CASE STUDY
Figure's PRIME token reached Ethereum through Morpho vaults curated by Sentora, with the Sentora PRIME Main Vault serving as the supply side of that market. The vault holds the credit risk of the underlying real-world asset separate from the operational risk of the vault itself, so stablecoin lenders are protected by parameters rather than by assurances about collateral behaviour. Deposits reached $200 million in PYUSD within three months of launch, and PRIME grew past $500 million in total asset value with the majority of supply now held on Ethereum.
Figure Technology Solutions (NASDAQ: FIGR) is a blockchain-native capital markets platform connecting loan origination, funding, and secondary market activity. Figure and its partners have originated over $24 billion of home equity, making the Figure ecosystem the largest non-bank provider of home equity financing in the United States.
PRIME is the yield-bearing token representing exposure to the Home Equity Pool on Figure's Democratized Prime marketplace. Its return comes from financing paid by originators between loan origination and securitization, secured against HELOC collateral. The exposure is short-dated residential credit, structurally uncorrelated to crypto cycles.
Morpho is a permissionless lending protocol where independent curators design vaults, select eligible collateral, and set the risk parameters governing each market. Sentora is the designated curator of the PRIME Main Vault on Ethereum.
Establish PRIME as a productive collateral asset on Ethereum following its initial growth on Solana.
Give stablecoin lenders access to residential credit returns.
Provide a rate profile anchored to contractual debt service rather than to on-chain leverage appetite or token emissions.
Publication of a full asset risk review of PRIME ahead of deployment, covering credit deterioration, extension risk, on-chain liquidity, technical execution, and counterparty risk.
Design of the vault as a single-sided PYUSD deposit venue on Morpho Vault V2, allocating into a dedicated PRIME/PYUSD market at 86% LLTV so depositors hold a stablecoin position throughout.
An explicit absolute supply cap on the PRIME/PYUSD market, sizing total exposure to the collateral rather than allowing deposits to scale without limit.
A maintained idle PYUSD buffer alongside available market liquidity, so redemptions can be met without forcing an unwind of the underlying credit position.
Curation of both sides of the market. Sentora sets the parameters governing PRIME collateral and separately operates the leveraged PRIME strategy that generates borrow demand, so supply-side risk and borrow-side behaviour are managed against a single model.
Monitoring of HELOC collateral quality, utilization, and liquidity conditions, with collateral factors, rate caps, and exposure limits adjusted before depositor capital is affected.
PYUSD Deposits | Market Utilization | PRIME Supply on Ethereum |
|---|---|---|
$209.6M | ~90.6% | 67% |
The Sentora PRIME Main Vault surpassed $200 million in total deposits, within three months of launch. Deposits roughly doubled from the $100 million level over the preceding month.
97.99% of assets allocated to the PRIME/PYUSD market and 2.01% held as idle PYUSD liquidity.
Depositors primarily consist of institutional investors and large capital allocators.
Market utilization reached ~90.6% while ~$24.11 million remained available for withdrawal, demonstrating that scale and redemption liquidity scaled effectively.
Depositors currently receive a net APY of 6.61%, sourced from borrower interest on residential credit with trailing rates published live on the vault page.
PRIME became one of the largest collateral assets on Morpho, and the PRIME/PYUSD market ranks among the protocol's leading markets by interest generated, with ~$34.9K in interest paid per day.
PRIME surpassed $500 million in total asset value, growing more than 30% month over month, with Ethereum carrying roughly two-thirds of supply outstanding.
Figures reflect the Morpho, RWA.xyz, and DefiLlama dashboards at time of publication.
Sentora combines institutional-grade credit research, non-custodial vault infrastructure, and continuous automated risk monitoring to convert curated strategy design into measurable on-chain scale. For the PRIME program, that approach produced a vault structure honest enough to state what it does not guarantee. Sentora makes no claim that PRIME will hold a fixed price through a securitization freeze, and commits instead to a parameter set that keeps stablecoin depositors whole if one arrives.
The result is visible on both sides of the market. Lenders supplied $198 million into the Main Vault within three months, PRIME grew past $500 million with the majority of supply on the chain it reached through Sentora-curated vaults, and the market built around that collateral now ranks among the most productive on Morpho. The PRIME Main Vault sits alongside Sentora's PYUSD, RLUSD, and mWIN vaults on Morpho, and across all strategies Sentora's platform oversees more than $2 billion in capital deployed in DeFi.
