AUTO

Hastra AUTO

Yield-bearing RWA/private-credit…

AUTO is a transferable, yield-accruing Solana token issued through Hastra (operated by Signum Ltd.); its category is Yield-bearing RWA/private-credit receipt token: a Hastra vault-share representing staked-wYLDS exposure to consumer auto-loan yield via Figure's Democratized Prime, collateralized by the SEC-registered YLDS certificate.

We could not verify what the holder owns.

Hastra appears as issuer in verified sources; the exact issuing entity is not yet verified.

Coverage: 18 of 35 fields verified · 0 unverified · 18 not found

Overview

CategoryYield-bearing RWA/private-credit…
IssuerUnverified
Coverage18/35 verified
Current price$1.0083Aug 2, 2026

What is AUTO?

AUTO is a transferable, yield-accruing Solana token issued through Hastra (operated by Signum Ltd.).

A holder stakes wYLDS — a wrapped version of Figure's SEC-registered YLDS certificate — into Hastra's AUTO vault; the capital is programmatically lent into a pool of near-prime/subprime U.S.

Users deposit USDC into Hastra's vault-mint program to receive wYLDS 1:1, then stake wYLDS into the vault-stake-auto program to mint AUTO shares.

Staked capital is lent to a consumer auto-loan pool via Figure's Democratized Prime marketplace, and loan interest accrues through an appreciating Chainlink-sourced AUTO/wYLDS exchange rate rather than a manual claim.

We could not verify what the holder owns.

Performance

$1.0083$1.0081$1.0083

As of Aug 2, 2026, source: Kamino API

Returns

PeriodReturn
Since start+0.02%

As of Aug 2, 2026, source: Kamino API

Know before you rely on it

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

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

Minimum: 2000.

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.
https://help.hastra.io/integration-guides/auto-hastra-sol-programmatic-integration-guide ↗
“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://hastra.io/sherlock-hastra-audit.pdf ↗
“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

This failure can reduce a holder's recovery or delay exit.

Assets & source of return

Holdings
Sinking reserve account intended to build to 2.5% of outstanding pool principal as credit support.
1 source
https://help.hastra.io/auto/what-is-auto ↗
“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://help.hastra.io/auto/what-is-auto ↗
“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).
https://cointelegraph.com/news/figure-hastra-expand-tokenized-credit-auto-loans ↗
“The auto structuring includes ~2.4x cashflow over-collateralization, with an expected starting interest rate of ~8.6%.”
https://help.hastra.io/auto/what-is-auto ↗
“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
https://help.hastra.io/auto/what-is-auto ↗
“Motor vehicles (new and used)”
https://help.hastra.io/auto/what-is-auto ↗
“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
The auto loans sit in a Delaware statutory trust pledged under a Master Repurchase Agreement between Agora Data and the trust, a structure designed to isolate loan assets from the credit risk of any single party, including Figure. Figure Forge, a structuring layer, converts the tokenized whole loans into fungible Participation Interest tokens via a Master Participation Agreement, representing pro-rata claims on underlying cash flows.
2 sources
https://help.hastra.io/auto/what-is-auto ↗
“This structure is designed to isolate the loan assets from the credit risk of any single party.”
https://help.hastra.io/auto/what-is-auto ↗
“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.”

Verifier note panel 2/2 confirmed (agreement=2) | openai/gpt-5.6-terra: confirmed — The fetched Hastra AUTO page supports all material elements. It states that the loans are originated by Agora Data; that they sit in a Delaware statutory trust pledged under an MRA between the origina | anthropic/claude-sonnet-5: confirmed — The source page directly supports every material element of the claim. It states the auto loans sit in a Delaware statutory trust pledged under a Master Repurchase Agreement between the originator (Ag

Yield source
Yield originates from interest paid by near-prime auto-loan borrowers into the Democratized Prime pool, plus wYLDS interest earned on unutilized pool liquidity. Hastra deducts a 50bps platform fee before passing the remainder to AUTO holders. The underlying loan pool generates approximately 20% net coupon while AUTO holders are targeted for approximately 9%, described as a target rather than a current rate.
4 sources
https://help.hastra.io/auto/what-is-auto ↗
“This is real yield from real borrowers making real car payments, not token emissions or liquidity mining rewards.”
https://help.hastra.io/auto/what-is-auto ↗
“Yield from Democratized Prime flows through to Hastra and is distributed to AUTO token holders (minus the applicable Hastra Platform fee of 50bps) on Solana”
https://help.hastra.io/auto/what-is-auto ↗
“the underlying auto loans generate approximately 20 percent in net coupon, and AUTO holders are paid approximately 9 percent*.”
https://hastra.io/auto ↗
“including both the Democratized Prime pool rate...and wYLDS interest on unutilized pool liquidity, net of the 50 bps Hastra fee.”

Verifier note panel 1/3 confirmed (agreement=2) | trimmed uncited claims (3) and re-confirmed | openai/gpt-5.6-terra: unsupported — The sources support that AUTO yield is tied to consumer auto-loan interest via Democratized Prime; that the displayed effective APY also includes wYLDS interest on unutilized pool liquidity; that Hast | anthropic/claude-sonnet-5: unsupported — Most of the narrative is well supported by the fetched pages: near-prime auto-loan origination and 'real yield from real borrowers' language, the 50bps Hastra platform fee deducted before distribution | openai/gpt-5.6-terra: confirmed — The fetched Hastra documentation supports each material element. It states that AUTO exposes holders to interest paid by consumer auto-loan borrowers through Democratized Prime; the loans are originat

Composition
AUTO is backed by staked wYLDS lent through Democratized Prime into a pool of near-prime/subprime consumer auto-loan participation tokens, originated by Agora Data and structured by Figure Forge, held in a Delaware statutory trust under a Master Repurchase Agreement. Credit protections include roughly 2.4x cashflow overcollateralization, a reserve account building to 2.5% of outstanding principal, Figure's $25M first-loss commitment, and an advance-rate cap of 87% that drops to 43.5% at 61-90 days delinquent and to 0% at 91+ days delinquent, with Agora obligated to repurchase breaching loans.
3 sources
https://help.hastra.io/auto/what-is-auto ↗
“The auto loans in the pool are originated by Agora Data, an established auto finance company”
https://help.hastra.io/auto/what-is-auto ↗
“The auto loans sit in a Delaware statutory trust pledged under a Master Repurchase Agreement (MRA) between the originator and the bankruptcy remote-trust.”
https://help.hastra.io/auto/what-is-auto ↗
“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 2/3 confirmed (agreement=2) | trimmed uncited claims (1) and re-confirmed | openai/gpt-5.6-terra: unsupported — The cited Hastra page supports the described AUTO/wYLDS lending flow, Agora origination, Figure Connect/Forge participation-token structuring, Democratized Prime marketplace, Delaware statutory-trust/ | anthropic/claude-sonnet-5: confirmed — All material elements of the claim are directly supported by the fetched help.hastra.io page: AUTO is backed by staked wYLDS lent via Democratized Prime into a pool of near-prime/subprime auto loan pa | openai/gpt-5.6-terra: confirmed — The fetched Hastra AUTO page supports each material element of the narrative. It states that staking wYLDS mints AUTO and programmatically lends the YLDS backing wYLDS into the AUTO pool through Democ

what it is Searched, not found — Neither researcher gave a standalone definitional statement separate from how_it_works; checked help.hastra.io/auto pages.

token category Searched, not found — No explicit token classification (e.g., yield-bearing RWA token label) found; checked help.hastra.io, hastra.io/terms.

holding <name> Searched, not found — No named asset-by-asset holdings breakdown published; checked hastra.io/hastra-pulse PoR feed, help.hastra.io.

collateralization ratio Searched, not found — No directly quoted explicit collateralization ratio figure found (only implied via 20%/9% coupon figures); checked help.hastra.io/auto/what-is-auto.

