Huma Finance (HUMA)

• Huma is the first PayFi network — an open payment financing infrastructure paired with a diverse set of apps in cross-border payments, card settlement, T+0 solutions, and trade financing. Together, these represent a total potential market exceeding $30 trillion.

• Huma accelerates global payments by providing on-demand liquidity across PayFi use cases, enabling T+0 settlement. Example use cases include Arf’s cross-border payment financing, and Rain’s card settlement financing. To date, Huma has processed $4.5 billion in transactions with zero credit defaults, generating $9 million annualized revenue – establishing itself as the category-defining leader in PayFi. 

• Huma first introduced its institutional platform in 2023. In April 2025, Huma launched Huma 2.0 on Solana with Jupiter, Kamino, Meteora, and RateX as launch partners. Huma 2.0 brings institutional double-digit yield to DeFi users in a permissionless yet compliant way. In just one month following its launch, Huma’s depositor base grew 9x. 

Token use cases

Governance

$HUMA token holders can stake their tokens to participate in protocol governance. The duration of the stake determines the voting power, encouraging long-term alignment with the protocol. Stakers are eligible to vote on key decisions, including the allocation of liquidity and ecosystem incentives, adjustments to protocol parameters, and the distribution of protocol incentives.

LP & Ecosystem Rewards

The $HUMA token plays a pivotal role in the incentive program to bootstrap adoption and drive growth across the Huma protocol ecosystem.

• Liquidity providers (LPs) are rewarded with $HUMA for committing capital to the protocol, with higher rewards granted for greater and longer-term liquidity commitments.

• $HUMA stakers receive rewards through the staking multiplier and receive an additional boost to their LP positions.

• Ecosystem partners earn $HUMA relative to their contributions to critical KPIs such as transaction volume and protocol revenues. 

• Community contributors are also eligible to receive $HUMA in recognition of efforts that support community engagement, development, and overall ecosystem health.

Value Accrual Mechanisms

We believe in shared prosperity, and the Huma Foundation is actively exploring sustainable mechanisms for effectively utilizing protocol revenue to strengthen the PayFi movement. These mechanisms will be publicly designed with the community to align incentives, enhance long-term protocol value generation, and reward active participation in the ecosystem.

Ecosystem Currency

While Huma Protocol will continue to adopt stablecoin settlements for real-world transactions, the $HUMA token will serve as a utility token to enable advanced protocol features introduced in the future, such as real-time redemption. The range of $HUMA-powered functionalities will continue to grow as the protocol evolves.

• Huma protocol offers a suite of products including Huma Institutional, Huma 2.0, and PST (PayFi Strategy Token).

• Huma Institutional provides powerful infrastructure for structuring and tokenizing PayFi assets.

• Huma 2.0 democratizes access to the same institutional PayFi opportunities through a permissionless but compliant platform.

• PST (PayFi Strategy Token) brings fresh liquidity to Solana DeFi through yield-bearing PayFi assets that are liquid and accessible from anywhere, creating the DeFi & TradFi flywheel — similar to what MakerDAO and RWA enabled for EVM.

• Huma has raised $18.3 million in equity through Seed and Series A rounds, with a token warrant.  

• Huma has a total supply of 10 billion tokens. 

Key metrics (as of 26 May 2025):

1. What is Huma Finance?

• Project overview: 

  • Huma Finance is the first PayFi network, accelerating global payments through liquidity provision for use cases like cross-border financing (Arf) and card settlement (Rain). With $4.5 billion in transaction volume, zero credit defaults, and $9 million in annualized revenue, Huma is the clear category-defining leader. The launch of Huma 2.0 makes the protocol permissionless yet compliant, allowing anyone to access institutional yield opportunities.

• Project mission:

  • Huma’s mission is to accelerate the movement of money for a world that’s always on.

• Project value proposition

  • For payment institutions, Huma provides instant access to liquidity to accelerate global payments.

  • For liquidity providers, Huma 2.0 enables anyone to access institutional-grade yield opportunities and receive Huma rewards for their participation in the protocol.

