Figure's Explosive Growth Signals Blockchain Finance is Hitting its Stride

NEW YORK, NY – February 13, 2026 – Figure Technology Solutions (Nasdaq: FIGR) today unveiled preliminary financial results that paint a vivid picture of a company hitting an inflection point, with explosive growth suggesting its blockchain-native approach to finance is rapidly gaining mainstream traction. The fintech pioneer reported a staggering 131% year-over-year surge in its Consumer Loan Marketplace volume for the fourth quarter of 2025, reaching $2.7 billion.

For the full year, the company posted an estimated $8.4 billion in loan volume, a 63% increase from the previous year. These robust operational metrics were matched by strong top-line and bottom-line estimates, with full-year 2025 net revenue projected between $505 and $509 million and GAAP net income expected to land between $131.5 and $132.5 million. The announcement, which came alongside the filing of a Form S-1 registration statement, provides some of the most compelling evidence to date that the tokenization of real-world assets (RWA) is moving from a niche concept to a powerful force in capital markets.

“We are closing the year with strong fourth quarter results, reflecting growing momentum for Figure,” said CEO Michael Tannenbaum in a statement. “Looking ahead, we remain focused on expanding our partner network, deepening our marketplace liquidity, and advancing our blockchain-native infrastructure. This quarter’s strong results reflect the meaningful progress we’ve already made in modernizing capital markets and position us to further accelerate that transformation.”

A New Blueprint for Capital Markets

At the heart of Figure's success is its foundational bet on blockchain technology as a superior rail for financial services. The company operates a blockchain-native capital marketplace on the Provenance Blockchain, a public protocol designed specifically for the financial industry. This ecosystem seamlessly connects loan origination, funding, and secondary market trading for tokenized assets, aiming to replace the costly and fragmented legacy systems that have dominated finance for decades.

More than 200 partners now use Figure's loan origination system, contributing to an ecosystem that has become the largest non-bank provider of home equity financing. The company's growth is fueled by key components like Figure Connect, its consumer credit marketplace, and DART (Digital Asset Registry Technology), which handles asset custody and the critical process of lien perfection on-chain. This integrated infrastructure allows for greater efficiency, transparency, and faster settlement times, benefits that are clearly resonating with partners and investors.

The market for RWA tokenization is projected by industry analysts to swell from tens of billions today into a multi-trillion-dollar industry within the next decade. By digitizing and fractionally owning assets like real estate, private credit, and infrastructure on a blockchain, the technology promises to unlock liquidity and open up investment opportunities to a broader audience. Figure has positioned itself at the vanguard of this movement, and its latest financial results demonstrate the tangible economic advantages of its model.

The 'AAA' Stamp of Mainstream Approval

A pivotal moment in Figure’s journey—and for the broader digital asset space—came in mid-2025 when it secured a AAA rating from both S&P and Moody's for a securitization of its home-equity lines of credit (HELOCs). The rating, a first of its kind for a blockchain-based financial product, was applied to a $355 million offering that was reportedly oversubscribed, drawing in over 30 institutional buyers.

This top-tier credit rating is more than a symbolic victory; it is a critical piece of financial infrastructure. A AAA rating acts as a seal of approval from the gatekeepers of traditional finance, opening the door to a vast pool of conservative institutional capital, such as insurance companies and pension funds, that are often restricted to investing in only the highest-rated securities. For Figure, this translates directly into deeper marketplace liquidity and a lower cost of capital, creating a powerful competitive advantage.

S&P specifically noted Figure's “proprietary digital lien matching process” in its assessment, a direct validation of the company's blockchain technology. The rating signaled that the world's most respected credit agencies are not only comfortable with but are recognizing the strengths of blockchain-based systems for managing complex financial processes, a significant step in bridging the gap between decentralized technology and institutional finance.

Building the Future of Equity Trading

While its lending marketplace drives current growth, Figure's ambitions extend far beyond credit. The company is leveraging its success to build what it hopes will be the future of equity market infrastructure. The S-1 filing accompanying the financial results is linked to a proposed secondary public offering of the company’s unique Series A Blockchain Common Stock. This is not a traditional stock, but a blockchain-native security designed to trade on Figure's own alternative trading system.

This initiative is powered by Figure's recently launched On-Chain Public Equity Network (OPEN), which went live in January 2026. The network represents a bold attempt to create a parallel, blockchain-based system for equity trading, clearing, and settlement. By managing these processes on-chain, Figure aims to create a more efficient, transparent, and resilient market structure, potentially disrupting entrenched intermediaries like the Depository Trust Company (DTCC).

Wall Street's Bullish but Watchful Eye

Investors and analysts have largely responded with optimism. The consensus rating from brokerage firms covering Figure is a “Buy,” with 12-month price targets suggesting significant upside from its current trading levels. Analysts project continued robust revenue and earnings growth into 2026, citing the company’s leadership in the HELOC market and the vast potential of RWA tokenization.

However, this bullish sentiment is tempered with a watchful eye on potential risks. A closer look at the company's preliminary financials reveals substantial non-GAAP adjustments, most notably a stock-based compensation expense estimated at $63 million for 2025, with $40 million of that occurring in the fourth quarter alone. While common for high-growth tech companies, such large adjustments warrant scrutiny.

Furthermore, analysts note that a potential cooling of the red-hot HELOC market or a broader weakening in the credit environment could pose headwinds. As a marketplace, Figure's success is tied to the health of its funding partners and the performance of the underlying loans. Despite these considerations, the overarching sentiment is that Figure is successfully navigating the complexities of pioneering a new financial paradigm. The company’s ability to continue executing on its ambitious vision, particularly in scaling its on-chain equity network, will be a defining story for the future of finance.