Issuer & people

Issuing entity

Unknown

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
https://www.morpheus-research.com/figure/, ↗
“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://help.hastra.io/auto/what-is-auto ↗
“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

What the issuer does
Hastra is a DeFi distribution layer, not the loan originator. Agora Data originates and services the underlying auto loans, Figure structures and credit-enhances them via Figure Forge, and Hastra distributes the resulting tokens (AUTO, wYLDS, PRIME) to DeFi users.
2 sources
https://help.hastra.io/auto/what-is-auto ↗
“Agora handles origination, underwriting, and servicing. Figure handles structuring, credit enhancement, and capital markets infrastructure. Hastra handles DeFi distribution.”
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 ↗
“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 (7) and re-confirmed | openai/gpt-5.6-terra: unsupported — The Hastra AUTO page supports the core AUTO workflow: Agora Data originates, underwrites, and services the auto loans; Figure tokenizes/structures the loans through Figure Connect and Figure Forge and | anthropic/claude-sonnet-5: unsupported — The live re-fetch for help.hastra.io/auto/what-is-auto fully corroborates the quoted text and the described division of labor (Agora originates/services, Figure structures/credit-enhances via Figure F | openai/gpt-5.6-terra: confirmed — The fetched Hastra AUTO page expressly states that Agora Data originates, underwrites, and services the near-prime auto loans; Figure tokenizes/structures the loans through Figure Connect and Figure F

backers investors Searched, not found — No VC/investor backers of Signum Ltd./Hastra disclosed; checked hastra.io, hastra.io/terms, help.hastra.io/about-us, audit PDFs, RootData/rwa.xyz/Crunchbase-style searches.

issuer incidents Searched, not found — No incident history disclosed; checked help.hastra.io, hastra.io/terms, audit PDFs.

Redemption & liquidity

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
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.”

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

redemption minimum Searched, not found — No minimum redemption amount disclosed; checked help.hastra.io integration guide, hastra.io/auto.

settlement time Searched, not found — No specific settlement timeframe (e.g., T+1) disclosed for the wYLDS-to-USDC step; checked help.hastra.io integration guide.

redemption cap Searched, not found — No redemption cap disclosed beyond freeze/thaw admin powers; checked help.hastra.io, github repo, sherlock audit.

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.”
https://help.hastra.io/auto/what-is-auto ↗
“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
https://help.hastra.io/auto/what-is-auto ↗
“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

Issuer failure
Hastra (Signum Ltd.) disclaims custodial responsibility and fiduciary duty to users.
2 sources
https://hastra.io/terms ↗
“Hastra does not act as a custodian of user funds... you acknowledge and agree that Hastra owes no fiduciary duties or liabilities to you.”
https://github.com/provenance-io/hastra-sol-vault-stake ↗
“Designated administrators can freeze/thaw specific token accounts...Maximum 5 freeze administrators.”

Verifier note panel 1/3 confirmed (agreement=2) | trimmed uncited claims (6) and re-confirmed | openai/gpt-5.6-terra: unsupported — The Terms support that Signum Ltd. is defined as Hastra, that Hastra says it is not a custodian of user funds, and that it disclaims fiduciary duties. However, the fetched material does not include su | anthropic/claude-sonnet-5: unsupported — The hastra.io/terms re-fetch confirms the no-custodial-relationship and no-fiduciary-duty language verbatim (Section 3 and Section 5), supporting that portion of the claim. However, the second claimed | openai/gpt-5.6-terra: confirmed — Hastra’s Terms identify Signum Ltd. as “Hastra” and state in Section 3 that “Hastra does not act as a custodian of user funds,” while users retain control of wallets and are responsible for keys. Sect

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.”
https://help.hastra.io/wylds/what-is-wylds ↗
“Each wYLDS is backed 1:1 with YLDS held in Hastra's reserve.”
https://help.hastra.io/auto/what-is-auto ↗
“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
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.
https://help.hastra.io/integration-guides/auto-hastra-sol-programmatic-integration-guide ↗
“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://hastra.io/sherlock-hastra-audit.pdf ↗
“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

Redemption & market

Exit risk
Converting wYLDS to USDC is a two-step, operator-mediated process rather than instant settlement.
2 sources
https://github.com/provenance-io/hastra-sol-vault-stake ↗
“Designated administrators can freeze/thaw specific token accounts...Maximum 5 freeze administrators.”
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 1/3 confirmed (agreement=2) | trimmed uncited claims (4) and re-confirmed | openai/gpt-5.6-terra: unsupported — The fetched AUTO integration guide supports that redemption from AUTO to USDC involves two programs: AUTO is redeemed atomically for wYLDS, then wYLDS-to-USDC uses an admin-mediated request_redeem/com | anthropic/claude-sonnet-5: unsupported — The fetched Hastra AUTO integration guide directly supports the second half of the claim: it explicitly states 'Returning to USDC is a multi-step process across both programs,' describes Phase 2 as an | openai/gpt-5.6-terra: confirmed — The fetched Hastra integration guide expressly states that converting wYLDS back to USDC uses an “admin-mediated two-step request_redeem / complete_redeem flow,” is “operator-managed,” and may involve

risk hack Searched, not found — No hack-specific risk disclosure found beyond audit reports; checked Sherlock/Informal Systems PDFs.

risk custodian Searched, not found — No custodian-specific risk disclosure found beyond naming UMB Bank; checked SEC 497 filing, hastra.io/terms.

risk depeg Searched, not found — No depeg-risk disclosure found for wYLDS/AUTO; checked help.hastra.io, hastra.io/terms.

risk concentration Searched, not found — No concentration-risk disclosure (borrower/loan concentration limits) found; checked help.hastra.io/auto/what-is-auto.

Legal, custody & controls

Legal wrapper

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
https://help.hastra.io/auto/what-is-auto ↗
“remit the proceeds back”
https://hastra.io/terms ↗
“The Site and Protocol are provided on an 'AS IS' and 'AS AVAILABLE' basis WITHOUT WARRANTIES … liability is capped at '$100.'”
https://www.ylds.com/ ↗
“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.”
https://www.federalregister.gov/documents/full_text/text/2024/11/21/2024-27229.txt ↗
“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 is disclosed for AUTO/wYLDS; holders are solely responsible for determining and satisfying their own tax obligations, and Hastra provides no tax advice.
1 source
https://hastra.io/terms ↗
“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.”

