NUVA’s HOME vault became the first entity to buy a tranche of U.S. residential loans using a yielding stablecoin. On October 9, 2026, the newly launched residential-credit HOME vault purchased 98 digitally native home equity lines of credit (HELOCs), using approximately $10 million in YLDS, the SEC-registered yielding stablecoin. 

Built with Nuva Labs’ VaultManager infrastructure, HOME has taken a “digital in, digital out” approach to loan purchases from the start. Users deposit USDC and receive nvHOME tokens representing their position in the vault. For loan acquisitions, the NUVA HOME Vault converts USDC into YLDS and uses it to purchase eligible loans through Figure Connect.

YLDS had already been used on the seller side of loan transactions, with sellers receiving proceeds in YLDS before converting them into fiat. HOME completes the lifecycle of using YLDS throughout the entire transaction flow.

Holding YLDS also helps the HOME vault reduce cash drag by earning yield on funds held for upcoming loan purchases or liquidity needs. YLDS accrues interest daily at a variable annual rate of SOFR minus 35 basis points, equivalent to approximately 3.54% based on the SOFR rate published on October 16, 2026.

Connecting digital loans with onchain payments

Purchasing a tranche of loans involves more than paying for it. The Purchaser needs reliable evidence of ownership and the rights attached to the asset. In secured financing, perfection helps protect a security interest against competing claims. Connecting the applicable legal framework with digital records and controls can make those interests easier to verify and transfers easier to administer.

Figure’s DART lien and eNote registry use Provenance Blockchain to update loan ownership and registration information as transactions occur. Automating these updates reduces manual assignments and document handling, making ownership changes visible more quickly and reducing the operational work involved in transferring loans. 

HOME extends this digital workflow through the purchase of loans in YLDS. YLDS supports onchain transfers between eligible participants, allowing the payment to move onchain alongside the assets being purchased.

How HOME turns deposits into loan purchases

Actively managed by Figure Investment Advisors, the HOME vault purchases and sells loans as needed to respond to deposits, withdrawal requests, and portfolio requirements. The flow of funds works as follows:

1. Users deposit USDC into HOME. They receive nvHOME tokens on Ethereum representing their position in the vault. 

2. HOME converts USDC into YLDS for loan purchases. 

3. HOME acquires eligible loans through Figure Connect. Figure Investment Advisors, an SEC-registered investment advisor, selects loans under HOME’s eligibility criteria and portfolio strategy. The vault pays for them in YLDS.

4. Withdrawals are paid in USDC. HOME can convert its YLDS liquidity reserve into USDC to meet smaller withdrawal requests. When additional liquidity is needed, the vault can sell whole loans through Figure Connect or OTC channels to fund withdrawals.

HOME also holds a YLDS liquidity reserve, which can be converted to USDC to support smaller withdrawals without selling loans. YLDS therefore serves two distinct purposes within HOME: paying for acquisitions and supporting liquidity.