The $30 trillion gold mine sitting in your driveway

GM. This is Milk Road Crypto PRO, delivering more excitement than a green candle after three days of straight red.

How is your money spread out?

Let me guess. Most of it is locked inside your home. 😤

On paper, that sounds amazing. Your house goes up in value. Your net worth climbs with it.

But here is the problem.

That money is stuck.

Most homeowners have the majority of their wealth tied up in their house - but accessing that equity has traditionally been slow and expensive.

Traditional HELOCs (Home Equity Line of Credit) can take 30-45 days to close and often cost thousands in fees due to manual underwriting, title checks, and intermediary layers.

But it turns out a crypto company has rebuilt that process using blockchain infrastructure and AI-driven underwriting.

The result: funding in under 10 days and processing costs closer to $700 instead of five figures.

That product gained traction quickly. Active loans now total roughly $16B.

The company in question is Figure, and they are actually even more than just a HELOC lender. They are building a broader platform that spans loan marketplaces, a yield-bearing stablecoin, onchain lien registry technology, and even a blockchain-native public equity venue.

The real question for investors is whether this becomes infrastructure - or remains a niche fintech product. Because evidence points to the former.

This chart tells it all.

People clearly love what Figure has built. The proof is in the numbers.

Active loans have been moving in one direction only. Up and to the right. Today, Figure is sitting at $16B in active loans.

It shows real demand and real adoption.

Today, Figure has seven live products in the market.

That got our attention.

In this report, we break Figure down from every angle. Inside and out.

Here is what we cover:

• Figure’s origin story.
• Inside Figure’s six products.
• What gives Figure its edge?
• Breaking down Q4 earnings.
• Future outlook for FIGR.

If Figure is building the future of credit, we want to be part of it. So let’s learn more about Figure.

Figure’s origin story

Figure Technology Solutions was started in 2018 in Reno, Nevada by Mike Cagney and June Ou.

Mike Cagney is one of the best-known and most talked-about names in fintech.

Before Figure, he co-founded SoFi and turned it from a small student loan startup into one of the biggest digital lenders in the U.S.

After leaving SoFi in 2017 during workplace controversy, he came back with an even bigger idea.

👉 He believed blockchain could change capital markets the same way the internet changed information. Cut out the middlemen. Lower the cost. Open the doors to more people.

The core idea behind Figure was simple but powerful.

When you close on a traditional mortgage, there can be up to seven different middle players involved.

Originators, servicers, custodians, registries, trustees, rating agencies, and clearing houses. Each one takes a fee. Each one slows things down. Each one makes the process harder to see through.

Cagney believed a public blockchain built for this purpose could shrink that entire chain.

It could record the lien (legal “hold” on an asset like property that is used as collateral), track who owns the loan, settle transactions in real time, and reduce those seven players down to just two.

To prove the idea, Figure chose one of the slowest and most painful consumer loan products out there: the Home Equity Line of Credit, or HELOC.

Traditional HELOCs can take weeks to close. Figure brought that timeline down to days by building the process directly on blockchain.

It also made history.

Figure became the first company ever to put a consumer loan on a public blockchain. And since then, it has kept that first mover edge.

By February 2026, Figure was no longer just a HELOC lender.

It has grown into something much bigger. It is building the engine behind a new kind of capital market.

What started as a faster way to close home equity loans has turned into a full platform. A system designed to move money smarter, cleaner, and with fewer hands in the middle.

The numbers make it clear.

The company's success led to an IPO.

Figure (FIGR) went public in September 2025 at $25 a share.

That price was well above the original range. The company raised $787.5M, and the market responded fast. On the first day of trading, the stock jumped 44%.

By January 2026, shares had climbed as high as $78. Then the market cooled off. By late February, the stock was trading around $33.

It has been a wild ride.

But behind the price swings, the business itself keeps getting stronger.

What started as one simple product has now grown into six. And the list is still getting longer.

For us as investors, this is where it gets interesting. To really understand the opportunity, we need to break down each product line. What does it do? How does it make money? And how big can it get?

So let’s take a closer look at the business first.

Then we will dig into the Q4 earnings and see how the numbers back up the story.

Inside Figure’s six products

Figure started with a single product. Since then, the company has grown and now offers around six different products:

1. Home Equity Lending.
2. Figure Connect.
3. Democratized Prime.
4. YLDS.
5. DART.
6. OPEN.

Each new product has helped the company grow its lineup, build stronger network effects, and bring in more customers. Now let’s look at each one to better understand how the business works.

We have to start with the product that built the company.

The flagship. The one that proved the model worked.

Home Equity Lending

Figure’s biggest and most important product is its Home Equity Line of Credit, or HELOC.

But this is not a normal HELOC. It runs fully on blockchain.

The process is simple for the borrower:

1. You apply online.
2. The system uses AI to review your information and make a decision.
3. And instead of waiting weeks like with a traditional bank, you can close in just a few days. Sometimes even faster.

Behind the scenes is where the real shift happens.

From day one, the loan is recorded on the Provenance Blockchain.

It is a digital public L1 blockchain built specifically for banking and financial services. You can think of Figure as the main architect that runs and maintains the blockchain, while also acting as one of the biggest power users of the platform.

Having and using blockchain as the core infrastructure gives the company real superpowers. 🚀

That means ownership is tracked in real time on a secure, permanent digital ledger. No paper trail. No messy chain of title. No slow manual handoffs between different parties.

In traditional mortgage lending, that paper chain can create delays, errors, and extra costs.

Figure replaces all of that with a clean digital record that lives on blockchain from the moment the loan is created.

👉 It is faster and cheaper for the borrower. Leaner for the system. And much easier to track and trade.

We already covered the key benefits in the introduction, so there is no need to repeat them here.