Verifier note panel 2/2 confirmed (agreement=2) | openai/gpt-5.6-terra: confirmed — The terms expressly state that acquiring, staking, earning, and disposing of digital assets may have tax consequences; users are “solely responsible for determining and satisfying” their tax obligatio | anthropic/claude-sonnet-5: confirmed — The cited page's 'Tax Risk' section under 4A contains the exact quoted language verbatim: 'Acquiring, staking, earning wYLDS on, and disposing of digital assets may have tax consequences in your juris

Custody

Audits
Informal Systems audited Hastra's Solana vault-mint and vault-stake programs in two phases (2025-09-24 to 2025-11-18, summary dated 2025-11-25): 1 Critical finding (vault token account ownership validation, fixed), 4 Medium, 2 Low, 2 Informational.
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 3/3 confirmed (agreement=1) | openai/gpt-5.6-terra: confirmed — The cited audit-report content states that Figure engaged Informal Systems in September 2025 to audit the Hastra vault-mint and vault-stake Solana programs; that the engagement occurred in two phases | anthropic/claude-sonnet-5: confirmed — The fetched PDF confirms every element of the claim: Informal Systems (Carlos Rodriguez and Aleksandar Stojanovic) audited Hastra's vault-mint and vault-stake Solana programs in two phases running fro | google/gemini-3.6-flash: confirmed — The cited report explicitly confirms all details: Informal Systems audited Hastra's Solana vault-mint and vault-stake programs in two phases from September 24, 2025 to November 18, 2025 (summary updat

Audits
Sherlock audited Hastra's smart contracts, which implement regulatory-compliance controls including account freeze/thaw, whitelisted withdrawals, and two-step redemption.
1 source
https://hastra.io/sherlock-hastra-audit.pdf ↗
“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 cited Sherlock report explicitly states that Sherlock audited the Hastra protocol across Ethereum and Solana implementations, with in-scope vault contracts/programs. It also expressly describes Ha | anthropic/claude-sonnet-5: confirmed — The PDF explicitly states 'Sherlock audited the Hastra protocol' and describes 'regulatory-compliance controls (account freeze/thaw, whitelisted withdrawals, two-step redemption)' matching the exact q

Controls

No sourced facts.

upgradeability Searched, not found — No explicit statement on contract upgradeability/proxy pattern found; checked sherlock audit PDF, github repo, help.hastra.io.

unilateral changes Searched, not found — No explicit governance/unilateral-change policy found beyond freeze/thaw and pause powers; checked sherlock audit, github repo.

Fees

Fee and partiesRate / terms
hastra platform
0.5
1 source
https://help.hastra.io/auto/what-is-auto ↗
“minus the applicable Hastra Platform fee of 50bps.”

Verifier note panel 1/1 confirmed (agreement=4) | openai/gpt-5.6-terra: confirmed — The fetched Hastra AUTO documentation explicitly states that yield is distributed to AUTO token holders “minus the applicable Hastra Platform fee of 50bps.” Fifty basis points equals 0.5%, supporting

platform
0.5
2 sources
https://help.hastra.io/auto/what-is-auto ↗
“Yield from Democratized Prime flows through to Hastra and is distributed to AUTO token holders (minus the applicable Hastra Platform fee of 50bps) on Solana”
https://hastra.io/auto ↗
“including both the Democratized Prime pool rate...and wYLDS interest on unutilized pool liquidity, net of the 50 bps Hastra fee.”

Verifier note panel 2/2 confirmed (agreement=2) | openai/gpt-5.6-terra: confirmed — Both fetched sources expressly state a Hastra fee of 50 basis points. Since 50 bps equals 0.5%, this supports fee_platform = 0.5. | anthropic/claude-sonnet-5: confirmed — Both cited sources explicitly state a 50 bps (0.5%) platform fee. The help.hastra.io page states yield is distributed to AUTO holders 'minus the applicable Hastra Platform fee of 50bps,' and hastra.io

Eligibility

No sourced facts.

min investment Searched, not found — No minimum investment amount disclosed; checked hastra.io/terms, help.hastra.io.

onboarding requirements Searched, not found — No KYC/onboarding requirement specific to AUTO users disclosed (only FCC-layer AML/KYC via Figure Payments Corp); checked hastra.io/terms, help.hastra.io.

Documents

20 facts
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://help.hastra.io/auto/what-is-auto ↗
“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
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.”

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

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.”

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
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.”

Verifier note panel 2/2 confirmed (agreement=1) | openai/gpt-5.6-terra: confirmed — The fetched PDF is titled as a Hastra vault-mint and vault-stake Solana-programs audit report, identifies Carlos Rodriguez and Aleksandar Stojanovic as authors, and expressly states that “In September | anthropic/claude-sonnet-5: confirmed — The fetched PDF is exactly the cited document, titled as an Informal Systems audit report of Hastra's vault-mint and vault-stake Solana programs. It states the audit was conducted between September 24

AuditSherlock security audit report of Hastra's smart contracts (hastra.io/sherlock-hastra-audit.pdf).2026-08-02 ↗
1 source
https://hastra.io/sherlock-hastra-audit.pdf ↗
“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 identifies itself as a security review/audit, states that “Sherlock audited the Hastra protocol,” and describes scope including Hastra’s Ethereum Solidity contracts and Solana programs | anthropic/claude-sonnet-5: confirmed — The fetched PDF content contains the exact phrase 'regulatory-compliance controls (account freeze/thaw, whitelisted withdrawals, two-step redemption)' verbatim in the Executive Summary section, matchi

Evidence gaps

what it is Searched, not found — Neither researcher gave a standalone definitional statement separate from how_it_works; checked help.hastra.io/auto pages.
token category Searched, not found — No explicit token classification (e.g., yield-bearing RWA token label) found; checked help.hastra.io, hastra.io/terms.
redemption minimum Searched, not found — No minimum redemption amount disclosed; checked help.hastra.io integration guide, hastra.io/auto.
settlement time Searched, not found — No specific settlement timeframe (e.g., T+1) disclosed for the wYLDS-to-USDC step; checked help.hastra.io integration guide.
redemption cap Searched, not found — No redemption cap disclosed beyond freeze/thaw admin powers; checked help.hastra.io, github repo, sherlock audit.
attestation frequency Searched, not found — PoR feed is continuous/self-reported with no disclosed independent attestation cadence; checked hastra.io/hastra-pulse/public/api/v1/por, help.hastra.io.
backers investors Searched, not found — No VC/investor backers of Signum Ltd./Hastra disclosed; checked hastra.io, hastra.io/terms, help.hastra.io/about-us, audit PDFs, RootData/rwa.xyz/Crunchbase-style searches.
issuer incidents Searched, not found — No incident history disclosed; checked help.hastra.io, hastra.io/terms, audit PDFs.
risk hack Searched, not found — No hack-specific risk disclosure found beyond audit reports; checked Sherlock/Informal Systems PDFs.
risk custodian Searched, not found — No custodian-specific risk disclosure found beyond naming UMB Bank; checked SEC 497 filing, hastra.io/terms.
risk depeg Searched, not found — No depeg-risk disclosure found for wYLDS/AUTO; checked help.hastra.io, hastra.io/terms.
risk concentration Searched, not found — No concentration-risk disclosure (borrower/loan concentration limits) found; checked help.hastra.io/auto/what-is-auto.
holding <name> Searched, not found — No named asset-by-asset holdings breakdown published; checked hastra.io/hastra-pulse PoR feed, help.hastra.io.
collateralization ratio Searched, not found — No directly quoted explicit collateralization ratio figure found (only implied via 20%/9% coupon figures); checked help.hastra.io/auto/what-is-auto.
upgradeability Searched, not found — No explicit statement on contract upgradeability/proxy pattern found; checked sherlock audit PDF, github repo, help.hastra.io.
unilateral changes Searched, not found — No explicit governance/unilateral-change policy found beyond freeze/thaw and pause powers; checked sherlock audit, github repo.
min investment Searched, not found — No minimum investment amount disclosed; checked hastra.io/terms, help.hastra.io.
onboarding requirements Searched, not found — No KYC/onboarding requirement specific to AUTO users disclosed (only FCC-layer AML/KYC via Figure Payments Corp); checked hastra.io/terms, help.hastra.io.
Appendix

