Cagney, Founder and Executive Chairman of Figure.”

Verifier note panel 0/2 confirmed (agreement=2) | openai/gpt-5.6-terra: unsupported — The fetched SEC proxy supports that Michael Tannenbaum was Figure’s CEO and a director as of April 2026; that Michael Cagney and June Ou were board nominees/directors; and that Ronald Chillemi was Chi | anthropic/claude-sonnet-5: unsupported — The BusinessWire announcements (both identical April 2024 releases) do confirm that Cagney moved from CEO to Executive Chairman and that Tannenbaum was named CEO, succeeding him, so that portion of th

Documents · Source documents

Hastra Terms of Use, governing the AUTO/wYLDS protocol operated by Signum Ltd.

1 source

“The Terms of Use for Hastra's DeFi application are governed by Signum Ltd., a company organized under the laws of the British Virgin Islands ('Hastra')...”

Verifier note panel 0/2 confirmed (agreement=2) | openai/gpt-5.6-terra: unsupported — The fetched page is titled “Terms of Use” and states that its terms govern the Hastra DeFi application and Protocol, which are provided by Signum Ltd. (defined as “Hastra”). It also expressly discusse | anthropic/claude-sonnet-5: unsupported — The fetched Terms of Use page does confirm that Signum Ltd. (a BVI company, wholly owned subsidiary of Provenance Cayman Foundation) provides the Terms governing the DeFi application/Protocol at hastr

Controls & Governance · Admin powers

Hastra's audited Solana vault programs implement regulatory-compliance controls including account freeze/thaw, whitelisted withdrawals, and two-step redemption. Up to 5 designated Freeze Administrators can freeze or thaw specific token accounts for compliance purposes.

2 sources

https://github.com/provenance-io/hastra-sol-vault-stake

“regulatory-compliance controls (account freeze/thaw, whitelisted withdrawals, two-step redemption)”

“Designated administrators can freeze/thaw specific token accounts...Maximum 5 freeze administrators.”

Verifier note panel 0/3 confirmed (agreement=2) | openai/gpt-5.6-terra: unsupported — The audit PDF supports that Hastra’s vaults were described as having account freeze/thaw, whitelisted-withdrawal, and two-step-redemption compliance controls, and says the engagements covered Solana v | anthropic/claude-sonnet-5: unsupported — The re-fetched Sherlock audit PDF directly confirms the general regulatory-compliance controls language: 'regulatory-compliance controls (account freeze/thaw, whitelisted withdrawals, two-step redempt | openai/gpt-5.6-terra: unsupported — The fetched audit PDF supports that Sherlock audited Hastra’s Solana vault-mint and vault-stake programs and describes Hastra’s vaults as having compliance-oriented controls including freeze/thaw, whi

Risks & Protections · Regulatory

The Hastra/AUTO/wYLDS wrapper is not SEC-registered and restricts access to non-US persons in non-sanctioned jurisdictions; only the upstream YLDS asset is SEC-registered. Regulatory action against Figure, FCC, or BVI operator Signum Ltd. could disrupt AUTO's operation, transferability, or redemption rights.

2 sources

https://www.sec.gov/Archives/edgar/data/1974395/000094787125000192/ss4462725_s1a.htm

“You must not be a resident, citizen, or person located in the United States of America or any U.S. territory.”

“face-amount certificate company registered with the U.S. Securities and Exchange Commission ('SEC') under the Investment Company Act of 1940”

Verifier note panel 1/3 confirmed (agreement=2) | openai/gpt-5.6-terra: unsupported — The sources support that Hastra is operated by Signum Ltd., a BVI company; that its terms prohibit U.S. persons and persons in comprehensively sanctioned (as well as certain unlawful/registration-trig | anthropic/claude-sonnet-5: confirmed — The Hastra Terms of Use page directly confirms: (1) the protocol restricts access to non-US persons and lists numerous sanctioned jurisdictions (matching the claimed quote verbatim), (2) the operating | openai/gpt-5.6-terra: unsupported — Hastra’s Terms support the core eligibility restriction for its Site/Protocol: users must not be U.S. residents, citizens, or persons located in the United States or territories, and must not be in co

Legal & Regulatory Structure · Vehicle

Signum Ltd. (BVI, d/b/a Hastra) under Provenance Cayman Foundation operates the protocol; auto loans held in a Delaware statutory trust under a Master Repurchase Agreement; YLDS issued via Figure Certificate Company, a Delaware face-amount certificate company.

