Figure Technology Solutions was founded in 2018 by Mike Cagney — founder of SoFi — and June Ou. The company built Provenance Blockchain and used it to originate, securitise, and trade home equity lines of credit. Figure went public on Nasdaq in September 2025 under the ticker FIGR, valued at $7.6 billion.
FIGR_HELOC is not a traditional cryptocurrency — it is a tokenised real-world asset. Each token represents a fractional interest in a portfolio of US home equity lines of credit originated by Figure. The token behaves like a short-duration fixed income instrument — price stays close to $1.00 reflecting credit and duration risk, not crypto speculation.
FIGR_HELOC circulating supply is approximately 17 billion tokens, with its market cap reflecting the total outstanding balance of tokenised HELOCs rather than free-float equity. Its inclusion in the top 10 by market cap is widely considered controversial. Daily volume of $30-130 million against a $17 billion stated market cap represents extremely thin liquidity.
Figure is a pioneer in real-world asset tokenisation, reportedly holding approximately 75% of the tokenised RWA market on Provenance Blockchain. The broader RWA sector is growing with significant institutional interest.
FIGR_HELOC is primarily controlled by one company — essentially Figure's loan book represented as tokens. Only available on Figure Markets, a proprietary exchange. Investors are exposed to US housing market risk, interest rate risk, and prepayment risk. Regulatory status outside the US is unclear, limiting access for Irish and European investors.
Real-world asset tokenisation becomes mainstream institutional infrastructure, Provenance Blockchain attracts significant new institutional issuers, or a secondary market develops providing better liquidity.
US housing market downturn increases default rates on the underlying HELOCs, regulatory challenges restrict RWA tokenisation, or thin liquidity makes the stated market cap entirely fictional in crisis conditions.
We would become more positive if: secondary market liquidity improves dramatically, the product becomes accessible to non-US investors, or the RWA framework achieves regulatory clarity in EU/Ireland. We would become more cautious if: default rates on underlying HELOCs rise, or the market cap ranking becomes a tool for market manipulation.
Figure Heloc is genuinely innovative in the RWA tokenisation space but is misclassified as a cryptocurrency. It is a tokenised debt product with near-zero capital appreciation potential, limited liquidity, and restricted availability for Irish investors. Its top-10 ranking is widely considered misleading.
Classification note: Many analysts argue FIGR_HELOC should not be compared with cryptocurrencies. Its top-10 market cap ranking is disputed. Irish investors should note it is primarily accessible to US-based investors only.