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2026年06月22日

The "On-Chain Capital Market" Figure Is Building: Reading the Tokenized-Credit Market Through Volume Data

Figureが築く「オンチェーン資本市場」──取引高データで読む、トークン化クレジット市場の輪郭

What Figure Is: An On-Chain Capital Market Spanning Origination to Trading

Figure Technology Solutions (founded 2018, headquartered in Reno, Nevada; co-founder Mike Cagney) is a "blockchain-native capital market" that handles the origination, funding, sale, and trading of tokenized assets as one. On its own Provenance blockchain, centered on home equity lines of credit (HELOCs), it has originated over $25 billion in loans with 380-plus partners to date. By integrating its proprietary loan origination system (LOS) with blockchain, it has reportedly cut loan approval to about 10 days and reduced production costs by roughly 93% versus traditional processes. Its core products are the consumer-credit marketplace "Figure Connect," the on-chain lend-borrow marketplace "Democratized Prime," and the SEC-registered yield-bearing stablecoin "$YLDS."

Volume Data: A Marketplace Expanding More Than 2x Year-Over-Year

The growth in volume is striking. Q1 2026 consumer loan marketplace volume reached $2.9 billion (up 113% y/y), with net income of $45 million. The quarter added a record 80 new partners (including Flagstar Bank), bringing active partners to 387. In the latest single month of May 2026, marketplace volume was $1.40 billion (up 135% y/y, +5% m/m). $YLDS in circulation stood at $557 million, while on Democratized Prime borrower demand reached $412 million and lender supply climbed to $500 million (+17% m/m). The adjusted EBITDA margin was about 43% over the trailing twelve months, with management targeting above 60% long-term. Figure is said to hold roughly 75% share of the tokenized private credit market.

Recent Moves: On-Chain Equity (OPEN) and the Kiavi Acquisition

In 2026, Figure expanded its scope further. In January it launched "OPEN" (On-Chain Public Equity Network), a plan to issue and trade equity natively on the blockchain—rather than as tokenized replicas—and trade it through Figure's regulated ATS (alternative trading system). It enables exchange with Nasdaq-listed shares and envisions on-chain stock lending via Democratized Prime. On June 10, it announced an agreement to acquire Kiavi, an AI lending platform for residential real-estate investors (acquiring balance-sheet assets through a joint venture with Sixth Street). This adds over $7 billion in annual new first-lien volume to Figure Connect and over $100 million monthly to Democratized Prime, and becomes the first use case for "Adaptor," its agent-to-agent automated onboarding. In May it also announced partnerships with SMB lender Credibly and securities-tokenization firm OpenWorld.

The Market Taking Shape, and the Gap With the Share Price

What Figure is building is a "capital market itself," vertically integrating origination, funding, and trading on-chain. Expanding asset classes into first-lien mortgages, auto, and SMB loans, OPEN takes direct aim at disintermediating central securities depositories (such as DTCC) and prime brokers. Meanwhile, the share price has corrected from an all-time high of $78.00 on January 20, 2026 to around $32–33 by late June, down roughly 24% year-to-date, for a market cap of about $5.9 billion. Bernstein named the company its "best idea" for 2026 with a $72 price target, while viewing equity tokenization as longer-term optionality. Rapid business growth coexists with market caution over regulatory and liquidity uncertainty.

[Business Development Insights]

  1. A "full-stack on-chain capital market" creates network effects through vertical integration. By controlling origination (LOS), funding (Democratized Prime / $YLDS), and trading (ATS / OPEN) end-to-end, Figure achieves ~93% cost reduction and 10-day approvals, building a dominant ~75% share of tokenized private credit. The virtuous cycle of issuers, partners, and capital becomes a barrier to entry, making it hard for newcomers to chip away with a single function.
  2. The SEC-registered stablecoin $YLDS functions as "fuel for funding." $YLDS is both a settlement currency and the source of lender supply on Democratized Prime, drawing in idle capital with yield. Circulating stablecoins and on-chain lending within one ecosystem shows a path for stablecoin issuers to evolve from "payments" into "the funding base of capital markets."
  3. The exit strategy is "replacing intermediaries," and regulation is the biggest variable. OPEN's on-chain equity and stock lending directly target disintermediating legacy infrastructure such as DTCC and prime brokers. This is a vast TAM but comes with the hard problems of securities-settlement regulation and liquidity. The correction from $78 to $32 reflects the tug-of-war between growth expectations and regulatory uncertainty—making regulatory readiness itself a competitive dividing line for operators.

[Sources]

Supervisor

Akihisa Ishida

Cabinet Inc. Founder CEO

Since 2017, He has been consistently engaged in token and NFT utilization, blockchain game planning and development, and NFT-based business development. Having contributed to over 80 blockchain products—including projects for major entertainment companies listed in Tokyo Stock Exchange —He has served in various key roles such as Business Lead, Designer, PM, and Advisor. In 2021, founded Cabinet Inc.

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