Rejected facts (50)

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

Issuer · Backers
Figure Technology Solutions, Provenance Blockchain Foundation, Bertram Capital, 10T Holdings, Morgan Creek Digital, DCM, Digital Currency Group, HCM Capital, Ribbit Capital, RPM Ventures, DST Global, Ondo Finance
3 sources
https://help.hastra.io/auto/what-is-auto ↗
“Backed by Bertram Capital, Agora operates across 600+ monthly active dealers”
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”

Verifier note panel 0/3 confirmed (agreement=4) | openai/gpt-5.6-terra: unsupported — The fetched Hastra AUTO page does not contain the quoted statement that Agora is “Backed by Bertram Capital” (nor the asserted “600+ monthly active dealers” wording). It mentions Agora Data, Figure, a | anthropic/claude-sonnet-5: unsupported — The re-fetched help.hastra.io/auto/what-is-auto page contains no such sentence as 'Backed by Bertram Capital, Agora operates across 600+ monthly active dealers.' Neither 'Bertram Capital' nor '600+ mo | google/gemini-3.6-flash: unsupported — The fetched content from help.hastra.io does not contain the quoted text or any mention of Bertram Capital. Additionally, investing $25 million in a stablecoin product (YLDS) does not constitute an eq

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://help.hastra.io/auto/what-is-auto ↗
“Agora handles origination, underwriting, and servicing. Figure handles structuring, credit enhancement, and capital markets infrastructure. Hastra handles DeFi distribution.”
https://www.ylds.com/ ↗
“managed by Figure Investment Advisors, LLC, a registered investment advisor.”
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 ↗
“UMB Bank n.a., member FDIC, is custodian of FCC's assets pursuant to a custody agreement.”
https://github.com/provenance-io/hastra-sol-vault ↗
“Both vault-stake programs use a Squads v4 multisig vault PDA as upgrade authority.”

Verifier note panel 0/3 confirmed (agreement=5) | openai/gpt-5.6-terra: unsupported — The fetched Hastra AUTO page supports that Agora Data originates, underwrites, and services the referenced auto loans, and that Figure Connect/Figure Forge/Democratized Prime perform tokenization, str | anthropic/claude-sonnet-5: unsupported — The only source actually re-fetched (help.hastra.io/auto/what-is-auto) verbatim confirms the quote about Agora/Figure/Hastra role division, and it also corroborates Agora Data as originator/servicer, | google/gemini-3.6-flash: unsupported — While the fetched source confirms Agora Data (originator/servicer), Figure (Figure Connect, Figure Forge, Democratized Prime), and Provenance Blockchain (settlement layer), many of the specific servic

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://hastra.io/terms ↗
“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.”
https://eco.com/support/en/articles/14982160 ↗
“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

Legal & Regulatory Structure · Regime
AUTO/wYLDS is an unregistered DeFi token issued by Signum Ltd. (BVI) under Terms of Use with no stated securities exemption; the underlying reserve asset YLDS is an SEC-registered face-amount certificate under Section 28 of the Investment Company Act of 1940 (Figure Certificate Co., CIK 1974395).
4 sources
https://hastra.io/terms ↗
“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').”
https://www.ylds.com/ ↗
“a face-amount certificate is an investment product (regulated under the Investment Company Act of 1940).”
https://eco.com/support/en/articles/14982167-figure-technology-s-onchain-stack-certificates-capital-markets-ylds ↗
“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.”

Verifier note panel 0/3 confirmed (agreement=4) | openai/gpt-5.6-terra: unsupported — The fetched Hastra Terms support that Signum Ltd. is a BVI company providing a DeFi application/protocol, and state that users receive Solana-based wYLDS backed 1:1 by YLDS collateral. They also state | anthropic/claude-sonnet-5: unsupported — The only source whose live content was actually re-fetched and shown is hastra.io/terms. That page does confirm: Signum Ltd. is a BVI company operating the Hastra DeFi Protocol under 'Terms of Use'; t | google/gemini-3.6-flash: unsupported — The re-fetched source confirms that wYLDS is a Solana-based token issued by Signum Ltd., a British Virgin Islands company, backed 1:1 by YLDS (an SEC-registered stablecoin issued by Figure). However,

Documents · Source documents
Figure Technology Solutions SEC Form 10-K, fiscal year ended 2025-12-31; relevant to Figure counterparty diligence.
1 source
https://www.sec.gov/Archives/edgar/data/2064124/000206412426000009/figr-20251231.htm ↗
“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

Documents · Source documents
Figure Certificate Company YLDS prospectus (SEC Form 497), dated 2025-02-20, filed under CIK 1974395; mirrored on Figure's CDN.
2 sources
https://www.sec.gov/Archives/edgar/data/1974395/000094787125000216/ss4476065_497.htm ↗
“Prospectus Dated February 20, 2025”
https://cdn.figure.com/docs/markets/fcc-prospectus.pdf ↗
“fcc-prospectus”

Verifier note panel 0/3 confirmed (agreement=3) | openai/gpt-5.6-terra: unsupported — The SEC source confirms a Form 497 prospectus for Figure Certificate Company dated February 20, 2025, and its EDGAR path is under CIK 1974395. However, the provided CDN evidence is only the label/file | anthropic/claude-sonnet-5: unsupported — The SEC filing itself is fully confirmed: the fetched EDGAR document shows 'Figure Certificate Company', Form 497, and the exact text 'Prospectus Dated February 20, 2025', matching the claimed quote a | google/gemini-3.6-flash: unsupported — The re-fetched SEC Form 497 content confirms that Figure Certificate Company issued a prospectus dated February 20, 2025, filed under CIK 1974395 for YLDS. However, no live content was retrieved for t

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://help.hastra.io/auto/what-is-auto ↗
“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

