CoinDesk
Animoca Brands-backed NUVA launched Tuesday as an Ethereum-based marketplace connecting roughly $19 billion of tokenized real-world assets originating on the Provenance blockchain — primarily credit products tied to Figure Technologies — to decentralized finance markets. The platform debuts with two flagship products: nvYLDS, a yield vault wrapping Figure's SEC-regulated stablecoin YLDS with more than $500 million in supply, and nvPRIME, a token tied to Figure's $18.4 billion home equity line of credit portfolio offering high single-digit yield above 7%.
Why it matters
The launch narrows a gap that has constrained tokenized private credit since the sector crossed $20 billion in onchain value: most RWA protocols still function as walled gardens, with assets issued on a permissioned chain and tradable only within that chain's closed ledger. NUVA's design ports those positions to Ethereum as ERC-20 tokens, which means they can be lent, posted as collateral, or routed through any composable DeFi primitive — Aave, Morpho, Curve — for the first time. CEO Anthony Moro, a former BNY executive, framed the bet as a thesis about distribution rather than issuance: "Nobody really has that unified global distribution layer for blockchain-native assets," he said.
The retail access angle is equally deliberate. nvPRIME's underlying HELOC yield is mostly gated to institutions and accredited investors in TradFi; NUVA wraps it so any Ethereum wallet can deposit stablecoins and receive an ERC-20 receipt. That collapses a structural advantage that has historically justified the high-single-digit spread between private credit and money-market rates.
Market impact
Tokenized RWA has become one of crypto's fastest-growing verticals, with industry forecasts pointing to a multi-trillion-dollar addressable market over the next decade as asset managers push bonds, credit, and money-market products onto blockchain rails.
Frequently asked questions
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What is NUVA and who built it?
NUVA is an Ethereum-based marketplace developed by Animoca Brands and Nuva Labs that connects tokenized real-world assets from the Provenance blockchain to DeFi. Nuva Labs CEO Anthony Moro is a former BNY executive.
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How much tokenized asset value does NUVA link to Ethereum?
NUVA launches with roughly $19 billion of tokenized real-world assets originating on Provenance, primarily credit products tied to Figure Technologies, including an $18.4 billion HELOC portfolio and an SEC-regulated stablecoin vault above $500 million in supply.
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What are nvYLDS and nvPRIME?
nvYLDS is a Treasury-linked yield vault wrapping Figure's SEC-regulated YLDS stablecoin. nvPRIME is a token tied to Figure's $18.4 billion home equity line of credit portfolio offering above 7% yield. Both are issued as ERC-20 tokens on Ethereum.
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Why does this matter for the RWA sector?
Most tokenized private credit sits on permissioned chains as walled gardens. NUVA ports those positions to Ethereum as ERC-20s, making them lendable, collateralizable, and routable across DeFi protocols like Aave, Morpho, and Curve for the first time at this scale.
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Who can access the yields on NUVA?
In traditional finance, the underlying HELOC yield is mostly limited to institutions and accredited investors. NUVA wraps it so any Ethereum wallet can deposit stablecoins and receive an ERC-20 receipt, opening institutional-grade credit returns to retail users.
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