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There is a crypto project that achieved mass adoption and is filing for an IPO. The numbers speak clearly: • $2B Loan Volume (Q2 2025) • $339M Net Revenue in 2024 • $16B in total home-equity credit It's the largest non-bank HELOC originator in the U.S. Yet, no one on CT talks about it. Let's dive into @figure and its impressive growth 👇 "Figure Technology Solutions" is a U.S. company offering credit products. Its most successful division, Figure Lending, automates loan origination, particularly HELOCs. (A Home Equity Line of Credit - HELOC - is a loan that allows borrowers to access funds using the equity in their home as collateral.) This type of loan is typically structured in two phases: 1. Draw Period: This phase, often lasting up to 10 years, allows borrowers to access funds up to their approved credit limit. During this period, borrowers typically pay interest only on the amount drawn. 2. Repayment Period: Following the draw period, this phase requires repayment of the outstanding principal. Repayment can be made through regular payments or, in some cases, a single lump-sum payment. Following the 2008 financial crisis, which marked the peak of the HELOC sector, these loans made a comeback since their 2022 low. A few data points: • Sector debt stands at $406 billion, up 23% from the 2022 low. • One new HELOC is opened for every two new mortgages. • Average HELOC credit limit rose to $122k (+3.4%) as rising home prices and lower rates pushed borrowers to tap into their equity. Figure Lending leads this trend as the largest non-bank provider of HELOCs, by origination volume, in the U.S. By leveraging @provenancefdn, Figure can approve a loan in <5 min and fund it in <5 days. A huge edge against tradFi players. Another differentiating point between Figure’s HELOC and traditional ones is its rates: • Figure offers fixed rates starting at 6.3% APR at the time of origination, which depends on the origination fee paid (the higher the fee, the lower the interest rate). Other factors, such as loan duration, combined loan-to-value ratio (CLTV), and occupancy, then influence the final interest rate.  • In contrast, traditional HELOCs typically offer variable rates tied to the prime rate index. Lastly, while traditional HELOCs allow borrowers to draw a percentage of the approved amount, Figure mandates that 100% of the approved amount is fully drawn at the time of origination. Looking at data from the FFIEC, last year, Figure had 95,429 loan applications with the major purpose being home improvement. Of these applications, 34,103 were approved and funded, which is just a little below the average number of HELOC loans in the same period. Combining Figure Lending with Figure Connect ⬇️ Figure Connect is the blockchain-based marketplace that connects originators, like Figure Lending, with buyers such as banks and asset managers. This facilitates the origination, trading, and securitization of tokenized loans, including HELOCs, mortgages, and other consumer loans. All made possible by tokenizing these loans through the provenance blockchain and utilizing DART for tracking asset ownership, which is a crucial part of the entire stack. DART is the blockchain-based lien and eNote registry system developed by Figure that serves as an alternative to traditional (and outdated) mortgage databases. Here is how all components work together: 1. Figure Lending originates digital loans for borrowers using Figure’s tech. 2. DART uses the Provenance chain to monitor loan transactions and update information in real-time. 3. The loans are tokenized on Provenance, turning them into truly digital assets that can be transferred and verified. 4. Asset managers and regulated institutions can purchase these loans on Figure Connect. 5. When a trade occurs, DART updates information on the Provenance Blockchain. Today, Figure Connect has ~200 partners and supports billions in transactions, with partnerships like Sixth Street committing over $2 billion in liquidity. ⏭️ THE NEXT STEPS The next major product is Democratized Prime, an alternative warehouse line that connects capital directly to tokenized collateral.  Originators like ‘Figure Lending’ can use their tokenized HELOCs as collateral to borrow from lenders seeking higher short-term yields. These borrowed funds can then be used to issue new HELOCs, and the loan can be repaid when the newly created HELOCs are sold or securitized. Figure regularly securitizes its HELOCs. For example, FIGRE Trust 2025-HE3, a recent securitization, was backed by 4,625 HELOCs with a total unpaid principal balance of approximately ~$354 million.  Another recent securitization, FIGRE 2025-FL1, was the 17th-rated securitization of HELOCs by Figure and the first to contain 100% first-lien HELOCs, backed by ~$234 million in loans.  FYI: when you read “FIGRE 2025-HE3” or “FIGRE 2025-FL1,” think of them as bond deals backed by thousands of Figure-originated HELOCs, packaged and sold so capital can keep cycling through the system. Figure’s securitizations have achieved high ratings. Its FIGRE (FIGRE 2025-HE3) became the first blockchain-based deal rated by T across all six bond classes. This entire tech stack has enabled Figure to dominate in this field, with its ease of application being praised (4.8-star rating on Trustpilot). But it is worth noting that the entire HELOC sector is also becoming risk-on. DTI of approved loans has been increasing in recent quarters, the median credit score is on a downtrend, and the denial rate is also trending downwards. All these trends show that more ‘unqualified’ homeowners are being approved for loans, which is reminiscent of the 2008 mortgage fiasco. However, with tighter regulations like the Dodd-Frank Wall Street Reform and Consumer Protection Act, such a scenario is unlikely to repeat (hopefully lol). For Figure itself, the Democratized Prime can offer leveraged looping to institutions, and the limit needs to be regulated to prevent a cascade of liquidation. Given the fact that regulatory compliance is one of the major attributes of Figure, I am sure a scenario like this would be prevented from happening. To conclude, it's impressive how Figure has demonstrated that blockchain can streamline lending in ways traditional entities can can’t even imagine. With its tech stack and growing securitization engine, it’s set to remain the leading onchain loan originator, and keep gaining market share off tradFi lenders.