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NUVA’s HOME is a tokenized, actively managed vault that gives eligible investors proportional exposure to a pool of U.S. residential credit, starting with home equity lines of credit (HELOCs). You deposit USDC into the Ethereum vault and receive nvHOME, the vault token. You do not receive ownership of any specific loan.
Status has changed since the first coverage. CoinDesk’s October 8, 2026 report described HOME as an introduction, but NUVA’s marketplace now lists it as Live. Use the marketplace listing as the reference for status, total value locked (TVL) and the target rate, because those figures move. The word “offshore” is CoinDesk’s framing. Access runs through a compatible wallet, is subject to AML screening and geographic blocks, and NUVA’s public materials do not list which jurisdictions are open.
How HOME and nvHOME fit together
HOME is the vault: the pooled portfolio, its rules and its manager. nvHOME is the token that represents a holder’s proportional share of what the vault holds. Holders do not select loans and do not own any particular mortgage or credit line.
NUVA’s case for the product rests on access. Anthony Moro, CEO of Nuva Labs, told CoinDesk: “Traditional securitization was built primarily for institutional investors.” He added: “For individual investors, those structures can be difficult to access.” He also said: “HOME holders do not directly own the underlying loans,” describing holders’ tokens as providing exposure to assets in the vault.
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| Element | HOME (the vault) | nvHOME (the token) |
|---|---|---|
| What it is | An Ethereum vault holding a managed U.S. residential-credit portfolio | The vault token representing proportional exposure to the vault |
| What goes in | USDC deposited into the vault | Issued to the depositor in return for the deposit |
| What you hold | The vault holds the loans; you do not hold individual loans | A proportional share of vault value |
| How yield appears | Accrues to the vault’s net asset value (NAV) | Shows up in nvHOME’s token price, not as a separate payment |
What the portfolio holds
NUVA describes HOME as U.S. residential housing private credit. The initial focus is HELOCs, which are revolving loans secured by home equity: the borrower draws against a credit line and repays it over time. NUVA says two other loan types are expected after launch.
| Loan type | Status in NUVA’s product description | What it is |
|---|---|---|
| HELOCs | Initial portfolio focus | Revolving credit lines secured by home equity |
| DSCR loans | Expected after launch | Investor-property loans underwritten largely on the rent a property generates relative to its debt payments |
| Residential transition loans | Expected after launch | Not stated in NUVA’s product documentation |
Because the portfolio is still concentrated in HELOCs at the start, a HOME holder’s exposure to the other two categories depends on what NUVA adds later.
Who originates, underwrites and manages the loans
Figure Investment Advisors manages the portfolio
Figure Investment Advisors LLC screens loans against a published buybox, builds the portfolio to target duration, mix and diversification, and monitors performance. Figure Technology Solutions and its partners originate or source the loans through Figure Connect.
Underwriting and the criteria used
NUVA’s product documentation says Figure applies 28-point automated underwriting with no manual exceptions. The documentation lists the criteria and metrics used to assess loans:
- FICO score
- Loan-to-value (LTV) ratio
- Debt-to-income (DTI) ratio
- Coupon (interest rate)
- Delinquency status
- Loan age and term
- Lien balances
- Property information
- Repayment history
What the loss record does and does not show
NUVA’s documentation reports cumulative losses below 1% across more than $28 billion of originations by Figure since 2018. That is Figure’s issuer-reported history across its originations. It is not a result for HOME and not a forecast of future losses. The documentation does not give a HOME-specific loss history.
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How yield reaches nvHOME holders
NUVA currently lists a 7.00% target APY for HOME. This is a policy rate set by NUVA and the manager and reset monthly. NUVA’s public product page labels 7.00% illustrative and says outcomes are not guaranteed. The yield is not paid out separately. It is reflected in nvHOME’s price.
NUVA describes the order of flows as follows:
- NAV accrues at the target rate.
- Management fees are paid.
- Excess spread goes to the first-loss equity tranche.
As a worked illustration, a 7.00% APY on a $10,000 deposit would add about $700 to NAV over one year if the target were met in full. The management fee is paid after that accrual, and NUVA’s public materials do not state its rate, so the net outcome cannot be calculated from published figures.
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Withdrawals and the liquidity sleeve
Withdrawals can be initiated 24/7. NUVA says HOME withdrawals typically process within three U.S. business days. Settlement works in three layers:
- Smaller redemptions are handled by the YLDS liquidity sleeve, which NUVA targets at about 5% of HOME’s TVL.
- Larger redemptions may require whole-loan sales, executed through Figure Connect or over-the-counter (OTC) channels.
- The three-day timeline is NUVA’s typical figure. It is not verified for stressed market conditions, when loan sales may take longer.
Loss protection and where it stops
A separate first-loss equity tranche, targeted at about 5% of the vault cap, is designed to absorb portfolio losses before nvHOME holders do. The liquidity sleeve and this tranche do different jobs: the sleeve supports redemptions, while the tranche absorbs credit losses.
The protection has a ceiling. The 5% is a target rather than a fixed reserve, and losses larger than the tranche can reach nvHOME holders. The structure does not guarantee principal or yield.
