Figure Markets

What Figure Markets does

Figure Markets is a blockchain-based financial technology company that operates an integrated platform combining consumer credit origination, decentralized lending, digital asset trading, and tokenized securities. Founded in 2018 by Mike Cagney (former SoFi CEO) and June Ou, the company is built on Provenance Blockchain, a purpose-built distributed ledger for financial settlement. Figure serves four primary customer segments: retail crypto investors seeking institutional-quality yields, U.S. homeowners accessing home equity lines of credit (HELOC), institutional trading platforms integrating tokenized securities (e.g., Moomoo), and blockchain-native financial institutions deploying real-world assets on-chain. The company is the largest non-bank HELOC originator in the United States, having disbursed over $19 billion in home equity loans, and reports approximately 75% market share in real-world asset (RWA) tokenization, targeting a $130 billion revenue opportunity in a category where only 1% of RWAs are currently on-chain.

Name

Figure Markets

Legal name

Figure Technology Solutions, Inc.

Website

https://figuremarkets.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

101–250 employees

Short description

Figure Markets is a blockchain-based fintech operating on Provenance Blockchain, offering the largest U.S. non-bank HELOC origination, decentralized lending (Democratized Prime), the YLDS SEC-registered yield-bearing stablecoin, and digital asset exchange for retail and institutional clients.

Ownership category

akta.pro rank

Product category

Blockchain-based Digital Asset Marketplace

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231), Securities and Commodity Exchanges (5232), Investment Banking and Securities Intermediation (523150)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Commodity Contracts Brokers & Dealers (6221), Finance Services (6199)

akta.pro primary industry

Private Credit & Loan Tokenization Platforms (FSADAEAD)

akta.pro secondary industries

Digital Asset/Crypto Trade Execution Platforms (FSAFANAO), Borrowing/Lending Risk & Credit Infrastructure (on-chain credit scoring, risk engines, insurance wrappers) (FSAPAEAI), Margin Trading & Collateralized Borrowing (Exchange-Operated) (FSADAAAL)

Keywords

• Blockchain lending
• Crypto exchange
• Tokenized real-world assets
• Yield-bearing stablecoin
• Home equity lending

Headquarters

HQ city

San Francisco

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales, Others

Revenue model

1. HELOC Lending and Origination: Figure Markets operates as the largest non-bank Home Equity Line of Credit (HELOC) originator in the United States, having disbursed over $19 billion. Revenue generated from interest spread on originated HELOC loans.
2. Democratized Prime Platform Fees: Platform fees for HELOC+ computed on Purchase Price per Settlement Period. Fee structure includes 50bps (0.50%) annualized of the Purchase Price paid by borrowers.
3. SEC-Registered Securities (YLDS): YLDS Stablecoins are unsecured face-amount certificates issued by Figure Certificate Company (FCC), backed by securities that prime money market funds hold. Interest rate is overnight SOFR less 35 basis points.
4. Crypto Exchange Trading: Figure Exchange enables trading of crypto, HASH, and tokenized real-world assets with trading fees charged on transactions.
5. Crypto-Backed Loans: Crypto-collateralized lending with industry low rates at 50% LTV and no credit checks. Interest income from crypto-backed borrowing.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels7 records

Core offering

Figure Markets operates a blockchain-native digital asset marketplace built on Provenance Blockchain. Its core offerings include a crypto and tokenized-asset exchange (Figure Exchange), a DeFi lending protocol (Democratized Prime) with HELOC+ lending pools and Flex Rate crypto-collateralized loans, crypto-backed loans, home equity lines of credit, and YLDS — the first SEC-registered yield-bearing stablecoin that pays daily interest to holders. The platform also provides Figure Connect for institutional secondary trading of private credit, Figure Pay for fiat services, and Figure Securities' ATS-based brokerage.

