Figure Heloc (FIGR_HELOC) is a tokenized real-world asset representing a Home Equity Line of Credit (HELOC) originated by the financial technology company Figure Technologies. The asset is issued and managed on the Provenance blockchain, with each token's value corresponding to the unpaid principal balance of the underlying loan.

Overview

Figure Heloc is the digital representation of a financial product offered by Figure Technologies, a publicly traded company founded in 2018 by SoFi veterans Mike Cagney and June Ou. The company's primary business is originating HELOCs through a fully digital process that utilizes artificial intelligence and blockchain technology to increase speed and reduce costs. Figure operates with a dual strategy, functioning as both a direct and wholesale lender while also building financial infrastructure to enhance liquidity in the secondary market for non-agency loans. ^{[1] [2]}

The core concept involves transforming traditional, illiquid home equity loans into tradable digital assets on the Provenance blockchain. This process is intended to create new financing and investment opportunities by providing a transparent and immutable record of loan ownership and performance. The FIGR_HELOC token is categorized as a Real World Asset (RWA) and a form of tokenized private credit. The company's growth and technological development were supported by a successful Initial Public Offering (IPO) in September 2025, which raised capital to expand its blockchain-based platforms. ^{[3] [1]}

In a letter to investors, co-founder Mike Cagney stated, "By taking historically illiquid assets — such as loans — and putting these assets and their performance history on-chain, blockchain can bring liquidity to markets that have never had such. That liquidity — coupled with the ability to achieve true digital perfection and control of the asset — opens financing opportunities that weren’t accessible before." ^[1]

History

Figure was founded in 2018 by Mike Cagney and June Ou, launching its first digital HELOC product the same year. The company expanded its reach by introducing a wholesale HELOC model in 2023, making its product available through mortgage brokers. In 2024, Michael Tannenbaum was appointed CEO, and the company launched a To-Be-Announced (TBA) style market for non-agency loans. ^[2]

In March 2024, Figure filed for an Initial Public Offering. The IPO was priced on September 10, 2025, at $25 per share. The following day, September 11, 2025, the company's stock began trading on the Nasdaq exchange under the ticker symbol FIGR, opening at $36.00 and closing at $31.11. The offering was upsized due to strong demand and ultimately raised $787.5 million, with the company achieving a market capitalization of approximately $6.9 billion shortly after its public debut. The stated purpose of the IPO was to fund the expansion of its blockchain-based infrastructure, including Figure Connect and DART. ^{[1] [2]}

Technology

Figure's operations are built on a combination of blockchain, artificial intelligence, and proprietary marketplace platforms.

Blockchain Infrastructure

• Provenance Blockchain: Figure developed the public Provenance blockchain to serve as the system of record for its digital assets. It is designed to originate, manage, and securitize loans with increased transparency and efficiency. ^[3]
• Digital Asset Registration Technologies (DART): DART is a lien and eNote registry built on the Provenance blockchain. It functions as an alternative to the traditional Mortgage Electronic Registration Systems (MERS). DART automatically tracks and updates loan ownership on-chain whenever an asset is traded, providing an immutable record of title. ^{[1] [2]}

Artificial Intelligence

Figure integrates artificial intelligence to automate and accelerate its loan origination process. The company utilizes models from partners including OpenAI's GPT and Google Gemini to streamline document review, property valuations, and borrower income verification. This automation has reportedly reduced the average funding time for its HELOCs to as few as five days, compared to an industry median of over 40 days, and has significantly lowered processing costs. ^{[4] [1]}

Marketplace Platforms

• Figure Connect: This platform is a marketplace designed for trading non-agency loans in a forward-commitment, TBA-style format. The objective is to create an agency-like secondary market that provides transparent pricing and reliable liquidity for originators of loans that do not conform to government-sponsored enterprise standards. ^[2]
• Figure Markets: A capital markets trading platform that also serves as the primary exchange for trading the FIGR_HELOC token. ^{[3] [5]}

Figure HELOC Product Details

The Figure HELOC is a loan secured by a borrower's home equity, structured as an open-end line of credit. The full loan amount is disbursed at origination, and borrowers can redraw funds from the available line as they repay the principal balance.