Custody & Verification · Custodians
UMB Bank N.A. (YLDS reserves), BitGo, Copper (YLDS qualified custody), Agora Data (auto-loan originator/servicer), Delaware statutory trust (unnamed trustee, auto-loan collateral), Hastra program-controlled Solana vault (Signum Ltd.)
4 sources
https://www.ylds.com/institutions/,Ical ↗
“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://help.hastra.io/auto/what-is-auto ↗
“Loans tokenized on Figure Connect using DART registry; Figure Forge smart contract creates standardized fungible participation tokens”

Verifier note panel 0/3 confirmed (agreement=5) | openai/gpt-5.6-terra: unsupported — The fetched Hastra materials support only parts of the operational description: Agora Data is stated to originate, underwrite, and service the auto loans; the loans are described as sitting in a Delaw | anthropic/claude-sonnet-5: unsupported — The two Hastra help-center pages that were actually re-fetched support only part of the custody claim: they confirm the 'program-controlled vault token account' language for the Solana AUTO/wYLDS vaul | google/gemini-3.6-flash: unsupported — The fetched sources support that Agora Data acts as the auto-loan originator/servicer, auto-loan collateral is held in a Delaware statutory trust, and Solana deposits use a program-controlled vault to

Fees · Fee schedule
0
2 sources
https://help.hastra.io/integration-guides/auto-hastra-sol-programmatic-integration-guide ↗
“No fees or caps are explicitly specified in the document”
https://help.hastra.io/wylds/buying-wylds ↗
“USDC and wYLDS convert at a 1:1 ratio.”

Verifier note panel 0/3 confirmed (agreement=3) | openai/gpt-5.6-terra: unsupported — The sources support a 1:1 USDC-to-wYLDS conversion ratio, but do not state that minting or redemption fees are zero. The buying guide explicitly instructs users to review “Any applicable fees,” and se | anthropic/claude-sonnet-5: unsupported — The mint side is documented as a 1:1 conversion (USDC↔wYLDS) with no fee mentioned, but this is a statement about the exchange ratio, not an explicit statement that fees are zero. The redemption path | google/gemini-3.6-flash: unsupported — The provided sources state that USDC and wYLDS convert at a 1:1 ratio, but neither document explicitly states that the protocol mint or redeem fee is 0. Assuming an undisclosed fee is 0 without an exp

Documents · Source documents
Hastra Pulse proof-of-reserves live API endpoint.
1 source
https://hastra.io/hastra-pulse/public/api/v1/por ↗
“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

Controls & Governance · Admin powers
Hastra's Solana vault programs concentrate control in a small set of privileged keys: a Squads v4 multisig (M-of-N) holds program upgrade authority to modify configurations, 1–5 'freeze administrators' can freeze/thaw individual token accounts, and 1–5 'rewards administrators' must sign publish_rewards and verify_price (Chainlink) instructions. A protocol-wide pause instruction can halt deposit, claim, unstake, and redeem functions per pool, and redemption from wYLDS to USDC is described as an admin-mediated two-step process.
3 sources
https://github.com/provenance-io/hastra-sol-vault ↗
“Program upgrade authority can modify configurations … Designated administrators can freeze/thaw … `pause` stops deposit, redeem, and other guarded instructions for that pool.”
https://github.com/provenance-io/hastra-sol-vault-stake ↗
“Program authority can pause and unpause the protocol preventing deposity, claim, unstake, and redeem.”
https://hastra.io/sherlock-hastra-audit.pdf ↗
“Several findings involved operator-privileged configuration paths that defer fail-safety... Operationally-disciplined invocation (pause → reconfigure → re-verify → unpause) fully mitigates these issues in practice.”

Verifier note panel 0/4 confirmed (agreement=4) | openai/gpt-5.6-terra: unsupported — The fetched audit supports that Hastra has account freeze/thaw controls, two-step redemption flows, Solana price-verification paths, and operator-privileged configuration paths for which a pause→recon | anthropic/claude-sonnet-5: unsupported — Only the Sherlock audit PDF was actually re-fetched with live content; the two GitHub repository pages cited for the specific mechanism details (Squads v4 multisig, M-of-N upgrade authority, the 1–5 f | google/gemini-3.6-flash: unsupported — While the fetched PDF audit report mentions vault freeze/thaw controls, two-step redemption flows, and a pause mechanism, it does not support specific details regarding Squads v4 multisig (M-of-N) upg | openai/gpt-5.6-terra: unsupported — The fetched audit supports that Hastra has operator-privileged configuration paths and Solana-side controls, including a pause-and-verify operational model. However, it does not identify the controlli

Redemption · Exit paths
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.”
https://api.dexscreener.com/latest/dex/tokens/GNE6oDS6jHrfaV3GQVVCCp37fDnT7PiPuewMKBj2bqNm ↗
“Hastra AUTO ... pairCreatedAt: 1782946165000”
https://help.hastra.io/auto/what-is-auto ↗
“fully transferable”

Verifier note panel 1/3 confirmed (agreement=4, disputed) | openai/gpt-5.6-terra: unsupported — The fetched Hastra materials support that AUTO is a Solana SPL token, is transferable, has no lock-up/real-time withdrawal path, and is described on the product page as having “Instant Liquidity” wher | anthropic/claude-sonnet-5: confirmed — The core claim is that AUTO need not only be redeemed directly through the Hastra protocol but can also be exited via transfer or sale on secondary venues, with acknowledged researcher disagreement ab | google/gemini-3.6-flash: unsupported — The re-fetched sources confirm that AUTO is an SPL token on Solana that is fully transferable and can be traded on DEXs or used in Kamino leverage strategies. However, the fetched text does not contai

Risks & Protections · Issuer failure
Hastra (operated by Signum Ltd., a British Virgin Islands entity) and Figure Markets both aggressively disclaim liability: Hastra's Terms cap total liability at $100, and Figure Markets' decentralized-integration terms separately cap Figure Group liability at $100. If Hastra or Figure ceases operations, AUTO holders retain only self-custodied tokens whose redemption depends on the operator-mediated Redeem Vault process, and Hastra's own documentation notes current mechanics 'may not reflect final product design.'
4 sources
https://hastra.io/terms ↗
“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').”
https://www.figuremarkets.com/disclosures/figure_decentralized_integration_terms_and_conditions/','quote':'IN ↗
“IN NO EVENT WILL ANY MEMBER OF THE FIGURE GROUP'S TOTAL LIABILITY… EXCEED… ONE HUNDRED DOLLARS ($100)”
https://hastra.io/terms ↗
“IN NO EVENT WILL HASTRA'S TOTAL LIABILITY ARISING OUT OF OR IN CONNECTION WITH THESE TERMS OR FROM THE USE OF OR INABILITY TO USE THE SITE OR PROTOCOL EXCEED ONE HUNDRED U.S. DOLLARS ($100).”
https://help.hastra.io/auto/what-is-auto ↗
“may not reflect final product design”

Verifier note panel 0/4 confirmed (agreement=5) | openai/gpt-5.6-terra: unsupported — The fetched Hastra Terms support that Hastra is Signum Ltd., a British Virgin Islands company, and describe non-custodial wallet control. However, the supplied live excerpt does not contain Hastra’s a | anthropic/claude-sonnet-5: unsupported — Several material elements of the claim are not backed by the live-fetched content actually provided. (1) The claim that Figure Markets' decentralized-integration terms cap Figure Group liability at $1 | google/gemini-3.6-flash: unsupported — Several material claims in the narrative are missing from the re-fetched live source content: 1. Neither the $100 total liability cap for Hastra nor the terms for Figure Markets (capping Figure Group | openai/gpt-5.6-terra: unsupported — The fetched Hastra terms support that Signum Ltd., a British Virgin Islands company, provides/operates Hastra, and they contain extensive risk allocations and liability disclaimers. However, no fetche

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
https://help.hastra.io/wylds/what-is-wylds ↗
“wYLDS is not registered with the SEC or any securities regulator”
https://help.hastra.io/auto/what-is-auto ↗
“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.”
https://medium.com/@fitraeth/compiling-kamino-finance-the-ultimate-q-a-digest-d33478dd4ffb ↗
“Kamino is restricted in the UK, US, and OFAC sanctioned countries.”