Product overview

Figure Markets operates as a unified platform combining consumer credit marketplace and blockchain-native asset exchange operations. The core product suite includes: Figure Exchange for crypto and tokenized asset trading; Democratized Prime (a DeFi lending protocol) with its HELOC+ and Flex Rate Loan sub-products; Crypto-Backed Loans and Home Equity Line of Credit (HELOC) for lending; YLDS, the first SEC-registered yield-bearing stablecoin; Figure Connect for secondary market trading of private credit; Figure Pay for fiat services; and Figure Securities for ATS-based securities trading. The company also offers investment advisory services through Figure Investment Advisors, managing funds including Figure REIT, Digital Asset Opportunity Fund, and SOL Opportunity Fund. The platform is built on Provenance Blockchain and positions itself as the largest non-bank HELOC originator in the US.

Differentiator

Problem solved

Functional benefit

Brands

• Democratized Prime: A DeFi lending protocol bringing institutional-grade lending assets to decentralized finance, enabling yield from Home Equity Lines of Credit.
• Figure Exchange
• HELOC+
• YLDS
• Figure Connect
• DART

Products and services

• Democratized Prime A DeFi lending protocol on Provenance Blockchain that lets users earn yield backed by Home Equity Lines of Credit (HELOCs) or borrow against crypto assets. Interest rates are determined through a Dutch auction mechanism. Targeted at retail DeFi users and institutional capital seeking institutional-quality lending exposure.
• Crypto-Backed Loans Loan product where users post crypto (BTC, ETH, HASH) as collateral at 50% loan-to-value and borrow USD with no credit checks, while retaining self-custody via Figure's decentralized MPC wallet. Targeted at crypto holders seeking liquidity without selling their assets.
• Home Equity Line of Credit (HELOC) Home equity line of credit product for U.S. homeowners. Figure is the largest non-bank HELOC originator in the United States with over $19 billion disbursed, with HELOC assets tokenized via Provenance Blockchain and recorded on the DART lien registry.
• DSCR Loan Debt Service Coverage Ratio loan product for real estate investors, underwritten based on rental income rather than personal income.
• Figure Exchange The only exchange for trading crypto, HASH, and tokenized real-world assets. Supports HASH, BTC, ETH, and tokenized assets with pro-level trading functionality and full on-chain control through an Alternative Trading System operated by SEC-registered Figure Securities.
• YLDS (Yield-Bearing Stablecoin) The first interest-bearing stablecoin registered as a public security with the SEC. Pegged to USD at $0.01 per share, pays holders daily yield (SOFR minus 35bps), and is backed by the same securities that prime money market funds hold. Issued by Figure Certificate Company.
• Figure Connect Institutional on-chain marketplace for secondary trading of private credit, including BWIC (bids wanted in competition) liquidation processes and collateral management. Targeted at institutional credit participants.
• HELOC+ Lending Pool Premium lending pool within Democratized Prime collateralized by first-lien HELOC loans (some achieving AAA rating from S&P). Operates under a repurchase agreement structure with Demo Prime Trust 2 as administrative agent and charges a 50bps annualized platform fee on Purchase Price.
• Flex Rate Loan Borrowing option within Democratized Prime that lets users take crypto-collateralized loans with flexible interest rates determined through Dutch auction pricing.
• Figure Pay Licensed money transmitter and USD wallet service operated by Figure Payments Corporation. Customer fiat deposits are held in FDIC-insured omnibus accounts at Lead Bank, member FDIC. Provides USD-related services to U.S. customers.
• Figure Investment Advisors (Funds) SEC-registered investment advisor subsidiary managing the Figure Liquid RWA Fund, SOL Opportunity Fund, Figure REIT (a real estate investment trust in residential mortgages and HELOCs), and the Figure HELOC Fund.
• Figure Securities (ATS / Broker-Dealer) SEC-registered broker-dealer subsidiary and FINRA/SIPC member that operates Figure Markets' Alternative Trading System (ATS) for trading tokenized securities, including YLDS.

Quantifiable outcome

• Q3 2025 net revenue of $156.37M with net profit of $90M (57% margin)
• +3 more outcomes

Named customers1 record

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature6 records

Partnerships

Six partnerships are on record, tiered core and minor.

