Figure Technology Solutions topped $1 billion in monthly loan originations for the first time in March. The milestone highlights CEO Mike Cagney's push to use blockchain for efficient credit markets. The company reported $2.9 billion in first-quarter volume.
Figure Technology Solutions, led by CEO Mike Cagney, reached a key milestone in March by originating over $1 billion in loans for the first time. This performance contributed to a strong first quarter totaling $2.9 billion, putting the firm on track for roughly $12 billion in annualized volume. Cagney described the effort as building new infrastructure for credit markets by reducing intermediaries through tokenization of loans, securities, and equities. Speaking ahead of the Consensus Miami conference, Cagney outlined three core advantages of Figure's model: lower costs by cutting securitization fees, real-time liquidity in its consumer credit marketplace, and broader access via integration with decentralized finance (DeFi). “We’re building a marketplace where credit can move efficiently, without all the traditional layers,” he said. The platform updates loans in real time, creating a market distinct from government-backed systems like Fannie Mae and Freddie Mac. Figure has expanded with products like DeFi credit vaults on its Forge platform and initiatives on networks such as Solana, with plans for Ethereum. It also launched a yield-bearing stablecoin, YLDS, backed by assets like Treasurys and holding about $600 million in balances. The company is tokenizing equities, including its own stock, to enable direct lending and return more yield to asset owners. Cagney noted inefficiencies in traditional stock lending, where borrow rates can exceed 30% but investors receive little. Cagney emphasized pragmatism, stating not everything suits blockchain, such as tokenizing property. Figure approaches $30 billion in cumulative originations and remains profitable amid scaling. “Blockchain is the most transformative technology, and it will reallocate more public market cap than any technology ever has,” he said.
