NUVA brings U.S. residential mortgage credit to offshore investors
In this news:
Key takeaways
- NUVA Labs CEO Anthony Moro launched HOME to give offshore investors access to U.S. residential mortgage credit.
- Eligible non-U.S. users can enter a managed vault of Figure-originated home-equity loans starting with 1 USDC.
- The HOME token complies with the ERC-20 standard on public blockchain ecosystems.
Breaking down barriers
“Traditional securitization was built primarily for institutional investors,” Nuva Labs CEO Anthony Moro said in an interview with CoinDesk. “For individual investors, those structures can be difficult to access.”
HOME is not the first tokenized private-credit product. Maple Finance built onchain lending pools for institutional borrowers, while Centrifuge has been used to bring credit and structured products onchain. Figure itself already tokenizes HELOCs on its Provenance blockchain. HOME differs in how it packages that exposure. Eligible non-U.S. users can enter a managed vault of Figure-originated home-equity loans with 1 USDC, rather than buy whole loans or invest through a conventional private-credit fund.
“HOME holders do not directly own the underlying loans,” said Moro, a former BNY Mellon executive of 22 years. “They hold HOME tokens that provide exposure to the assets held in the vault.”
NUVA has been working to connect Figure-originated assets to public blockchain ecosystems. HOME is a test of whether crypto users want that exposure in a tradable, composable token that conforms to Ethereum's ERC-20 standard rather than in a conventional fund.
NUVA is betting that it can tap decentralized finance demand for yield without having to create demand for the loans themselves. Figure’s consumer-loan marketplace processed $4.3 billion in volume in the second quarter, including $2.8 billion through Figure Connect, where whole-loan buyers and securitization investors purchase loans.
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