Figure

At a glance

What it does

A home-equity line of credit, or HELOC, is a loan secured on the part of a house the owner has already paid off. Figure originates these loans itself and through partner lenders, and it records each loan natively on Provenance, a blockchain it built for that use. Once a loan is on the chain, Figure sells it, or pools of such loans, to banks, funds and other buyers through its marketplace.

Figure went public in September 2025. It priced its IPO at 25 USD a share on 10 September, raised about 788 mn USD, and began trading on Nasdaq as FIGR the next day. Its filings now report the business quarter by quarter. In the second quarter of 2026 Figure reported 57.57 mn USD of gain on sale alone, the profit it books when it sells loans for more than it lent.

How it is different

Figure's financial statements contain no "tokenization revenue" line. It earns money as a lender and marketplace, and the chain lowers its cost of capital rather than charging anyone a fee. That makes it the opposite of Securitize, which charges for tokenization and lost money in the same quarter.

The benefit shows up in the price buyers pay. According to Figure's filings, spreads on the AAA-rated tranches of its home-equity securitizations fell from 255 bps in 2023 to about 135 bps in 2026 to date, across 22 priced deals and more than 100 buyers. The mechanism named for it is the native on-chain loan registry, which gives buyers better data on the collateral. That saving of about 120 bps is the only benefit of tokenization in this market expressed in basis points and tied to a named mechanism, and it goes to Figure and its partners, not to token holders.

Provenance is a single-issuer chain. Its whole value locked, roughly 1.2 to 1.3 bn USD on DefiLlama, belongs to Figure Markets. The loans are recorded on a blockchain, but they do not move into DeFi or other applications.

Where it fits

Which blockchains RWAs live on uses Provenance as the case of a large, closed, single-issuer chain. Anatomy of a tokenized fund contrasts Figure's model with the fee stack of tokenized funds. Who's who in RWA sets its earnings against Securitize's. Where RWA stands in September 2026 explains why its HELOC book dominates private-credit totals. Related profiles: Securitize, Maple and Centrifuge.

Risks and open questions

Its scale inflates market totals. Figure's HELOC book is larger than all tokenized Treasuries together, so any chart of tokenized private credit is mostly a chart of one company's loans on its own chain. Readers should look at totals with and without Figure.

The on-chain claim is contested. A Morpheus Research report of April 2026 challenged Figure's description of its operations as blockchain-based. Those criticisms were not verified for this profile, and no company response is on record here.

It is exposed to US housing and credit markets. A fall in home prices or a rise in defaults would hit gain on sale directly, whatever chain the loans sit on.

The chain has no composability. Loans on Provenance cannot be used as collateral on open lending markets, so the token adds data quality but not liquidity.

What to watch next

• Spread data in quarterly filings: further compression on AAA tranches would support the claim that on-chain records lower funding costs.
• Partner lenders on Provenance: more originators recording loans on Figure's chain would turn a company tool into shared infrastructure.
• Links to open markets: any bridge that lets Figure loans serve as DeFi collateral would change what the token is worth to a holder.
• The response to short-seller claims: a detailed public answer would settle how much of the business actually runs on the chain.