jakiro
Author: Zhang Feng
On September 11, 2025, Figure Technologies was successfully listed on the Nasdaq.The company, known as the “first RWA stock”, completed its IPO at $25 per share, raising $788 million, up 36% at the opening of the first day, and its market value exceeded $6.6 billion.A financial technology company that moved the loan funds to the chain and rewrites it, using blockchain technology to reconstruct global financial infrastructure, not only achieving its own profits, but also opening up trillions of dollars in RWA market space.
1. Reconstruct the process and grow strongly
Figure was founded in 2018 by SoFi co-founder Mike Cagney, and is committed to solving the pain points such as inefficient processes and high costs in the consumer credit market.Through the self-developed Provenance blockchain platform, Figure has built a complete ecosystem covering lending, trading and asset tokenization.Its core business is the Housing Net Worth Line of Credit (HELOC), which uses blockchain technology to shorten the traditional approval process that takes about 42 days to the fastest 5-minute approval and 5-day loan.As of June 2025, Figure has issued more than $16 billion in loans, becoming one of the largest non-bank HELOC providers in the United States.
Figure has demonstrated its profitability and growth potential.Revenues in 2023 and 2024 were US$210 million and US$341 million respectively; net profit in 2024 reached US$19.92 million.In the first half of 2025, Figure’s revenue was US$191 million, a year-on-year increase of 22.4%; net profit was US$29.38 million, and the net profit margin reached 15.4%, far higher than the average level of 8%-10% in the financial technology industry.Figure’s revenue sources mainly include: loan sales, loan service fees, technology platform fees, and related businesses of stablecoin YLDS.This diversified income structure provides it with sustained growth momentum.
2. Embrace supervision and pay attention to transparency
Figure’s core strategy in legal compliance is to actively embrace supervision, obtain necessary licenses, innovate the adoption of the “hybrid rights confirmation” model, and focus on transparent disclosure.The main practices can be summarized as follows:
License first, full coverage:Figure is well aware of the strong regulatory attributes of financial business, so it actively obtains various licenses.It has held more than 180 loan issuance and service licenses, 48 currency transfer licenses, and has SEC-registered broker dealer qualifications and alternative trading system (ATS) operation rights.This has laid a solid foundation for the compliance of its various businesses.
Respect the existing legal framework and adopt the “hybrid rights confirmation” model:Figure deeply understands that in the current legal environment, it is difficult to directly serve as the final legal certificate of ownership in the chain.Its Provenance blockchain is a licensed alliance chain, not a licensed public chain.They adopted a hybrid model of “visible on-chain + off-chain rights confirmation” – providing transparent transaction traces on the chain, but the final legal ownership is still subject to the official records of traditional transfer agents.This ensures that its operations comply with existing regulations, such as the Securities Exchange Act of 1934.
Strive for regulatory approval and set a precedent:Figure actively communicates with regulators and strives for approval in key product innovations.Its interest-bearing stablecoin YLDS was successfully approved by the US SEC and was recognized as an interest-debt securities regulated by the Securities Act and the Investment Company Act.The mortgage-backed securities it issued also received a S&P AAA rating.These recognitions greatly enhance the compliance and market credibility of their products.
Focus on auditing and information disclosure:As a listed company, Figure’s financial data and business operations need to undergo strict audits.Although the verifiability of its on-chain assets is controversial, the audit of its public financial reports provides another level of transparency to a certain extent.
Figure deals with compliance issues through a combination strategy of “license protection, model innovation, regulatory cooperation, information disclosure”, and prudently promotes financial innovation within the existing legal framework, striving to balance innovation and compliance.
3. Comprehensive strength, take the lead
After Figure went public, its stock price rose 24.44% on the first day, with a market value exceeding US$6.7 billion.The market used real money to cast a vote of confidence. Figure Technologies was able to become the “first RWA stock” mainly due to its comprehensive strength in technology implementation, business model, first-mover advantage in compliance and market position.
Technology implementation and efficiency improvement.Figure independently developed the Provenance blockchain, focusing on financial applications.It shortened the approval process of housing net worth credit (HELOC) from the traditional average of 42 days to the fastest 5-minute approval and 5-day loans, and accumulated loans of more than US$16 billion, significantly improving the efficiency of financial business and reducing costs.
Innovative business model and profit performance: Figure builds a complete ecosystem covering lending, trading and asset tokenization.Its income sources are diverse, including loan sales proceeds, loan service fees, technology platform fees, etc.The company achieved adjusted net income of US$339 million in 2024 and net profit reached US$29.38 million in the first half of 2025, demonstrating strong profitability and growth potential.
Compliance first-mover advantage and industry standard formulation: Figure has a far-reaching layout in compliance, and has held more than 180 loan issuance and service licenses, 48 currency transfer licenses, and has SEC-registered brokerage dealer qualifications.In February 2025, it was approved by the US SEC to issue the world’s first interest-bearing stablecoin YLDS, and the bonds issued were also rated by the S&P AAA, which are important compliance milestones in the industry.
Market dominance and scarcity: In the RWA private credit tokenization market, Figure occupies about 75% of the market share, locking assets exceeding US$11 billion, making it an absolute leader in this field.As the world’s first listed company with RWA as its core business, it has significant scarcity and has attracted high market attention.
Figure has made it a benchmark in the RWA field and successfully launched a successful market by deeply applying blockchain technology to solve traditional financial pain points and successfully building a profitable business model, coupled with its excellent compliance capabilities and market position.
4. Path opening, laying the foundation for the industry
As the world’s first listed company with RWA as its core business, Figure has achieved substantial efficiency improvement and cost reduction by applying blockchain technology to loan issuance, asset securitization and other links. Its successful listing has opened up a path for the entire industry, proving the commercial feasibility and development potential of RWA tokenization.
Figure’s listing demonstrates the practical application value of blockchain technology in the traditional financial field, rather than just proof of concept, and also provides experience and templates for subsequent similar companies, especially in the construction of compliance frameworks and regulatory communication.
Figure’s success also provides important inspiration for similar listed companies in the future, namelyTechnological innovation must be combined with real needs.Figure does not just stay on the concept of blockchain, but rather solves the actual pain points in traditional finance in depth.Compliance-first strategyIt is another important revelation.Through a large investment in regulatory compliance, Figure has created legal operating space for itself and established standards for the industry.in addition,Figure shows the importance of ecological construction.By providing a full-process solution from loan issuance to asset securitization, Figure creates a network effect that improves user stickiness and conversion costs.
