Figure Technology Solutions, a blockchain-native fintech firm, prepares for its IPO on Nasdaq, potentially validating blockchain's role in traditional finance.

Executive Summary

Figure Technology Solutions (Figure), a fintech firm leveraging blockchain technology for lending and asset securitization, is preparing for an IPO on Nasdaq under the ticker "FIGR." This move signals a potential shift in how traditional finance integrates with blockchain, offering a measurable, profitable model tied to a lending business. The IPO is underwritten by Goldman Sachs, Jefferies, and Bank of America.

The Event in Detail

Figure's IPO filing highlights its blockchain-based lending platforms, which have facilitated over $16 billion in home equity lines of credit (HELOCs) to date, with $5 billion originated in 2025 alone. The company reported revenue of $191 million for the first half of 2025, with a net profit of $29 million, a significant turnaround from a $13 million loss in the same period in 2024. Figure utilizes its Provenance Blockchain to expedite HELOC approvals to around 10 days, significantly faster than traditional processes. Figure also launched YLDS, the first yield-bearing stablecoin registered as a public security offering with the SEC, paying an interest rate of SOFR minus 0.50%.

Market Implications

Figure's IPO could validate blockchain's role in traditional finance, attracting further investment in RWA tokenization. The company's focus on tokenizing illiquid assets, such as home equity, into tradable digital tokens accelerates loan approvals and creates secondary markets. Victory Park Capital (VPC), a $30 billion alternative asset manager, has partnered with Figure to securitize its first pool of crypto-backed loans, allowing asset owners to borrow against Bitcoin with loan-to-value ratios up to 75%.

Expert Commentary

"Figure's use of blockchain technology to streamline loan transactions and increase market liquidity represents a significant step forward for the industry, and we're thrilled to be part of it."

Figure CEO, Mike Cagney stated,

"We see tremendous applications for YLDS... Exchange collateral, cross-border remittances, and payment rails are some of the immediate opportunities. But we see this as a catalyst to a much larger migration of TradFi to blockchain."

Broader Context

Figure's approach differs from traditional fintech lenders like SoFi and Upgrade, which lack on-chain transparency and secondary market liquidity. While pure tokenization plays like Centrifuge have interesting tech, they lack Figure's vertically integrated model and balance sheet. The SEC is actively engaging with Figure around tokenized securities, signaling preparation rather than avoidance. Figure's blockchain-based asset securitization products received AAA ratings from Moody's and S&P, a first in financial history, underscoring growing confidence in blockchain infrastructure.

However, Figure operates in a regulatory gray zone, where shifting policies could disrupt its tokenization strategy.