2 sources

“Signum Ltd., a company organized under the laws of the British Virgin Islands...a wholly owned subsidiary of Provenance Cayman Foundation.”

“The auto loans sit in a Delaware statutory trust pledged under a Master Repurchase Agreement (MRA) between the originator and the bankruptcy remote-trust.”

Verifier note panel 0/3 confirmed (agreement=2) | openai/gpt-5.6-terra: unsupported — The cited Terms support that Signum Ltd. is a BVI company, referred to as “Hastra,” and is a wholly owned subsidiary of Provenance Cayman Foundation; they also describe Signum/Hastra as providing the | anthropic/claude-sonnet-5: unsupported — The BVI/Cayman legal-vehicle structure and the auto-loan Delaware statutory trust/MRA details are directly confirmed by the fetched pages, matching the quoted language almost verbatim. However, the cl | openai/gpt-5.6-terra: unsupported — The sources support that Signum Ltd. is a BVI company, is described as “Hastra” in the Terms, and is wholly owned by Provenance Cayman Foundation. They also expressly support that the auto loans sit i

Description · Holder's claim

Pro-rata claim redeemable for wYLDS (not a loan or fund share); wYLDS is itself an unsecured claim on Figure Certificate Company via YLDS. Hastra disclaims fiduciary duty and custody of user funds.

2 sources

“Forge pools similar loans together and issues fungible tokens that represent pro rata claims on the underlying cash flows.”

https://www.sec.gov/Archives/edgar/data/1974395/000094787125000192/ss4462725_s1a.htm

“Hastra does not act as a custodian of user funds... you acknowledge and agree that Hastra owes no fiduciary duties or liabilities to you.”

Verifier note panel 0/2 confirmed (agreement=2) | openai/gpt-5.6-terra: contradicted — The cited AUTO page says Figure Forge issues participation tokens representing pro-rata claims on auto-loan-pool cash flows. It does not say that a holder’s wYLDS is such a pro-rata claim. Conversely, | anthropic/claude-sonnet-5: unsupported — The fiduciary/custody disclaimer portion is verbatim-confirmed by hastra.io/terms ('Hastra does not act as a custodian of user funds' and 'Hastra owes no fiduciary duties or liabilities to you'). The

Legal & Regulatory Structure · Regime

AUTO/wYLDS protocol layer is unregistered, BVI-governed (Signum Ltd.), restricted to non-U.S. persons; underlying YLDS is an SEC-registered face-amount certificate (Figure Certificate Company) under the Investment Company Act of 1940.

2 sources

“face-amount certificate company registered with the U.S. Securities and Exchange Commission ('SEC') under the Investment Company Act of 1940”

https://www.businesswire.com/news/home/20240422596697/en/Figure-Technology-Solutions-Names-Michael-Tannenbaum-as-Chief-Executive-Officer

“must not be a resident, citizen, or person located in the United States of America or any U.S. territory.”

Verifier note panel 0/2 confirmed (agreement=2) | openai/gpt-5.6-terra: unsupported — The fetched Hastra terms support that the protocol is provided by Signum Ltd., a British Virgin Islands company, and restrict use by U.S. residents, citizens, and persons located in the United States | anthropic/claude-sonnet-5: unsupported — The two fetched sources confirm several individual sub-claims: hastra.io/terms confirms Signum Ltd. is BVI-organized and that users must not be U.S. persons; the SEC S-1/A confirms Figure Certificate

Issuer · Key people

Mike Cagney (Co-Founder; CEO of Figure until Apr 2024, then Executive Chairman; also listed as FCC CEO), Michael Tannenbaum (CEO of Figure Technology Solutions since Apr 2024), June Ou (Co-Founder/Director), Ronald Chillemi (Chief Legal Officer); Hastra/Signum Ltd. discloses no dedicated named executives of its own.

