Figure

Figure Technology Solutions is a financial services company that builds regulated, blockchain-native infrastructure for lending, credit trading, and capital markets. Founded in 2018 by Mike Cagney—former CEO of SoFi—and June Ou, Figure launched with the thesis that blockchain could strip out the intermediaries and paper processes that make consumer and institutional finance slow and expensive. The company developed its own public blockchain for this purpose, originated billions in loans on-chain, and has since expanded into a full-stack platform spanning crypto-backed lending, a yield-bearing digital security, on-chain loan trading, and blockchain-native public equity.---

Provenance Blockchain

Figure's infrastructure is built on Provenance Blockchain, a public, Cosmos SDK-based network that Figure co-launched in 2018 and later spun off to the nonprofit Provenance Blockchain Foundation in 2021. Provenance is purpose-built for financial services: it provides smart contracts, a native decentralized exchange, and metadata modules tailored for recording loan details, transfer history, and compliance data directly on-chain. HASH is the native token of Provenance Blockchain, serving staking, governance, and gas fee functions. By 2025, Provenance reportedly held approximately 75% of tokenized real-world assets among public blockchains, driven in large part by Figure's loan origination volume.---

Home Equity Lending

Figure's core product is a digital HELOC (home equity line of credit) that can be approved in five minutes and funded within five days, compared to weeks for traditional bank HELOCs. Loan data—from origination through payment history—is recorded on Provenance Blockchain, creating a single, immutable source of truth that removes the duplicate recordkeeping and reconciliation layers common in the secondary mortgage market. By 2025, Figure had facilitated more than seventeen billion dollars in home equity lending across the United States, making it the largest non-bank HELOC originator in the country. Additional lending products include cash-out refinances, DSCR loans for real estate investors, and crypto-backed loans secured by Bitcoin, Ethereum, and Solana.---

Figure Connect

Figure Connect is an on-chain marketplace where third parties can buy and sell loans directly, without the paper-heavy processes of the traditional loan secondary market. Because loan data already lives on Provenance, buyers can verify asset quality in real time rather than relying on representations in a prospectus. In the 16 months ending September 30, 2025, approximately 2.4 billion dollars in HELOC volume transacted through Figure Connect, with 33 participants onboarded across originators, buyers, and investors.---

Figure Markets and the August 2025 Merger

Figure Markets was originally established as a subsidiary to handle trading and institutional finance products. In August 2025, Figure Technology Solutions and Figure Markets merged into a unified entity, consolidating lending, trading, and yield-generation capabilities on a single blockchain platform. The combined company trades on Nasdaq under the ticker FIGR, and reached a 7.6 billion dollar valuation at its September 2025 IPO.

Figure Markets operates three main product lines:---

Figure Exchange provides trading in HASH, BTC, ETH, and tokenized assets via a self-custody model using MPC wallets, so users retain control of their keys rather than depositing with the exchange.

Democratized Prime is a decentralized lending marketplace that connects lenders seeking yield with borrowers pledging tokenized collateral. It includes pools backed by HELOCs, allowing investors to earn yield from real estate credit rather than purely crypto-native assets. Users can also borrow against their equity positions in OPEN securities, creating a prime brokerage-style margin facility on-chain.---

YLDS is a SEC-registered fixed-income security issued by Figure Certificate Company. Structured as a face-amount certificate rather than a stablecoin, each unit maintains a fixed value (100 YLDS = 1.00 USD NAV), accrues daily yield at approximately SOFR minus 35 basis points, and pays out monthly in-kind or in USD. YLDS is backed by the same short-duration Treasuries and Treasury repo agreements that prime money market funds hold, and its reserves are audited annually by a Big Four accounting firm. Because it is a registered security rather than an unregistered token, YLDS was the first instrument of its kind to receive SEC approval for a yield-bearing, transferable digital security in the United States, approved in February 2025.---

YLDS on Solana

In November 2025, Figure announced that Figure Certificate Company would begin minting YLDS natively on Solana, marking the first Solana deployment for the company. Exponent Finance, a yield exchange protocol on Solana, was named as the first integration partner, with plans to use YLDS as a real-world asset yield source within Solana's DeFi ecosystem. The expansion reflects a broader strategy between Figure and the Provenance Blockchain Foundation to bridge real-world financial assets into Solana's liquidity network. YLDS subsequently expanded to the Stellar network in May 2026.---

On-Chain Public Equity Network (OPEN)

In January 2026, Figure launched the On-chain Public Equity Network (OPEN), enabling companies to issue and trade equity as blockchain-native securities rather than as tokenized representations of DTCC-held shares. OPEN equities are registered directly on Provenance Blockchain, trade on Figure's SEC-registered Alternative Trading System via a limit order book, and can be used as collateral in Democratized Prime to borrow against or lend out stock positions. Figure Technology Solutions itself filed its Series A Blockchain Common Stock as the first OPEN issuance, with Jump Trading among the market makers onboarding to the system and BitGo signed on as a qualified custodian.---

Team and Backing

Figure was co-founded by CEO Mike Cagney, who previously built SoFi into a multi-billion dollar fintech before departing in 2017, and CTO June Ou. The company raised capital across multiple rounds, including a 200 million dollar investment from Sixth Street in February 2025, before going public on Nasdaq in September 2025. Its investor base and validator set on Provenance Blockchain include established financial-services firms, reflecting the company's focus on institutional credibility alongside consumer-facing products.---

Ecosystem Position

Figure occupies an unusual position in the blockchain landscape: it is a regulated, publicly traded company that originated the blockchain infrastructure it now operates on, holds the largest volume of tokenized real-world assets of any public blockchain by some measures, and has obtained SEC registration for a novel yield-bearing instrument. Its Solana expansion via YLDS connects its regulated, yield-generating infrastructure to one of the most active DeFi ecosystems, giving Solana protocols access to U.S. Treasury-backed yield from a registered security for the first time.