NUVA, the real-world asset marketplace founded by Animoca Brands and Nuva Labs, launched HOME, an ERC-20 token giving eligible non-U.S. investors exposure to a managed vault of American home equity lines of credit for as little as 1 USDC. The product targets a 7% annual return, with the target resetting monthly.

The vault will initially hold HELOCs originated through Figure Technology Solutions. Interest income and loan performance flow into the vault's net asset value, which determines the token's price. HOME holders do not own individual loans — they hold exposure to the pooled basket.

The launch takes an asset class historically accessed through securitizations, private-credit funds or whole-loan purchases and packages it as a composable DeFi instrument on Ethereum.

"Traditional securitization was built primarily for institutional investors," Nuva Labs CEO Anthony Moro, a 22-year BNY Mellon veteran, told CoinDesk. "For individual investors, those structures can be difficult to access."

How does HOME differ from existing tokenized credit?

Maple Finance built onchain lending pools for institutional borrowers. Centrifuge has brought credit and structured products onchain. Figure itself already tokenizes HELOCs on its Provenance blockchain. HOME's distinction is packaging: eligible non-U.S. users enter a managed vault of Figure-originated home equity loans with 1 USDC, rather than buying whole loans or subscribing to a conventional private-credit fund.

"HOME holders do not directly own the underlying loans," Moro said. "They hold HOME tokens that provide exposure to the assets held in the vault."

The bet is that NUVA can tap DeFi demand for yield without generating loan demand itself. 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.

"HOME is not trying to create demand for residential credit from scratch," Moro said. "It is taking an asset class that already has substantial institutional demand and making that exposure available through a more accessible onchain structure."

What credit sits in the vault?

The first portfolio targets HELOCs with:

• An average FICO score — created by Fair Isaac Corporation — of at least 735
• Combined loan-to-value of no more than 69%
• Debt-to-income ratio of no more than 40%
• California exposure capped at 30%, other states at 15%

Debt-service coverage and residential-transition loans could be added later. U.S. HELOC balances rose $13 billion in the second quarter, their 17th consecutive quarterly increase, according to the New York Fed. Total HELOC value reached $460 billion in the quarter, per Federal Reserve Economic Data.

What are the liquidity and risk mechanics?

HOME carries no lockup. Withdrawals can be requested at any time and are expected to settle in roughly two U.S. business days. A 5% liquidity sleeve covers smaller redemptions; larger withdrawals may require loans to be sold through Figure Connect or over the counter.

A first-loss equity allotment, estimated at roughly 5% of the vault's value, absorbs defaults or losses from forced sales before they reach HOME holders. That structure provides a buffer but does not eliminate the credit and liquidity risks tied to U.S. residential lending, Moro said. He added that NUVA aims to publish loan-level data — collateral, delinquency, borrower-credit and loan-to-value metrics — onchain rather than limiting investors to periodic fund reports.

Who can actually buy it?

HOME is restricted to eligible non-U.S. users. The U.K., Hong Kong, China, the British Virgin Islands and sanctioned jurisdictions are also excluded, Moro said. NUVA will enforce the restrictions through wallet screening and IP address blocking.

The product now tests whether offshore DeFi users want U.S. residential credit exposure in a tradable, ERC-20 format — and whether monthly resets and onchain loan data can sustain that demand as the HELOC market extends its multi-year expansion.