On September 11, 2025, Figure Technologies listed on NASDAQ, raising $788 million in funding. Its stock price surged on the first day, with its market capitalization exceeding $6.7 billion, earning it the title of the "First RWA Stock." Founded in 2018 by SoFi co-founder Mike Cagney, this fintech company has taken the lead in the vast RWA market by leveraging blockchain technology to transform the loan and asset securitization processes.
Figure’s core competitiveness lies in its efficiency and scale. Its self-developed Provenance blockchain platform has reduced the traditional Home Equity Line of Credit (HELOC) approval process, which typically takes over 40 days, to as little as 5 minutes for approval and 5 days for funding. Cumulative lending has exceeded $16 billion, making it one of the largest non-bank HELOC providers in the U.S. Its financial performance is equally impressive: revenue reached $341 million in 2024, with a net profit of nearly $20 million; in the first half of 2025, revenue was $191 million, with a net profit margin as high as 15.4%, far exceeding the industry average. Figure’s revenue streams include loan income, service fees, technology platform services, and its stablecoin YLDS, forming a sustainable growth engine.
Compliance is another major advantage. Figure actively embraces regulatory oversight, having obtained over 180 lending and service licenses, 48 money transmission licenses, and SEC-registered broker-dealer and ATS qualifications. Its business model adopts a hybrid approach of "on-chain transparency + off-chain rights confirmation," preserving blockchain traceability while meeting legal requirements. Its interest-bearing stablecoin, YLDS, has been approved by the SEC, and its mortgage-backed securities have received a AAA rating from S&P, positioning Figure as a pioneer in industry compliance.
Figure’s market position is equally prominent. In the RWA private credit tokenization sector, it holds a market share of 75%, with locked assets exceeding $11 billion, making it the industry leader. As the first publicly listed company with RWA as its core business, its scarcity and benchmark effect have further attracted capital attention.
Figure’s listing is not only a success for the company but also validation of the RWA tokenization business model. It provides a paradigm for the application of blockchain in traditional finance: technology must address real pain points, compliance must go hand in hand with innovation, and ecosystem building is essential for creating long-term barriers. It can be said that Figure’s success has opened up possibilities for the RWA sector and provided a path for followers.
