State Of Huma Finance Q2 2025

What Happened

On April 9, Huma Finance launched Huma 2.0, a Solana-based lending product that allows lenders to participate without KYC/KYB, which increased average daily depositors in Q2 by 462% QoQ from 128 to 719.

On May 26, Huma launched the HUMA token with an initial circulating supply of 1.733 billion (17.33% of total supply) and on June 30 introduced its staking and rewards framework.

In Q2, Huma co-hosted the PayFi Summit with the Solana Foundation and enabled HUMA bridging on Stargate from Solana to BNB Chain.

Huma Institutional is a permissioned lending product for accredited investors in non-restricted countries with KYC/KYB and operates on Solana, Stellar, Polygon, and Celo.

Launched on April 9, Huma 2.0 is a Solana-based lending product available to depositors except in restricted countries or when a wallet is flagged by Chainalysis screening. Users deposit USDC and choose between:

On May 26, Huma Finance launched HUMA, a utility and governance token with a total supply of 10 billion tokens to reward LPs, community contributors, and ecosystem partners (i.e., Huma-integrated protocols).

Market Context

Monthly transaction volume grew 309% YoY from $125.7 million in June 2024 to $514.5 million in June 2025, while monthly credit originations rose 305% YoY from $63.1 million to $255.8 million.

Huma Finance (HUMA) is a PayFi protocol that supplies settlement liquidity for cross-border transactions, payment service providers, credit card settlements, and similar use cases. The protocol connects liquidity providers (LPs) to borrowers through smart contracts and operates two products, Huma Institutional and Huma 2.0 (Permissionless), across 12 active lending pools, which generate yield from fees paid by borrowers.

In February 2023, Huma raised $8.3 million in a seed round. Thereafter, in April 2024, it merged with Arf, a cross-border payments liquidity provider, and in September 2024, raised a $38 million Series A led by Distributed Global. For a complete primer on Huma Finance, refer to our Initiation of Coverage report.

The initial circulating supply was 1.733 billion HUMA (17.33% of total supply), which included the following allocations: the initial airdrop (500 million HUMA; 5%), CEX listings and marketing (700 million HUMA; 7%), and market-making and onchain liquidity (400 million HUMA; 4%). It also included 100 million HUMA (1%) from the protocol treasury, and 33 million HUMA (0.33%) from LP and ecosystem for a token swap with Jupiter DAO.

For the initial airdrop, LPs who provided liquidity to any Huma Institutional or Huma 2.0 pools received 325 million HUMA (65% of the airdrop), allocated proportionally based on Feathers (Huma Finance’s rewards program) earned as of the May 18 snapshot. Institutional LPs with pre-defined vesting schedules kept their tokens locked at TGE.

Ecosystem partners received 125 million HUMA (25% of the airdrop) allocated by the transaction volume facilitated and revenue generated for Huma. Of this, 41.7 million HUMA vested at TGE, the same amount will vest three months after, and the remainder six months after.

Why It Matters

Key Insights

As of June 30, Huma 2.0 held $64.4 million in deposits, with $41.1 million (63.9%) in Maxi mode and $23.3 million (36.1%) in Classic mode.

Details

Primer

Classic Mode mints a PayFi Strategy Token (PST), which earns USDC yield (currently 10% APY) plus Huma Feather rewards.

Maxi Mode mints mPST, which forgoes USDC yield in exchange for only increased Huma Feather rewards.

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Key Metrics

Financial Analysis

HUMA Token Generation Event (TGE)

Token holders can stake HUMA to earn staking rewards, boost LP rewards, and vote on incentive allocations and protocol parameter changes. Longer staking durations increase voting power. Huma will publish governance process details in 2025.

Community contributors received 50 million HUMA (10% of the airdrop), fully unlocked at TGE. This group included active Discord or Kaito social campaign participants and open-source protocol development contributors.

Of the 500 million HUMA allocated for the airdrop, 335.8 million (67.2% of the airdrop) were claimed by 37,300 wallets, 144.2 million (28.8%) remained locked vesting, and 20 million (4.0%) was reclaimed by Huma Finance.