2 sources

“Mike Cagney, Co-Founder and previous Chief Executive Officer of Figure, has assumed the role of Executive Chairman.”

https://www.sec.gov/Archives/edgar/data/2064124/000206412426000020/figr-20260424.htm

“Michael Tannenbaum ... Michael Cagney ... June Ou ... Ronald Chillemi”

Verifier note panel 0/3 confirmed (agreement=2) | openai/gpt-5.6-terra: unsupported — The fetched SEC proxy supports Michael Tannenbaum as Figure Technology Solutions’ CEO and director, and identifies Ronald Chillemi as Chief Legal Officer and Corporate Secretary. It also names Michael | anthropic/claude-sonnet-5: unsupported — The two re-fetched sources support parts of the claim but not all of it. The Businesswire piece confirms Cagney's move from CEO to Executive Chairman and Tannenbaum's appointment as CEO, and the SEC D | openai/gpt-5.6-terra: unsupported — The re-fetched SEC proxy supports Michael Tannenbaum as Chief Executive Officer and Director and Ronald Chillemi as Chief Legal Officer and Corporate Secretary. It also identifies June Ou as a directo

Legal & Regulatory Structure · Transfer restrictions

Freely transferable SPL token; program retains freeze/thaw authority via up to 5 administrators for compliance (account freeze/thaw, whitelisted withdrawals, two-step redemption); Terms bar U.S. persons and OFAC/OFSI-sanctioned persons/jurisdictions.

2 sources

https://github.com/provenance-io/hastra-sol-vault-stake

“Yes, AUTO is fully transferable as an SPL token on Solana.”

“Designated administrators can freeze/thaw specific token accounts...Maximum 5 freeze administrators.”

Verifier note panel 0/3 confirmed (agreement=2) | openai/gpt-5.6-terra: unsupported — The fetched AUTO help page supports that AUTO is transferable (“Yes, AUTO is fully transferable as an SPL token on So[...lana]”). However, the supplied live content does not substantiate the asserted | anthropic/claude-sonnet-5: unsupported — The live fetch of help.hastra.io/auto/what-is-auto confirms the transferability quote verbatim: 'Yes, AUTO is fully transferable as an SPL token on Solana.' However, the second cited source (github.co | openai/gpt-5.6-terra: contradicted — The Hastra help page states that AUTO is “fully transferable as an SPL token on Solana,” supporting the general characterization. However, the cited vault/staking repository states that designated adm

Controls & Governance · Admin powers

The Hastra vault-stake Solana program designates up to five Freeze Administrators who can freeze or thaw specific token accounts for compliance purposes. This freeze/thaw authority sits alongside two-step redemption and whitelisted-withdrawal controls described in Hastra's Sherlock audit. We could not verify further protocol-level admin powers, such as pause or mint authority, from sourced documentation.

2 sources

https://github.com/provenance-io/hastra-sol-vault-stake

“Designated administrators can freeze/thaw specific token accounts...Maximum 5 freeze administrators.”

https://github.com/provenance-io/hastra-sol-vault-stake

“regulatory-compliance controls (account freeze/thaw, whitelisted withdrawals, two-step redemption)”

Verifier note panel 0/2 confirmed (agreement=2) | openai/gpt-5.6-terra: contradicted — The audit supports that Hastra has account freeze/thaw, whitelisted-withdrawal, and two-step-redemption controls. However, it does not support the specific Solana vault-stake claim that there are up t | anthropic/claude-sonnet-5: unsupported — Only one of the two cited sources (the Sherlock audit PDF) was actually re-fetched and its content matches the claimed quote almost verbatim: 'regulatory-compliance controls (account freeze/thaw, whit

Disputed positions (4)

how it works

A holder acquires wYLDS and stakes it into Hastra's AUTO vault, which mints AUTO while a programmatic instruction lends the underlying capital into the Democratized Prime auto-loan pool; exit mechanics are disputed across sources (see positions).Disputed

2 sources

Disputed positions

breadth-codex/breadth-claude/breadth-opencode: exit is available anytime by unstaking with no lock-up period — burn AUTO for wYLDS, then optionally convert wYLDS to USDC via Hastra's operator-mediated redemption flow.
depth-risks-story (citing the published Solana vault-stake program): withdrawal is two-phase — unbond() starts a configurable unbonding period, then redeem() burns AUTO and returns wYLDS per oracle price, pending until the Redeem Vault is liquid.

“Two-phase withdrawal: `unbond()` initiates waiting period, `redeem()` completes withdrawal”

https://help.hastra.io/integration-guides/auto-hastra-sol-programmatic-integration-guide

“When you stake wYLDS into the Hastra AUTO protocol, AUTO is minted, and simultaneously a programmatic instruction allows capital to be lent to a pool of consumer auto loans through Democratized Prime.”