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Risks you carry
Borrower defaults and credit losses
When borrowers stop paying, the cash flowing into the vault falls and loan values can drop. HELOC borrowers are secured by their homes, but a default still produces a loss when the collateral does not cover the balance.
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Changes in interest rates can change how the loans are valued. The monthly reset of the policy rate also means the advertised target can move.
Redemptions that outrun liquidity
If redemption requests exceed the liquidity available, the vault may need to sell loans, possibly at a discount. Discounted sales reduce NAV for the holders who remain.
Smart-contract, oracle and key risk
Smart-contract bugs, exploits, errors in the oracles (the data feeds that report values to the contracts) and compromise of the keys that control the vault are all possible. Any of these could affect deposits, withdrawals or reported values.
Mitigations NUVA describes
- The buybox and portfolio monitoring by Figure Investment Advisors
- The first-loss equity tranche and the YLDS liquidity sleeve
- Whole-loan sales as a source of liquidity
- Audits and a bug-bounty program (audit reports and dates are not listed in NUVA’s public materials)
- Onchain monitoring through Hypernative
- 6-of-9 multisig controls, meaning six of nine designated signers must approve sensitive actions
- A 48-hour timelock on contract upgrades
Each measure narrows a specific failure path. None removes the underlying credit, liquidity or contract exposure.
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Who can access HOME
Access is through a compatible wallet holding stablecoins, subject to AML screening and geographic blocks. NUVA’s public materials do not establish eligibility in every jurisdiction, so “offshore” describes the investor base CoinDesk had in mind, not a list of countries where HOME is open.
The following points are not established in NUVA’s public materials or the CoinDesk report:
- The offering form and legal classification of HOME or nvHOME
- A complete list of permitted jurisdictions
- Investor eligibility rules
- Tax treatment, which depends on your residence and situation
This article does not describe any securities-law exemption that would allow a given investor to participate. Check the current official terms for your jurisdiction before depositing.
What onchain data can and cannot show
NUVA says loan-level data and vault-level Proof of Reserves are available onchain. These let you check the reported reserves and the loans behind the vault instead of relying on summaries. They do not show whether borrowers will keep paying, whether the contracts are free of bugs, or whether redemptions can be met under stress. Treat them as one input to your own review.
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NUVA’s own comparison starts with the underlying exposure rather than the headline rate.
Best Value
| Factor | HOME | nvPRIME |
|---|---|---|
| Underlying exposure | Managed U.S. residential-credit portfolio | Financing or repo-style exposure |
| Portfolio management | Active | Passive pass-through |
| Rate profile | Target rate reset monthly (7.00% APY currently listed, illustrative) | Market-driven |
| Typical withdrawal processing | Typically within three U.S. business days | Up to two U.S. business days |
The rate row only means something after the exposure row. A monthly-reset target and a market-driven rate rest on different assets, so the two are not directly comparable yields.
Market context: U.S. HELOC balances
These figures explain the size of the market HOME starts with. Each one carries its own date and source, and they should not be combined into a trend.
| Figure | Date | Source |
|---|---|---|
| $460 billion in U.S. HELOC balances | Q2 2026 | Federal Reserve Economic Data (2026), as reported by CoinDesk |
| $13 billion increase in U.S. HELOC balances, the 17th consecutive quarterly increase | Q2 2026 | Federal Reserve Bank of New York (2026), as reported by CoinDesk |
| More than $420 billion in U.S. HELOC balances outstanding | First half 2025 | NUVA’s HOME deep dive (2025) |
The 2025 figure predates the 2026 figures and comes from a different source, so it is a separate data point rather than the starting point of a trend.
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Ecosystem and partners
- NUVA: CoinDesk describes NUVA as a real-world asset (RWA) marketplace created by Animoca Brands and Nuva Labs.
- Black Lake Digital Markets: Nuva Labs’ August 6, 2026 announcement says it partnered with Black Lake across asset tokenization, onchain data security and future distribution. The announcement says earlier work tokenized more than 4,000 down-payment-assistance mortgage loans valued at over $25 million on Provenance Blockchain. That pool is separate from HOME’s portfolio.
- Harbor Verify: An investor-driven tool for checking that a loan is in a pool and meets published eligibility rules, without exposing borrower personal information.
Al Qureshi, CEO and co-founder of Black Lake Digital Markets, framed the case for self-run checks this way: “But institutional buyers need a test they can run themselves rather than another party’s assurance.”
Who this structure suits, and who should pass
It may suit you if you are comfortable with pooled credit exposure and do not need to choose loans, you can accept a typical three-business-day settlement and the possibility of a slower or discounted exit, you can hold a stablecoin wallet and its keys yourself, and you can confirm you are eligible in your jurisdiction.
It is likely the wrong fit if you need guaranteed liquidity or principal protection, you want a fixed or guaranteed return, or you cannot confirm access in your jurisdiction.
Quick Recap
Before you deposit
- Confirm HOME’s status, TVL and target rate on NUVA’s marketplace on the day you act.
- Read the current official terms for your jurisdiction, including the withdrawal terms and the management fee, which NUVA’s public materials do not quantify.
- Confirm that your Ethereum wallet is compatible and that you control its keys. A deposit is only as secure as the wallet that holds the stablecoins.
- Check whether a monthly-reset target and a three-business-day exit window fit your cash needs.
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
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