Figure Heloc
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What is Figure Heloc?
Figure HELOC is a real-world asset (RWA) token that represents Home Equity Lines of Credit tokenized on blockchain by Figure Technologies, the largest non-bank HELOC originator in the United States. Its market cap exceeds $18B as of May 2026, placing it among the leading cases of institutional RWA on-chain.
What it is
Figure Technologies is a fintech company founded in 2018 by Mike Cagney (former CEO of SoFi) specializing in HELOCs (Home Equity Lines of Credit, credit lines secured against home equity). It is the largest non-bank HELOC originator in the United States. The FIGR_HELOC token represents the on-chain securitization of its loan book: each token is backed by a fraction of a pool of HELOCs originated, custodied and serviced by Figure. The legal structure follows the logic of traditional Asset-Backed Securities, but recorded and settled on blockchain.
How it works
The token operates on the Provenance Blockchain, a Layer 1 network developed by Figure specifically for regulated financial services. Each HELOC originated goes through a standard underwriting process (credit verification, property appraisal, regulatory compliance) and is incorporated into a tokenized pool. Token holders receive distributed yield from the interest payments on the underlying loans. Secondary liquidity is managed through on-chain markets and regulated custodians that offer redemption against the pool.
Position in the RWA sector
FIGR_HELOC is one of the largest success stories of real-world asset (RWA) tokenization by market cap. The on-chain RWA sector (which includes tokenized Treasury bonds such as BlackRock's BUIDL, real estate, private credit) has gone from being an experimental niche in 2023 to representing several hundred billion in 2026. Figure brings two key advantages: real origination volume (it is not a synthetic pool) and proven regulatory experience under traditional financial frameworks. For the crypto investor, FIGR_HELOC represents exposure to US consumer credit secured by real estate, a stable-yield asset uncorrelated with Bitcoin or Ethereum.
Frequently asked questions
What is Figure HELOC?
Figure HELOC (FIGR_HELOC) is a real-world asset (RWA) token that represents Home Equity Lines of Credit tokenized on blockchain by Figure Technologies. Each token is backed by a fraction of a pool of HELOCs originated and serviced by Figure, the largest non-bank HELOC originator in the United States. It operates on the Provenance Blockchain.
How does Figure HELOC generate yield?
Token holders receive periodic distributions from the interest payments on the underlying HELOCs (credit lines secured by real estate). The structure is similar to that of traditional Asset-Backed Securities, but recorded and settled on blockchain with less operational friction and greater transparency than an ABS in secondary markets.
What risks does Figure HELOC have?
The main risks are credit risk (defaults on the underlying HELOCs, especially in scenarios of a downturn in the US real estate market), regulatory risk (changes in the legal classification of the product) and counterparty risk (operational dependence on Figure as originator and servicer). Unlike Bitcoin, it is not a decentralized asset: it requires trust in Figure as an entity.
What is Provenance Blockchain?
Provenance is a Layer 1 blockchain developed by Figure specifically for regulated financial services. It runs with Proof of Stake consensus and is geared toward the tokenization of real-world assets with built-in KYC/AML compliance. It is the network on which FIGR_HELOC and other Figure RWA products live.
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