Figure

Figure Technology Solutions is a blockchain-native financial company that operates across consumer lending, capital markets infrastructure, and tokenized real-world assets. Founded in 2018 by Mike Cagney — the former CEO of SoFi — and June Ou, Figure set out to prove that financial services could be meaningfully faster and cheaper when built on a public blockchain from the ground up rather than layered on top of legacy systems.

The company went public on Nasdaq in September 2025 under the ticker FIGR, entering the market at a $7.6 billion valuation. That milestone followed more than seven years of proving its thesis at scale: Figure has unlocked over $30 billion in home equity for more than 382,000 households and reached quarterly consumer loan marketplace volume of $4.3 billion as of Q2 2026 — a 132% year-over-year increase.

Provenance Blockchain as Foundation

Figure's primary infrastructure runs on Provenance Blockchain, a public, Cosmos SDK-based network that Figure helped launch in 2018. In 2021, Figure spun the network out to the nonprofit Provenance Blockchain Foundation, giving it independent governance. Provenance serves as the system of record for Figure's loan originations, asset-backed securitizations, and fund administration.

By recording loan data on a public ledger from the point of origination, Figure eliminates the paper-intensive reconciliation steps that make traditional mortgage securitization slow and expensive. The company has used this approach to reduce HELOC origination timelines from more than 40 days to under five minutes.

Consumer Lending Products

Figure's flagship consumer product is its Home Equity Line of Credit, which offers approval in under five minutes and funding in as few as five days with borrowing limits up to $750,000 and rates starting at 6.85% APR. Alongside HELOCs, Figure offers cash-out refinancing, DSCR loans for real estate investors, and reverse-mortgage alternatives for seniors.

In 2026, Figure entered the first-lien mortgage market, targeting market share held by Fannie Mae and Freddie Mac by citing a 91% reduction in origination costs achievable through its blockchain infrastructure. That year Figure also acquired Kiavi, the top-ranked residential transition loan lender in the US by volume, expanding its real estate lending footprint further.

Figure additionally offers crypto-backed loans that accept Bitcoin, Ether, and SOL as collateral, giving Solana holders a direct path to liquidity without selling their positions.

Solana Integration: YLDS and the RWA Consortium

Figure's connection to Solana became concrete in November 2025 when the company launched YLDS — a registered public debt security issued by its subsidiary Figure Certificate Company — natively on Solana. YLDS had first gone live on Provenance Blockchain in February 2025, making it the first SEC-registered yield-bearing stablecoin in the US. It maintains a fixed dollar price while delivering continuous yield backed by US Treasuries and Treasury repo agreements.

Expanding YLDS to Solana brought that regulated yield instrument into the Solana DeFi ecosystem, giving users access to a legally registered, audited yield product rather than an unregulated synthetic. YLDS subsequently expanded to Stellar in May 2026.

Separately, Figure launched an RWA Consortium aimed at channeling the yields from its more than one billion dollars in monthly on-chain loan originations directly into Solana DeFi. The consortium is built around PRIME, a liquid staking token on the Hastra liquidity protocol, and includes seven partners: Kamino Finance as the exclusive lending venue, Chainlink for oracle infrastructure and cross-chain interoperability via CCIP, Raydium for liquidity, Privy for wallet onboarding, and Gauntlet for institutional-grade risk management. The initiative is designed to bring institutional private credit yields — historically accessible only to large funds — to retail participants on Solana.

OPEN and Capital Markets Infrastructure

In early 2026, Figure introduced OPEN (On-Chain Public Equity Network), a platform that allows companies to list equity natively on blockchain as legally registered securities. OPEN equities trade on a limit order book through Figure's registered alternative trading system (Figure ATS), with self-custody and self-settlement throughout. Figure listed its own shares on OPEN as a demonstration, with Mike Cagney describing the initiative as the "renaissance era of blockchain" in public markets.

Complementing OPEN is Democratized Prime, a product that lets institutional and retail participants earn yields by lending cash or crypto into Figure's lending pools, connecting capital looking for yield directly to Figure's origination pipeline without intermediaries.

Figure Markets Merger and Current Structure

In August 2025, Figure merged with Figure Markets, a subsidiary it had spun out to operate a trading and DeFi platform. The merger consolidated lending, trading, and yield-generation into a single entity operating across Provenance Blockchain and Solana. The combined company serves over 350 B2B partners including banks, credit unions, fintechs, and home improvement companies, with roughly 40% of HELOC volume flowing through Figure Connect, its consumer credit marketplace for tokenized loans.

Current leadership is CEO Michael Tannenbaum, with Mike Cagney serving as Executive Chairman and co-founder June Ou as a board member and advisor.

What Figure Represents for Solana

Figure is one of the clearest examples of an established, regulated financial business with significant on-chain loan volume choosing Solana as an expansion layer for real-world asset products. Its decisions to mint YLDS on Solana and build the RWA Consortium around Solana DeFi protocols reflect institutional confidence in Solana's settlement capabilities and a deliberate move to import regulated private credit yields into an ecosystem that has historically lacked them at scale.