Verifier note re-adjudicated 2026-08-03T12:45:10.404Z from rejected status | panel 1/4 confirmed (agreement=4, disputed) | trimmed uncited claims (8) and re-confirmed | gpt-family: unsupported — The Hastra article supports staking wYLDS, minting AUTO, programmatic lending into Democratized Prime’s consumer auto-loan pool, and yield sourced from borrower interest. However, it does not establis | anthropic-family: unsupported — The primary Hastra quote checks out verbatim against the archived page, and the core mechanism (acquire wYLDS → stake into AUTO → AUTO minted → programmatic instruction lends underlying YLDS/capital i | kimi-family: unsupported — The core flow (stake wYLDS, AUTO minted, programmatic instruction lends into the Democratized Prime auto-loan pool) is directly supported by the help page. The dispute flag on exit mechanics is also l | gpt-family: confirmed — The Hastra source supports the acquisition and staking flow, minting of AUTO, and the programmatic lending of the capital backing wYLDS into the Democratized Prime consumer auto-loan pool. It also des

risk hack

3 sources

Disputed positions

opencode: two named audits completed — Informal Systems (fixed 1 Critical) and Sherlock (0 Critical/High) — with published report PDFs hosted at hastra.io.
codex/claude/depth-risks-story: no named third-party smart-contract audit report was located; Hastra's claim that contracts 'have been audited' is unsupported by a public report, auditor, date, or scope.

“call will fail if”

https://github.com/provenance-io/hastra-sol-vault-stake

“The Squads v4 vault PDA ... serves as upgrade authority for both vault-mint and vault-stake programs.”

https://api.dexscreener.com/latest/dex/tokens/GNE6oDS6jHrfaV3GQVVCCp37fDnT7PiPuewMKBj2bqNm

“The accepted vectors are economic rather than safety-critical...”

redemption path secondary market

3 sources

Disputed positions

claude: Hastra states 'AUTO is now live exclusively on Kamino,' making Kamino the sole listed secondary venue, subject to Kamino's US/UK/OFAC jurisdiction blocks.
opencode: On-chain data shows an AUTO/PRIME liquidity pool on Orca (live since 2026-07-01, per Dexscreener), with wYLDS separately swappable for USDC on Raydium, Uniswap, and Kamino.
codex/structure-flows: AUTO is described only as 'fully transferable' as an SPL token on Solana, without naming an exclusive venue; liquidity, caps, and market-maker obligations are undisclosed.

https://hastra.io/auto

“AUTO is now live exclusively on Kamino.”

“Hastra AUTO ... pairCreatedAt: 1782946165000”

https://cointelegraph.com/news/figure-hastra-expand-tokenized-credit-auto-loans

“fully transferable”

collateralization ratio

240Disputed

2 sources

Disputed positions

breadth-claude/breadth-opencode: ~240% — roughly 2.4x cash-flow overcollateralization (≈20% net loan coupon backing a ≈9% target holder payout).
breadth-codex: 114.94% — derived from the 87-cent loan advance rate (1/0.87).
breadth-api-2: 100% — cited to DefiLlama's RWA asset page without loan-level derivation.
depth-structure-flows: no single ratio — describes a structural cushion composed of the 20%-vs-9% coupon spread, 2.5% reserve account, $25M Figure first-loss commitment, and 87% advance rate (~13% loan-level overcollateralization).

“The auto structuring includes ~2.4x cashflow over-collateralization, with an expected starting interest rate of ~8.6%.”

“That is roughly 2.4 times as much cash flow as needed to pay the yield.”

Pipeline operations

Stage / IDEngineStateTimeLinks

research · breadth-claudeclaudeok617s37

research · breadth-api-1openrouter:anthropic/claude-sonnet-5failed3s0

Run metadata

Run 2026-08-03T13:16:10.876Z · Status degraded · Total cost $0.00

Research $0.00 · Merge $0.00 · Verify $0.00

Admin powers

Hastra's Solana vault programs include privileged operator controls: operators can freeze and thaw individual token accounts, redemptions use a two-step flow, and operations follow pause-and-verify discipline with price verification.

3 sources

https://github.com/provenance-io/hastra-sol-vault-stake

“Program upgrade authority can modify configurations … Designated administrators can freeze/thaw … `pause` stops deposit, redeem, and other guarded instructions for that pool.”

“Program authority can pause and unpause the protocol preventing deposity, claim, unstake, and redeem.”