• MoomoocoreGTM or Marketing Partner · 31 May 2026Moomoo partnered with Figure Markets and BitGo to expand into tokenized secondary market offerings. Figure joined Moomoo's onchain public securities initiative, enabling Moomoo's 30M+ global users to access tokenized securities through Figure's infrastructure.
• BitGocoreTechnology or Integration · 8 April 2026BitGo partnered with Figure Markets and Moomoo on tokenized secondary market offerings, joining Figure's onchain public securities initiative.
• Agora DatacoreStrategic or Co-development Partner · 26 March 2026Agora Data partnered with Figure to make originated auto loans publicly available on Figure's blockchain-native marketplace as tokenized real-world assets. This creates new liquidity in the $1.6 trillion U.S. auto loan market, enabling qualified investors to access auto loan assets through the Figure platform via DemoPrime.
• SuicoreTechnology or Integration · 14 October 2025Figure Technology Solutions partnered with Sui to deploy the SEC-registered $YLDS security token on the Sui blockchain. The deployment aims to offer yield on digital assets and support margin trading through DeepBook, Sui's liquidity layer.
• CryptoRunnerminorGTM or Marketing PartnerFigure Markets strategic partnership with CryptoRunner, one of the largest cryptocurrency comparison services, aims to enhance transparency, accessibility and education in the rapidly evolving crypto marketplace.
• Provenance BlockchaincoreTechnology or IntegrationFigure Markets runs on Provenance Blockchain, a purpose-built blockchain trusted by major institutions for fast, transparent, on-chain settlement of loans, trades, and real-world assets. Figure originated from and operates Provenance Blockchain.

Scale indicators13 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Ondo Finance: Tokenized real-world asset platform offering yield-bearing products (e.g., OUSG, USDY) backed by treasuries and short-duration bonds. Directly comparable to Figure's YLDS and RWA tokenization franchise, competing for the same institutional yield-seeking crypto-native capital.
• Circle: Issuer of USDC, the dominant regulated U.S. dollar stablecoin. Directly comparable to YLDS, with Circle exploring yield-sharing via tokenized money-market funds — making it Figure's most direct yield-bearing stablecoin competitor.
• Maple Finance: Institutional on-chain credit marketplace connecting lenders with vetted borrowers (e.g., market makers, trading firms). Directly comparable to Figure's Democratized Prime in bringing institutional-grade credit on-chain, though Maple focuses on undercollateralized lending pools.
• MakerDAO (Sky): Decentralized protocol issuing the DAI stablecoin against crypto collateral via Collateralized Debt Positions (CDPs). Comparable to YLDS as a yield-bearing stablecoin and to Democratized Prime as a DeFi lending/collateral framework.
• Centrifuge: Tokenization protocol for real-world assets, including invoice and lender financing via the Tinlake/Tinlake-C pools. Directly comparable to Figure's RWA tokenization strategy and to Democratized Prime's role as an on-chain credit marketplace.

Broad incumbents

• Coinbase: Largest U.S.-listed crypto exchange with spot trading, custody, staking, and an institutional prime brokerage. Overlaps with Figure Exchange and Figure Securities as a venue for digital-asset trading and securities execution, though Coinbase is far broader in scope.
• SoFi: Digital consumer bank and lender offering HELOCs, personal loans, and a crypto trading product. Comparable to Figure on the HELOC origination and crypto-trading dimensions, and shares founder DNA via Mike Cagney.
• Kraken: U.S.-based crypto exchange and staking platform with an institutional-focused offering. Overlaps with Figure Exchange and with crypto-backed lending, though Kraken does not originate tokenized real-world credit assets.
• Tether: Issuer of USDT, the largest stablecoin by circulating supply. Directly comparable to YLDS as a yield-bearing (via reserves) USD stablecoin, and a benchmark competitor for any stablecoin-denominated activity on Figure Markets.

Emerging players

• Aave: Leading DeFi lending protocol for overcollateralized crypto borrowing and lending. Comparable to Democratized Prime on the DeFi lending side, though Figure differentiates with HELOC-collateralized pools and on-chain private credit.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/FigureMarkets
• LinkedInlinkedin.com/company/figure-markets

Compliance10 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries13 records

Funding overview

Funding rounds1 record

Investors9 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Figure Markets