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NUVA has introduced HOME, an ERC-20 token giving eligible non-U.S. investors pooled exposure to U.S. home-equity lines of credit originated through Figure, starting at 1 USDC. NUVA targets a 7% annual return that resets monthly, but the target is not guaranteed; holders face credit and liquidity risks and do not own individual loans.
NUVA has introduced HOME, an ERC-20 token giving eligible non-U.S. investors pooled exposure to U.S. home-equity lines of credit originated through Figure Technology Solutions. The product allows entry from 1 USDC and targets a 7% annual return, but investors hold claims tied to a managed portfolio rather than ownership of individual loans.
HOME represents exposure to a vault initially holding Figure-originated home-equity lines of credit (HELOCs). NUVA says loan interest and performance are reflected in the vault’s net asset value, which determines the token’s price. The stated 7% annual return is a target that resets monthly, not a guaranteed payment or fixed yield.
NUVA says the initial portfolio will target borrowers with an average FICO score of at least 735, a combined loan-to-value ratio no higher than 69%, and a debt-to-income ratio no higher than 40%. State exposure is to be limited, with California capped at 30% and each other state at 15%, according to NUVA Labs CEO Anthony Moro.
The token has no stated lockup, and holders may request withdrawals at any time. NUVA expects ordinary withdrawals to take about two U.S. business days and says a liquidity reserve of 5% of the vault will cover smaller redemptions. Larger requests could require loans to be sold through Figure Connect or over the counter. A separate first-loss allocation estimated at roughly 5% of vault value is intended to absorb some defaults or forced-sale losses before they reach HOME holders, Moro said.
A New Route Into Home-Equity Credit
HOME brings a managed form of U.S. residential mortgage credit to eligible investors outside the United States through a token format. Traditionally, exposure to these loans has been available through whole-loan purchases, securitizations, or private-credit funds—structures that can be difficult for individual investors to access. NUVA says the minimum investment and onchain format are intended to lower that access barrier.
The structure also connects two existing markets rather than creating a new source of borrower demand: Figure originates and distributes the loans, while NUVA packages portfolio exposure for token holders. Figure’s consumer-loan marketplace processed $4.3 billion in volume in the second quarter, including $2.8 billion through Figure Connect, according to the report. That activity provides market context, but it does not establish HOME’s future returns, liquidity, or performance.
For investors, the key trade-off is access against risk and control. HOME offers portfolio exposure rather than direct rights to specific loans. Its token price depends on the vault’s net asset value, while redemptions may depend on available cash or the ability to sell loans. The reserve and first-loss allocation may provide buffers, but they do not remove the possibility of losses or delayed withdrawals.
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Figure Loans Meet Onchain Access
HELOCs let homeowners borrow against equity in their homes, usually through a line of credit with a set access period and a typically variable interest rate. The Federal Reserve Economic Data series cited in the report put the value of U.S. HELOCs at $460 billion in the second quarter. Separately, the New York Fed reported that outstanding U.S. HELOC balances rose by $13 billion that quarter, their 17th consecutive quarterly increase.
HOME is not the first attempt to put credit assets on blockchain networks. The report points to Maple Finance’s onchain lending pools and Centrifuge’s tokenized credit and structured products. Figure also tokenizes HELOCs on its Provenance blockchain. NUVA’s approach is to offer eligible investors a managed vault represented by an Ethereum-standard ERC-20 token, rather than requiring them to buy whole loans or invest through a conventional private-credit fund.
NUVA was created by Animoca Brands and Nuva Labs and has been working to connect Figure-originated assets to public blockchain ecosystems. Moro described HOME as a way to make an asset class with existing institutional demand available through an onchain structure. That is the company’s stated rationale; investor uptake and sustained demand for the token have not yet been established in the source material.
“Traditional securitization was built primarily for institutional investors. For individual investors, those structures can be difficult to access.”
— Anthony Moro, Nuva Labs CEO, in an interview with CoinDesk
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Investor Protections And Liquidity Limits
The source material does not provide a full breakdown of HOME’s legal structure, fees, custody arrangements, or the precise mechanics governing the first-loss allocation. It also does not state how the 7% target is calculated beyond saying it resets monthly, or give performance results for the product. The target should not be read as a promised return.
Liquidity is also conditional. NUVA says a 5% reserve is intended to meet smaller redemptions, while larger withdrawals may require loan sales. The timing and price of those sales, and how the vault would handle redemptions during stress, are not specified in the report. The first-loss allocation is described as roughly 5% of vault value, but its exact terms and funding are not detailed.
Eligibility is restricted to non-U.S. users, with the U.K., Hong Kong, China, the British Virgin Islands, and sanctioned jurisdictions excluded, Moro said. NUVA plans to use wallet screening and IP-address blocking. The source does not report how many investors have joined, how much capital the vault has attracted, or whether the listed borrower and geographic targets have been met in the live portfolio.
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Portfolio Data And Redemptions Ahead
NUVA says it aims to make loan-level information available onchain, including collateral, delinquency, borrower credit, and loan-to-value metrics. The timing, scope, and update frequency for those disclosures are not provided. Investors and observers will also be watching the vault’s portfolio composition, net asset value, redemption processing, and whether the stated screening limits are reflected in the assets held.
The company has said debt-service-coverage and residential-transition loans could be added later, but has not announced a timetable or confirmed that those assets will enter the vault. For now, HOME’s initial focus is on Figure-originated HELOCs. Its results will depend on underlying borrower repayments, loan valuations, operating arrangements, and the vault’s ability to meet withdrawal requests.
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Key Questions
What does the HOME token give investors?
It gives eligible holders pooled exposure to assets in a managed vault, initially Figure-originated U.S. HELOCs. It does not give them direct ownership of individual loans.
Is the 7% annual return guaranteed?
No. NUVA describes 7% as a target annual return that resets monthly. The report does not describe it as guaranteed, and actual results may differ.
Can HOME holders withdraw at any time?
NUVA says holders can request withdrawals without a lockup and expects them to take about two U.S. business days. Smaller redemptions are intended to be supported by a 5% liquidity reserve; larger ones may require loan sales, so access to funds is subject to liquidity conditions.
Who can invest in HOME?
NUVA says the product is for eligible non-U.S. users. The U.K., Hong Kong, China, the British Virgin Islands, and sanctioned jurisdictions are excluded, according to Moro.
What are the main risks?
Investors face borrower credit risk, changes in loan values, and liquidity risk. NUVA says a first-loss allocation and liquidity reserve are intended to provide buffers, but neither removes the possibility of losses or delayed withdrawals.
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