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Key Takeaways
- Figure borrows short; PRIME holders can borrow again.
- Holders own a pool position, not a mortgage.
- PRIME doubles as Morpho and Kamino collateral.
- 61.5% in lending venues is not leverage.
RWA.xyz’s November 9 case study puts PRIME’s assets under management at $534 million as of November 4 and counts where the tokens sit. It does not count the debt stacked on top of them, and that gap is the story.
Debt one: Figure’s warehouse loan
A home-equity line of credit, or HELOC, lets a homeowner draw against the value of their property. The originator funds that draw on day one and only gets its money back when the loan is sold to an investor or packaged into a securitization. Warehouse financing covers the gap in between.
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