  • For the Solana DeFi ecosystem, Huma makes yield from the real world composable across DeFi, in a transparent and permissionless manner.

• Project Key Highlights:

• Category Leader: $4.5 billion in total transaction volume, $9 million in annualized revenue, and zero credit defaults — leading the PayFi category with real-world use cases like cross-border and card settlement.

• Real Life, Real Yield: Driving impact in real-world payments and bringing institutional yield on-chain.

• DeFi-Native Liquidity: PST makes payment assets liquid, accessible, and composable through integrations with Jupiter, Kamino, Meteora, Orca, and RateX — unlocking both utility and capital efficiency.

• Powered by Tier-1 Partners: Deep partnerships with Solana Foundation, Jupiter, Circle, Stellar Development Foundation, and Global Dollar Network.

Dune dashboard
Total Transaction Volume: $4.5 billion

Total Active Liquidity: $103 million

Total Depositors: 54K

The diagram below shows the funds flow for Huma 2.0 

Users can interact with Huma 2.0 through the Huma Dapp to deposit and withdraw. Users can also buy and sell Huma LP positions on DEXs. 

The funds deposited into Huma 2.0 are deployed into either PayFi Assets via Huma Institutional or Liquid Assets in various battle-tested DeFi pools. Huma optimizes for capital efficiency. The deployment typically happens on the same day as LP deposits. Huma keeps a small percentage of stablecoins in the pool to provide an optimized redemption experience. 

 The following diagram shows the largest PayFi asset, Arf’s funds flow. 

2. Token sales and economics:

Token Distribution:

Token Release Schedule

*Final tick on x-axis represents token release from June 2032 onwards

3.    Risk Analysis:

Initial Circulating Retail:Institution Ratio:

Airdrop Cluster Analysis:

Initial TGE Main Bucket On-chain Wallets Addresses:

Disclaimer: This report is written before spot opening to trade, the liquidity token in the liquidity pool may be transferred while opening.

4. Roadmap & Updates:

Completed Milestones:

Please include disclosed milestones and any links specific to the milestone completion. 

Link to original whitepaper: The original whitepaper has been overwritten, the latest whitepaper is at https://docs.huma.finance/

Link to current whitepaper: https://docs.huma.finance/

Current Roadmap:

Please share your latest roadmap in the following format with as much detail as possible for each milestone.

Q2 2025:

• Airdrop claim

• TGE

• $HUMA staking

Q3 2025: 

• Card Acquirer Financing Pilot

• Priority Redemption

• Integrate PST w/ more Solana DeFi partners

• Operational Dashboard

Q4 2025: 

• Launch Acquirer Financing

• Transparency Dashboard

• Announce the first set of TradFi partners

• Achieve $10B transaction volume

Q1 2026:

• Launch Card Issuer Financing

• Launch Treasury Companion for Payment Companies

• Instant FX Pilot

Commercial and Business Development Progress:

• Solana Foundation (solana.org): Solana is a leading high-performance blockchain. Solana and Huma have formed a strategic partnership to drive PayFi movement. 

• Circle (circle.com): Circle is the issuer of USDC, one of the leading stablecoins. Huma is one of USDC’s largest applications in the real world. 

• SDF (https://stellar.org/foundation): Stellar is one of the leading blockchains focusing on Payments. Stellar has played a vital role in Arf’s growth and will continue to be a source of customer introductions. 

• Jupiter (jup.ag): Jupiter is the leading DEX aggregator on Solana. Jupiter is a key partner for Huma to integrate with the Solana DeFi ecosystem. 

• GDN (https://globaldollar.com/) : Huma is a member of Good Dollar Network. Launched by Paxos and powered by USDG, the network includes members such as Robinhood, Kraken, Anchorage, Nuvei, and WorldPay

5. Community:

• Twitter: https://twitter.com/humafinance 

• Discord: https://discord.gg/29zVxZ6kCN 

• Youtube: https://www.youtube.com/@humafinance 

• LinkedIn: https://www.linkedin.com/company/huma-finance

Appendix:

• Huma 2.0 Launch video

• docs.huma.finance

• Dune dashboard