The convergence of Real World Assets (RWA) and high-velocity DeFi has moved from theoretical pilots to substantial liquidity events. Figure is leveraging its $22 billion loan origination history to aggressively integrate with the Solana ecosystem, effectively using the chain as a settlement layer for its $15 billion mortgage book. Unlike previous RWA attempts that isolated assets in permissioned silos, Figure is piping yield directly into public DeFi protocols. The immediate impact is visible in the HASTRA liquid staking protocol, which deployed $75 million across wrapped yields and the PRIME token within seven days of launch, offering Kamino users yields exceeding 24% via its multiply product.

Central to this strategy is the introduction of $YLDS (Yields) to Solana, an SEC-registered public debt security that functions as a yield-bearing stablecoin. This is a strategic infrastructure play designed to "future-proof" fiat rails against banking sector instability. By utilizing a registered security that is freely transferable peer-to-peer, Figure provides a compliant mechanism for on/off-ramping that remains resilient to banking regime changes or "Choke Point" style regulatory pressure. For institutional investors, this represents a stabilized, legally robust bridge between off-chain capital and on-chain execution.

The implications extend beyond yield farming into the fundamental structure of equity markets. Following its traditional IPO in September, Figure has filed an S-1 for a "Second IPO" consisting of equity issued natively on public blockchain. This issuance bypasses the DTCC, Nasdaq, and prime brokers entirely, relying instead on a self-custody, self-clearing Alternative Trading System (ATS). By bringing this equity stack to Solana, Figure is not merely tokenizing assets but displacing the entire post-trade settlement layer of traditional finance, allowing equity to be utilized as collateral within DeFi protocols with the same frictionlessness as a native token.