But here is how they make money, because they monetize each loan in three main ways:

1. Origination fee: That is the fee paid when the loan closes.
2. Gain on sale: After the loan is created, it is sold to institutional investors. Figure earns a profit on that sale.
3. Servicing fees: As long as the loan is active, Figure earns ongoing income for managing it.

In 2025, lending brought in about 76% of total net revenue. In 2024, that number was even higher at 82%.

So lending is still the heart of the business. And if you are wondering how big this can get, the honest answer is very big.

There is around $30T in tappable home equity in the U.S. That is an enormous pool of potential borrowing power sitting inside people’s homes.

👉 Every year, HELOC originations usually land somewhere between $250 and $350B. And most of that market is still controlled by big traditional banks.

Figure’s share today is growing, but it is still tiny compared to the overall market.

That is the exciting part as there is a lot of room to grow for sure.

Allright let’s talk about another product.

Figure Connect

Figure Connect is the next big piece of the puzzle.

It launched in June 2024 as a consumer credit marketplace that connects loan originators with institutional buyers.

Instead of holding loans on its own balance sheet, Figure earns fees by facilitating transactions between sellers and investors.

This asset-light structure allows the platform to scale without being constrained by its own capital base.

Partner count has grown from 27 at IPO to roughly 200+, and new asset classes - including crypto-backed, SMB, and DSCR loans - are being added.

The opportunity lies in scaling transaction volume within the multi-trillion-dollar secondary loan market.

Well that brings us to the next product.

Democratized Prime

Democratized Prime is Figure’s decentralized lending marketplace.

The DeFi world is hungry for real yield backed by real assets.

Until now, most of these opportunities were not available or reserved for big institutions and qualified investors. Everyone else was locked out.

This product opens the door.

Individuals can lend against real-world assets like HELOCs and other loans on the platform. And the yield comes from real cash flow. Borrowers making real payments on real loans.

In simple terms, it takes something that used to be not available and makes it widely accessible.

And the business model is quite straightforward.

Figure earns the spread from the lending pools. That is the difference between what borrowers pay and what lenders receive.

It works in a similar way to platforms like Aave, Sky or Syrup.

And that is a perfect lead in to their next product, because together they create a powerful flywheel.

YLDS

YLDS is Figure’s SEC-registered yield-bearing stablecoin, backed primarily by U.S. Treasuries.

❌ Unlike traditional stablecoins where issuers keep the yield, YLDS shares the underlying yield with holders, retaining roughly 30bps.

Circulation grew from $4M to over $370M in seven months (that's a 94x!).

If adoption continues, YLDS could become a meaningful recurring revenue contributor while anchoring liquidity within the broader Figure ecosystem.

And strategically, this is smart.

👉 By having its own yield-bearing stablecoin, Figure controls the product and the economics.

Otherwise, it would just be the distribution layer for someone else’s stablecoin and someone else would keep the economics.

We probably do not need to tell you this, but YLDS could scale very quickly.

Billions in circulation is realistic. Tens of billions is not out of the question.

When you combine real yield, regulatory clarity, and access to large DeFi ecosystems, growth can happen fast.

Let’s introduce another product.

DART - Digital Asset Registry Technology

DART is Figure’s digital lien registry. In simple terms, it records liens and electronic promissory notes directly on the blockchain.

In traditional mortgage lending, liens are recorded at local county offices. That process is slow, manual, and often messy. Or lenders rely on MERS (Mortgage Electronic Registration System), which is centralized and not always transparent.

DART is instant. It is permanent. And it lives on a public ledger.

👉 That means fewer errors, lower costs, and a clean, real-time chain of title that investors and servicers can verify without digging through stacks of documents.

By December 2025, 99% of loans originated through Figure’s loan system were using DART. Just a year earlier, in 2024, that number was only 2%. That is a massive jump in adoption.

How does it make money?

DART generates technology fee revenue. Partners pay to use the registry for their own loan originations.

If DART were a standalone product, it probably would not get much attention.

But inside the full Figure ecosystem, it makes a lot of sense.

Because Figure already offers lending, a marketplace, a stablecoin, and decentralized yield, DART becomes another smart hook. It pulls partners deeper into the platform.

It is not just a registry. It is part of a bigger system.

👉 And the more services Figure offers, the more reasons partners have to join and stay. That is how you build real network effects.

Last but not least, let’s talk about their newest product.

OPEN - Onchain Public Equity Network

OPEN (Onchain Public Equity Network) is Figure’s attempt to modernize equity market infrastructure.

Instead of tokenizing existing shares, companies issue stock directly on the blockchain. The blockchain becomes the official cap table, and trades settle instantly (T+0) on Figure’s SEC-registered Alternative Trading System.

Because both the cash and equity live onchain, settlement risk is reduced and collateral can be deployed immediately into lending pools via Democratized Prime.

Investors can also self-custody shares in their own wallets rather than relying solely on broker custody.

If successful, OPEN is less about trading volume today and more about positioning Figure as infrastructure for tokenized public markets.

Now we know all the products.

It all sounds great.

But if there is real demand for those products, others will follow. So what actually protects Figure?

That is the key question.

Because in markets like this, the winner is not just the one with the best idea. It is the one with real advantages that are hard to copy.

So what does Figure have that others do not?

What gives Figure its edge?

If you look at Figure’s products one by one, each feels like a solid fintech play.

Uh, Oh… 😧 The rest of this report is exclusive to Crypto PRO or PRO All Access members!

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WHAT’S LEFT INSIDE? 👀

• The real moat isn't a product. It's something harder to copy.
• Q4 revenues more than doubled YoY. One thing didn't sit right.
• Four specific risks that could flip the whole story.

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