Figure is a financial technology company that develops products and infrastructure for capital markets using blockchain and artificial intelligence (AI). The company focuses on the lending, trading, and asset tokenization sectors, with a stated mission to reduce costs, increase efficiency, and improve transparency in financial markets. Figure originates loans, such as home equity lines of credit (HELOCs), and operates a digital asset marketplace built on the Provenance Blockchain for trading cryptocurrencies and tokenized real-world assets (RWAs). ^[1] ​

Overview

Figure aims to reinvent capital markets by reducing the number of intermediaries involved in financial transactions. The company's business model centers on originating financial products, primarily in the consumer credit space, and using its blockchain-based platform to securitize, manage, and trade these assets. This process includes tokenizing RWAs, such as HELOCs, and making them available on its proprietary marketplace. By vertically integrating lending and trading on a single platform, Figure seeks to create a more streamlined system for both consumers and investors. ^[2] ​

The company's approach has generated discussion regarding its classification, with some market analysis questioning whether it is a technology-driven "future of finance" platform or primarily a lending business that utilizes blockchain as part of its infrastructure. Figure's leadership has stated that the goal is to build an "Exchange of Everything," moving beyond its initial focus on home loans to encompass a broader range of financial instruments. Key to its strategy is providing broader access to financial products, such as private credit yields, that were historically limited to institutional investors. ^[3]​

Figure's ecosystem includes lending services operated by Figure Lending LLC, a markets division under the Figure Markets brand, and a proprietary blockchain, Provenance. The company went public in September 2025, listing on the Nasdaq stock exchange under the ticker symbol $FIGR. ^{[4] [1]}​

History and Development

The entity Figure Markets was founded in 2024. In April of that year, it raised $60 million in a Series A funding round with participation from investors including Pantera Capital and Jump Crypto. ^[3]​

Throughout 2024 and 2025, Figure received industry recognition, being named to Fast Company's "Most Innovative" lists for blockchain and finance, as well as Forbes' "Fintech 50" list in 2025. ^[1] During this period, the company reported significant transaction volume, stating it had processed over 13 billion in assets on-chain as of August 2025. Pantera Capital noted that Figure issued the "first publicly rated HELOC ABS (Asset-Backed Security) issued natively on blockchain rails." ^[3]​

On February 20, 2025, Figure announced the launch of YLDS, describing it as the first SEC-registered, yield-bearing stablecoin. ^[2] The company held its Initial Public Offering (IPO) on September 11, 2025, listing on the Nasdaq. ^[4] Shortly after, in September and October 2025, the "Figure Markets" brand and its social media channels were consolidated into the broader "Figure" corporate identity. ^{[4] [3]}​

Following its public listing, Figure announced further integrations and partnerships. In October 2025, it revealed a partnership with Sui Network to bring its YLDS stablecoin to the Sui blockchain. ^[4] In February 2026, Figure announced collaborations with the trading platform Moomoo and the wallet provider Keplr to expand global access to its Onchain Public Equity Network (OPEN). ^[1]​

Technology and Infrastructure

Provenance Blockchain

Figure's products and services are built on the Provenance Blockchain, a public, open-source blockchain designed specifically for the financial services industry. It is a proof-of-stake blockchain optimized for the settlement of loans, trades, and real-world assets. The native token of the Provenance Blockchain is HASH, which is tradable on the Figure Exchange. The company utilizes Provenance to register and manage digital assets, including its tokenized HELOCs and the YLDS stablecoin. ^{[2] [1]}​

Artificial Intelligence

Figure integrates AI into its lending workflow to automate manual processes, which it reports has significantly reduced operational costs. The company partners with and utilizes AI models from OpenAI (GPT) and Google (Gemini) to streamline its loan origination and servicing operations. This application of AI is intended to support loan application approvals in under five minutes, subject to verification. ^[1]​

Multi-Party Computation (MPC) Custody

For its crypto-backed loans and other digital asset services, Figure employs Multi-Party Computation (MPC) wallets. This decentralized custody solution is designed to ensure that no single party can unilaterally control or access a user's assets, removing single points of failure. With MPC, collateral for loans is held in a segregated wallet for each user, and the assets remain verifiable on-chain by the user at all times. The company states that this model prevents the rehypothecation of customer collateral. ^{[2] [3]}​

Products and Services

Lending Products

• Home Equity Line of Credit (HELOC): The company's flagship lending product, which offers a fully online application process. The HELOCs originated by Figure are often tokenized and used as collateral in lending pools on its "Democratized Prime" marketplace.
• Crypto-Backed Loans: These loans allow users to borrow U.S. dollars against their cryptocurrency holdings, including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). The loans are offered at a fixed annual percentage rate (APR) with a 50% loan-to-value (LTV) ratio and do not require credit checks.
• Other Loan Types: Figure also offers traditional mortgage products like Cash-Out Refinancing and Debt Service Coverage Ratio (DSCR) loans for real estate investors.

These lending products are supported by Figure's technology, with its HELOC securitizations having received AAA ratings from S&P and Moody's in deals led by major investment banks. ^{[1] [2]}​

Markets and Investment Products

• Figure Exchange: A digital asset exchange for trading cryptocurrencies, the Provenance Blockchain's HASH token, and tokenized real-world assets. It provides both a standard and a "Pro" interface for advanced traders.
• Democratized Prime: A marketplace designed to connect lenders with borrowers using digital assets as collateral. Lenders can earn yield by supplying capital to lending pools, such as one collateralized by Figure's tokenized HELOCs. Borrowers can access a "Flex Rate Loan," with interest rates determined by a Dutch auction mechanism.
• Onchain Public Equity Network (OPEN): A platform for transacting public equities on-chain, designed to bring traditional securities into Figure's blockchain ecosystem.^[2]

YLDS Stablecoin

YLDS is a key product in Figure's ecosystem, marketed as the first interest-bearing stablecoin offered as an SEC-registered public security. Legally structured as an "unsecured face-amount certificate," it is issued by the Figure Certificate Company (FCC), a subsidiary. ^{[2] [5]}​

YLDS is designed to maintain a stable value pegged to the U.S. dollar (specifically, $0.01 per share) while automatically generating yield for its holders. The interest rate is variable and calculated based on the Secured Overnight Financing Rate (SOFR) minus a basis point spread, with a floor of 0.00% APY. The assets backing YLDS are held by the issuer and consist primarily of debt securities managed by Figure Investment Advisors, LLC. As a registered security, YLDS is subject to significant risk disclosures, including that it is not a bank deposit, is not FDIC-insured, and may lose value if the issuer's assets incur losses. ^[5]​

Initial Public Offering (IPO)

Figure Technologies went public on September 11, 2025, listing its common stock on the Nasdaq stock exchange under the ticker symbol $FIGR. The event marked a significant milestone for the company, bringing a blockchain-focused financial services firm to the public markets. ^{[4] [6]}​

On the day of the IPO, co-founder Mike Cagney appeared on CNBC's 'Squawk Box' to discuss the company's debut. In a statement posted on social media, the company remarked on the event, "Our first trade signals a future where capital markets run faster, with greater transparency and efficiency using blockchain." ^[4]​

The video below features Mike Cagney's interview on CNBC on the day of Figure's IPO, where he discusses the company's mission and the role of blockchain in capital markets.

The IPO was also a subject of discussion during an interview with Cagney at the Solana Breakpoint conference in December 2025, which was later published by the financial media channel Real Vision in February 2026. ^[7]​