Verifier note panel 0/4 confirmed (agreement=5) | openai/gpt-5.6-terra: unsupported — The fetched AUTO page supports the consumer-auto-lending regulatory-risk statement verbatim. The wYLDS page supports that wYLDS represents reserves of YLDS and describes YLDS as SEC-registered, while | anthropic/claude-sonnet-5: unsupported — The claim bundles several assertions. The AUTO page fetch confirms verbatim: 'Consumer auto lending is subject to federal and state regulation. Changes in regulations affecting tokenized RWAs, auto fi | google/gemini-3.6-flash: unsupported — The fetched source text does not contain the quote or statement 'wYLDS is not registered with the SEC or any securities regulator'. Furthermore, the source regarding Kamino Finance restricting US, UK, | openai/gpt-5.6-terra: unsupported — The fetched Hastra materials support that wYLDS is a transferable, no-KYC token backed 1:1 by YLDS reserves and used in DeFi contexts, that YLDS is described as SEC-registered and as a face-amount cer

Description · 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. Yield accrues through NAV/exchange-rate appreciation — the wYLDS redeemable per AUTO rises with borrower interest — with no rebase and no manual claim step; 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.
https://help.hastra.io/auto/what-is-auto ↗
“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.”
https://github.com/provenance-io/hastra-sol-vault-stake ↗
“Two-phase withdrawal: `unbond()` initiates waiting period, `redeem()` completes withdrawal”

Verifier note panel 0/4 confirmed (agreement=4, disputed) | openai/gpt-5.6-terra: unsupported — The Hastra AUTO page confirms the core staking/lending flow: staking wYLDS mints AUTO and programmatically lends the YLDS backing wYLDS into the Democratized Prime consumer-auto-loan pool. It also con | anthropic/claude-sonnet-5: unsupported — The core staking/minting mechanism (stake wYLDS -> AUTO minted -> programmatic instruction lends capital into the Democratized Prime auto-loan pool) is directly confirmed by the help.hastra.io page. H | google/gemini-3.6-flash: unsupported — While the source confirms that staking wYLDS into Hastra AUTO mints AUTO and programmatically lends capital into the Democratized Prime auto loan pool, it does not mention or support the mechanism det | openai/gpt-5.6-terra: unsupported — The fetched Hastra page supports the core mechanism: staking wYLDS into AUTO mints AUTO and programmatically directs the YLDS backing wYLDS into the Democratized Prime consumer-auto-loan pool. However

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://help.hastra.io/auto/what-is-auto ↗
“AUTO is a yield token on Hastra that gives you access to structured consumer auto loan yield through the Democratized Prime decentralized lending marketplace.”
https://phemex.com/news/article/figure-and-hastra-expand-defi-credit-with-auto-loan-offering-73248 ↗
“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

Issuer · Operating history
Figure Technology Solutions IPO'd on Nasdaq 2025-09-11; YLDS launched February 2025 (Solana support added November 2025); Hastra/Democratized Prime infrastructure entered production November 2025; Agora's first asset-pooled non-prime auto securitization dates to 2020.
3 sources
https://www.businesswire.com/news/home/20250910400753/en/Figure-Technology-Solutions-Inc.-Announces-Pricing-of-Initial-Public-Offering ↗
“Shares began trading on the Nasdaq Global Select Market on September 11, 2025 under the ticker symbol 'FIGR'.”
https://help.hastra.io/auto/what-is-auto ↗
“AUTO uses the same Democratized Prime platform and smart contract infrastructure as PRIME, which has been in production since November 2025.”
https://agoradata.com/revenews/auto-loans-become-public-on-chain/Ks ↗
“first asset-pooled non-prime auto securitization in 2020”

Verifier note panel 0/3 confirmed (agreement=3) | openai/gpt-5.6-terra: unsupported — The re-fetched Hastra page expressly supports that AUTO uses the same Democratized Prime platform and smart-contract infrastructure as PRIME and that this infrastructure “has been in production since | anthropic/claude-sonnet-5: unsupported — Only the help.hastra.io page was actually re-fetched. That page directly confirms one sub-claim: 'AUTO uses the same Democratized Prime platform and smart contract infrastructure as PRIME, which has b | google/gemini-3.6-flash: unsupported — The fetched source content and provided quotes do not contain any mention or verification that YLDS launched in February 2025 or that Solana support was added in November 2025.

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
https://help.hastra.io/auto/what-is-auto ↗
“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://help.hastra.io/wylds/what-is-wylds ↗
“wYLDS is backed by reserves of YLDS, which is backed by real world assets similar to those in money market funds”
https://eco.com/support/en/articles/14982167-figure-technology-s-onchain-stack-certificates-capital-markets-ylds ↗
“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://help.hastra.io/auto/what-is-auto ↗
“This is real yield from real borrowers making real car payments, not token emissions or liquidity mining rewards.”
https://cdn.figure.com/frontend-markets/apps/markets-marketing/disclosures/democratized-prime-general-terms-and-conditions-2025-10-22-v2.pdf ↗
“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).
https://help.hastra.io/auto/what-is-auto ↗
“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.”
https://www.ylds.com/ ↗
“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

The Underlying · 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, net of Hastra's 0.50% platform fee.
2 sources
https://help.hastra.io/integration-guides/auto-hastra-sol-programmatic-integration-guide ↗
“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 panel 0/3 confirmed (agreement=5) | openai/gpt-5.6-terra: unsupported — The fetched guide supports the core AUTO mechanics: it states that Solana AUTO yield “does not require a manual claim,” accrues through an appreciating Chainlink-sourced AUTO/wYLDS exchange rate, and | anthropic/claude-sonnet-5: unsupported — The fetched page fully supports the core mechanics claimed: yield accrues via an appreciating Chainlink-sourced wYLDS-per-AUTO exchange rate (non-rebasing, share-based AUTO tokens), arrives as newly-m | google/gemini-3.6-flash: unsupported — The cited source confirms that yield accrues without a manual claim via Chainlink-sourced exchange rate appreciation, driven by periodic `publish_rewards` CPI calls minting wYLDS to the stake vault, a