Application and Funding

The application process is conducted entirely online. An initial rate check uses a soft credit pull that does not affect an applicant's credit score, while a formal application submission triggers a hard credit pull. Figure states that approval can be granted in as little as five minutes, with funding possible in as few as five business days for certain loan amounts using a remote online notary. ^[5]

Loan Specifications

• Loan Amounts: Loan amounts range from $15,000 to $750,000. Minimum loan amounts are higher in certain states, such as Alaska ($25,001) and Texas ($35,000).
• Rate Structure: The initial draw is funded at a fixed interest rate. Subsequent draws during the draw period are subject to the prevailing variable rate, which is based on the Wall Street Journal Prime Rate plus a fixed margin, or may be assigned a new fixed rate.
• APRs: As of September 2025, available Annual Percentage Rates (APRs) ranged from 6.50% to 15.25%, with the lowest rates reserved for the most qualified applicants and shorter loan terms.
• Fees: The loan includes an origination fee of up to 4.99% of the initial draw. Other potential costs include valuation fees, appraisal fees for loans over $400,000, manual notarization fees, and state or county recording fees.

These product details are based on information from the company's official website. ^[4]

Tokenization and FIGR_HELOC Token

The FIGR_HELOC token is the on-chain representation of the HELOCs originated by Figure. Each token is a digital asset recorded on the Provenance blockchain, with its contract address at scope1qrm5d0wjzamyywvjuws6774ljmrqu8kh9x. The tokenization process transforms the underlying private credit instrument into a more liquid asset that can be tracked and potentially traded within the digital asset ecosystem. ^[3]

Tokenomics

The tokenomics of FIGR_HELOC are directly tied to the real-world financial instruments they represent.

• Supply Mechanism: The circulating and total supply of FIGR_HELOC is dynamic. It is calculated as the total unpaid principal balance (UPB) across all tokenized HELOCs issued by Figure. As new loans are originated, the supply increases; as borrowers repay their loans, the supply decreases.
• Max Supply: There is no coded maximum supply, making it theoretically infinite (∞), as it is limited only by the total amount of HELOC debt Figure can originate.
• Market Data: As of September 17, 2025, the market capitalization of FIGR_HELOC was approximately $12.45 billion, with a circulating supply of around 12.49 billion tokens. The token's all-time high was $1.06, recorded on August 30, 2025, and its all-time low was $0.8837, recorded on September 06, 2025.

The primary trading venue for the token is Figure Markets, with the most active pair being FIGR_HELOC/USD. ^[3]

Team

The leadership team at Figure includes veterans from the finance and technology sectors.

• Mike Cagney: Co-Founder and Executive Chairman
• June Ou: Co-Founder, Advisor, and Board Member
• Michael Tannenbaum: Chief Executive Officer
• Macrina Kgil: Chief Financial Officer
• Todd Stevens: Chief Capital Officer
• Ron Chillemi: Chief Legal Officer
• Matt Hellwinkel: Chief Technology Officer
• Clare Hove: Chief Operating Officer ^[5]

Partnerships

Figure's partnership network is a significant driver of its business, accounting for over 75% of its loan volume. As of mid-2025, the network included over 170 institutions, such as banks, credit unions, mortgage brokers, and other lenders. This network includes half of the top 20 retail mortgage companies in the United States. Partners utilize Figure's platform to offer HELOCs and other loan products to their own customers. ^{[1] [5]}

Legal and Regulatory

Figure Lending LLC holds NMLS ID 1717824 and offers its HELOC product in 45 states and the District of Columbia. However, the company is not authorized by the New York State Department of Financial Services and cannot facilitate loan applications for properties located in the state of New York. ^[5]