The whole stack is built from specialists: Agora Data originates the loans, Figure structures them, Hastra issues. Three things you can do with the token: lend it (deposit and earn), borrow against it, or loop it to amplify the yield.

Why it matters: treasury RWAs are crowded and pay right around the Fed rate. Consumer credit is the next frontier — higher yield, different risk. Auto loans are the first to go onchain in a permissionless format.