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
https://hastra.io/terms ↗
“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 panel 0/3 confirmed (agreement=4) | openai/gpt-5.6-terra: unsupported — The fetched Terms expressly support that Signum Ltd. is organized under British Virgin Islands law, is referred to as “Hastra,” provides the Site/Protocol, and is a wholly owned subsidiary of Provenan | anthropic/claude-sonnet-5: unsupported — The fetched hastra.io/terms page confirms only part of the claim: Signum Ltd. is indeed described as a British Virgin Islands company operating as 'Hastra' and as a wholly owned subsidiary of Provenan | google/gemini-3.6-flash: unsupported — While the source confirms that Signum Ltd. is a British Virgin Islands company, operates the Hastra protocol, and is a wholly owned subsidiary of Provenance Cayman Foundation, several details in the c

Legal & Regulatory Structure · Vehicle
No single SPV wraps AUTO holder claims: Signum Ltd. (BVI) operates the Hastra protocol/token; the underlying auto loans sit in an unnamed Delaware statutory trust under a Master Repurchase Agreement; the YLDS reserve asset is issued by Figure Certificate Company (Delaware corp, SEC-registered).
2 sources
https://hastra.io/terms ↗
“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').”
https://help.hastra.io/auto/what-is-auto ↗
“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=5) | openai/gpt-5.6-terra: unsupported — The fetched terms confirm that Signum Ltd. is a BVI company providing the Hastra application/protocol, and that wYLDS is backed 1:1 by YLDS, which Figure issues and which the terms describe as SEC-reg | anthropic/claude-sonnet-5: unsupported — Most components are supported by the fetched sources: hastra.io/terms confirms Signum Ltd. (BVI) operates Hastra; help.hastra.io/auto confirms the auto loans sit in a Delaware statutory trust under a | google/gemini-3.6-flash: unsupported — While the sources confirm that Signum Ltd. (a BVI company) operates the Hastra protocol, that the underlying auto loans sit in a Delaware statutory trust pledged under a Master Repurchase Agreement, a

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
https://help.hastra.io/auto/what-is-auto ↗
“Yes, AUTO is fully transferable as an SPL token on Solana. Yield continues to accrue to whichever wallet holds the tokens.”
https://hastra.io/terms ↗
“a resident, citizen, or person located in the United States of America or any U.S. territory … Belarus … Cuba, Iran … Zimbabwe”
https://github.com/provenance-io/hastra-sol-vault ↗
“Designated administrators can freeze/thaw specific token accounts.”

Verifier note panel 0/3 confirmed (agreement=5) | openai/gpt-5.6-terra: unsupported — The fetched Hastra materials support that AUTO is described as transferable as a Solana SPL token (the FAQ text is truncated but begins: “Yes, AUTO is fully transferable as an SPL token on So...”) and | anthropic/claude-sonnet-5: unsupported — The live-fetched help.hastra.io page confirms 'AUTO is fully transferable as an SPL token on Solana,' matching the claim. The live-fetched hastra.io/terms page confirms the exclusion of US persons and | google/gemini-3.6-flash: unsupported — While the sources support that Hastra bars US persons and sanctioned jurisdictions in its Terms of Use, and that AUTO is an SPL token on Solana, the provided sources do not mention designated freeze a

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://hastra.io/sherlock-hastra-audit.pdf ↗
“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

Controls & Governance · Unilateral changes
Hastra/Signum Ltd. may modify its Terms, fees, minimums, and supported assets, and may suspend or terminate access, at its sole discretion and without prior notice; claim-related protocol fees are disclosed only at the time of claim.
2 sources
https://hastra.io/terms ↗
“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.”
https://hastra.io/terms ↗
“Any claim may be subject to fees, including network gas fees and a Protocol fee, which will be disclosed at the time of claim.”

Verifier note panel 0/3 confirmed (agreement=4) | openai/gpt-5.6-terra: unsupported — The fetched Terms expressly support that a claim may be subject to network gas and Protocol fees and that those fees “will be disclosed at the time of claim.” However, the supplied fetched text does n | anthropic/claude-sonnet-5: unsupported — The re-fetched page confirms the second quote verbatim: 'Any claim may be subject to fees, including network gas fees and a Protocol fee, which will be disclosed at the time of claim.' However, the fe | google/gemini-3.6-flash: unsupported — The re-fetched terms support the claim that claim-related protocol fees are disclosed at the time of claim (Section 2A). However, the fetched source text cuts off at Section 5 and does not contain lan

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
https://help.hastra.io/integration-guides/auto-hastra-sol-programmatic-integration-guide ↗
“recommended path is to stop at wYLDS”
https://github.com/provenance-io/hastra-sol-vault ↗
“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 panel 0/3 confirmed (agreement=4) | openai/gpt-5.6-terra: unsupported — The fetched AUTO integration guide supports that wYLDS→USDC is an operator-mediated, two-step redemption process, may have a $2,000 batching minimum, and may face banking-hours delays; it also express | anthropic/claude-sonnet-5: unsupported — The guide confirms only one of the three cited quotes verbatim: 'the recommended path is to stop at wYLDS.' It also implicitly supports that no formal redemption cap is disclosed (only a $2k batching | google/gemini-3.6-flash: unsupported — The fetched sources do not contain the quote 'USDC pending. Once complete, you will be able to redeem more wYLDS.', nor do they state that a redemption 'remains pending until the Redeem Vault is liqui

Risks & Protections · Depeg / liquidity
AUTO is a NAV-accrual token rather than a pegged stablecoin; it tracks an oracle-set exchange rate against wYLDS, which itself targets 1:1 parity with YLDS (1 YLDS = $0.01 par). Secondary market price can diverge from this reference NAV under thin liquidity, oracle staleness, or credit-driven markdowns to the exchange rate; no historical AUTO/YLDS depeg episode has been documented in primary sources as of August 2026.
3 sources
https://www.ylds.com/ ↗
“par value...pegged to the dollar (1 YLDS = 1 Certificate = $0.01 NAV).”
https://www.figuremarkets.com/disclosures/figure_decentralized_integration_terms_and_conditions/','quote':'high ↗
“high risks of illiquidity, devaluation”
https://help.hastra.io/wylds/what-is-wylds ↗
“through Raydium and Kamino protocols… to trade back to USDC”

Verifier note panel 0/3 confirmed (agreement=5) | openai/gpt-5.6-terra: unsupported — The fetched Hastra wYLDS page supports that wYLDS represents YLDS reserves held 1:1, that it can be traded on DEXs including Raydium, and that yield/value mechanics exist. It does not support the asse | anthropic/claude-sonnet-5: unsupported — The only live content actually re-fetched and supplied is the Hastra help-center page on wYLDS. That page confirms wYLDS is backed 1:1 by YLDS reserves and can be traded back to USDC via Raydium/Kamin | google/gemini-3.6-flash: unsupported — The provided sources do not contain details regarding the AUTO token's design as a NAV-accrual token, its tracking of an oracle-set exchange rate against wYLDS, or the specific risks regarding oracle

Documents · Source documents
Technical integration guide detailing the AUTO redemption lifecycle, unbonding settings, and batching minimum; undated, reviewed 2026-08-02.
1 source
https://help.hastra.io/integration-guides/auto-hastra-sol-programmatic-integration-guide ↗
“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://hastra.io/terms ↗
“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
https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001974395 ↗
“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://help.hastra.io/auto/what-is-auto ↗
“not buying individual auto loans”
https://github.com/provenance-io/hastra-sol-vault-stake ↗
“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://help.hastra.io/wylds/what-is-wylds ↗
“Each wYLDS maintains a '1:1' backing with YLDS held in Hastra's reserve”
https://www.ylds.com/institutions/Ers ↗
“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.”
https://hastra.io/terms ↗
“Hastra holds YLDS as collateral for wYLDS, but does not issue YLDS.”
https://help.hastra.io/auto/what-is-auto ↗
“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://help.hastra.io/auto/what-is-auto ↗
“This structure is designed to isolate the loan assets from the credit risk of any single party, including Figure.”
https://www.sec.gov/Archives/edgar/data/1974395/000094787125000192/ss4462725_s1a.htm ↗
“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/terms ↗
“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
https://hastra.io/hastra-pulse/public/api/v1/por ↗
“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://hastra.io/terms ↗
“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.”
https://www.sec.gov/Archives/edgar/data/1974395/000094787125000192/ss4462725_s1a.htm ↗
“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
https://help.hastra.io/auto/what-is-auto ↗
“The auto loans in the pool are originated by Agora Data, an established auto finance company”
https://help.hastra.io/auto/what-is-auto ↗
“The auto loans in the pool are originated by Agora Data...Backed by Bertram Capital.”
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. 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.”
https://help.hastra.io/auto/what-is-auto ↗
“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
https://hastra.io/terms ↗
“Signum Ltd., a company organized under the laws of the British Virgin Islands...a wholly owned subsidiary of Provenance Cayman Foundation.”
https://help.hastra.io/auto/what-is-auto ↗
“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
https://www.businesswire.com/news/home/20240422596697/en/Figure-Technology-Solutions-Names-Michael-Tannenbaum-as-Chief-Executive-Officer ↗
“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
https://hastra.io/terms ↗
“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://hastra.io/sherlock-hastra-audit.pdf ↗
“regulatory-compliance controls (account freeze/thaw, whitelisted withdrawals, two-step redemption)”
https://github.com/provenance-io/hastra-sol-vault-stake ↗
“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://hastra.io/terms ↗
“You must not be a resident, citizen, or person located in the United States of America or any U.S. territory.”
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”

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

Disputed positions (2)

risk hack
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.
https://help.hastra.io/integration-guides/auto-hastra-sol-programmatic-integration-guide ↗
“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://hastra.io/sherlock-hastra-audit.pdf ↗
“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

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).
https://cointelegraph.com/news/figure-hastra-expand-tokenized-credit-auto-loans ↗
“The auto structuring includes ~2.4x cashflow over-collateralization, with an expected starting interest rate of ~8.6%.”
https://help.hastra.io/auto/what-is-auto ↗
“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'),

Researcher runs

IDEngineStateTimeLinks
breadth-claudeclaudeok597s58
breadth-api-1openrouter:anthropic/claude-sonnet-5ok660s56

Run metadata

Run 2026-08-02T19:50:35.281Z · Status done · Total cost $3.80

Research $2.19 · Merge $0.47 · Verify $1.14

Automated research, human-reviewed. Verify against source documents before credit decisions.

3 sources
https://www.sec.gov/Archives/edgar/data/1974395/000094787125000192/ss4462725_s1a.htm ↗
“you are buying an obligation of FCC, which are unsecured and solely backed by its assets”
https://help.hastra.io/auto/what-is-auto ↗
“Figure's $25M commitment... Reserve account... builds to 2.5 percent of outstanding principal”
https://help.hastra.io/auto/what-is-auto ↗
“This structure is designed to isolate the loan assets from the credit risk of any single party, including Figure.”

Verifier note panel 2/2 confirmed (agreement=2) | openai/gpt-5.6-terra: confirmed — The SEC S-1/A states that Figure Certificates are unsecured, solely backed by FCC’s assets, and that a purchaser is buying FCC’s obligation. Hastra states that staking wYLDS programmatically directs t | anthropic/claude-sonnet-5: confirmed — All three quoted excerpts are verified verbatim (or near-verbatim with acceptable paraphrase via ellipsis) in the re-fetched sources. The SEC S-1/A explicitly states Figure Certificates 'are unsecured

attestation frequency Searched, not found — PoR feed is continuous/self-reported with no disclosed independent attestation cadence; checked hastra.io/hastra-pulse/public/api/v1/por, help.hastra.io.

DocumentFigure Technology Solutions SEC filing/financial statement dated 2026-03-31.2026-03-31 ↗
1 source
https://www.sec.gov/Archives/edgar/data/2064124/000206412426000029/figr-20260331.htm ↗
“figr-20260331”

Verifier note panel 2/3 confirmed (agreement=1) | openai/gpt-5.6-terra: unsupported — The fetched SEC-hosted XBRL content supports a Q1 2026 reporting period ending 2026-03-31 and includes the identifier “figr-20260331.” However, the provided extract does not expressly identify the iss | anthropic/claude-sonnet-5: confirmed — The fetched XBRL document filename and content confirm 'figr-20260331' as the identifier, and the embedded context data explicitly shows the reporting period 2026-01-01 to 2026-03-31 (Q1 2026) with ba | google/gemini-3.6-flash: confirmed — The SEC filing for CIK 0002064124 (Figure Technology Solutions, file `figr-20260331.htm`) covers Q1 2026 ending 2026-03-31. The cited string 'figr-20260331' appears verbatim at the start of the source

DocumentHastra Privacy Policy page.2024-01-01 ↗
1 source
https://hastra.io/privacy ↗
“privacy”

Verifier note panel 3/3 confirmed (agreement=1) | openai/gpt-5.6-terra: confirmed — The fetched page at https://hastra.io/privacy is explicitly titled “Privacy Policy | Hastra” and begins “This Privacy Policy … explains how … ‘Hastra’ … collects, uses, and shares data.” It therefore | anthropic/claude-sonnet-5: confirmed — The cited URL https://hastra.io/privacy resolves to a page titled 'Privacy Policy | Hastra' whose content is explicitly a privacy policy document, containing the word 'privacy' extensively throughout | google/gemini-3.6-flash: confirmed — The cited URL https://hastra.io/privacy is indeed the Hastra Privacy Policy page, and the word 'privacy' appears extensively throughout the fetched content.

DocumentFigure investor-relations announcement of the Figure-Agora strategic partnership, dated 2026-02-26. ↗
Documentwww.cube.exchange /what-is ↗
Documentwww.crypto-reporter.com /newsfeed ↗
Documentwww.ylds.com /institutions ↗
Documentwww.ylds.com /institutions ↗
Documentmedium.com /@fitraeth ↗
TermsDemocratized Prime General Terms and Conditions (v2), dated 2025-10-22. ↗
Documentagoradata.com /revenews ↗
Documentwww.crowdfundinsider.com /2021 ↗
Documentinvestors.figure.com /news-releases ↗
Prospectusphemex.com /news ↗
Documenteco.com /support ↗
Documentwww.figure.com /newsroom ↗