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Figure Private CreditFIGRRare
77/100STRICT
Rare
#9market cap15 Oct 2026

Figure Private Credit

FIGR
0 points since the previous analysis(from 77)
RWA, payments and rwa weightsMarket-cap rank 9, CoinGecko 23 Oct 2026
Fundamentals, not price

What changed. No score change. Audited Q2 earnings and preliminary Q3 marketplace growth confirm operating scale while single-venue liquidity and principal-based token supply remain unchanged.

PillarRatingPosition on the 0 to 100 scaleWeightAdds
Sustainability86×0.2420.64
Transparency76×0.2015.20
Revenue88×0.1614.08
Innovation87×0.1210.44
Community58×0.126.96
Tokenomics63×0.1610.08
Weighted sum, weights total 1.0077.40Rounds to the published score77
Analysed
15 Oct 2026
Engine
v5.2.0
Computed
2026-10-15 05:27 UTC
Inputs hash
c71b65b12407

Re-weight this coin in the Lab

Research, not financial advice. Read the terms.

Pillar evidence

Input set 15 Oct 2026. 7 sources, 12 citations.
Each arc is one pillar rating, drawn to scale from 0 to 100.
Sustainability86

Can this project keep operating and funding itself for years?

Figure reported $4.3 billion in Q2 2026 Consumer Loan Marketplace Volume and $5.119 billion in preliminary Q3 2026 volume. Unrestricted cash reached $1.4 billion in Q2 2026.12

Transparency76

Can outsiders see and check what the team and the protocol do?

Figure publishes a weekly operating dashboard, quarterly financial releases, and on-chain Provenance scope records. However, October 2026 Q3 operating metrics remain preliminary until November 2026 filings.32

Revenue88

Does the protocol earn real fees or income from use?

Q2 2026 net revenue rose 113% year over year to $226 million with $87 million net income and $119 million adjusted EBITDA. Q1 2026 generated $167 million net revenue.14

Innovation87

Is the technology being built and shipped, and does it matter?

Provenance Blockchain integrates loan registry, settlement, and exchange functions. Its asset workflow records document and transaction hashes on-chain while storing private borrower data in encrypted off-chain storage.56

Community58

Who uses, builds and holds it, and how durable is that base?

Figure serves over 380 institutional partners and grew Democratized Prime matched offers to $588 million by September 30, 2026. Retail community participation remains narrow and specialized.27

Tokenomics63

Do supply, issuance and unlocks protect holders from dilution?

FIGR_HELOC circulating supply of 23.84 billion tracks unpaid principal across tokenized HELOCs on Provenance. Price discovery stays concentrated on Figure Markets without equity-like holder claims.67

Sources
  1. 1globenewswire.com/news-release/2026/08/13/3344318/0/en/figure-technology-solutions-reports-strong-second-quarter-2026-results.htmlCited for Sustainability, Revenue
  2. 2nasdaq.com/press-release/figure-technology-solutions-reports-preliminary-september-q3-2026-operating-data-2026Cited for Sustainability, Transparency, Community
  3. 3investors.figure.com/news-releases/news-release-details/figure-technology-solutions-reports-preliminary-june-q2-2026Cited for Transparency
  4. 4investors.figure.com/static-files/9ca115ab-b1e6-4afc-8c8b-de177b42c205Cited for Revenue
  5. 5developer.provenance.io/docs/pb/integrating/asset-originators-guide/Cited for Innovation
  6. 6explorer.provenance.io/nft/scope1qrm5d0wjzamyywvjuws6774ljmrqu8kh9xCited for Innovation, Tokenomics
  7. 7coingecko.com/en/coins/figure-helocCited for Community, Tokenomics

About Figure Private Credit

Analysis of 15 Oct 2026

Figure Private Credit represents tokenized home-equity credit exposure built on Figure Technology Solutions and the Provenance Blockchain. Each FIGR_HELOC unit tracks the unpaid principal balance of tokenized home equity lines of credit, totaling 23.84 billion tokens in October 2026.

Full overviewShow less

On August 13, 2026, audited Q2 results reported $4.3 billion in marketplace volume, $226 million net revenue, and $87 million net income. Preliminary Q3 2026 operating data released on October 6, 2026 showed marketplace volume rising 20% sequentially to $5.119 billion.

Secondary trading occurs primarily on Figure Markets, making credit performance and venue access the central investor considerations.

Investment thesis

Evaluating FIGR_HELOC requires separating Figure Technology Solutions operating growth from the mechanics of a principal-backed credit token. Operational momentum strengthened across mid-2026 as Figure shifted toward its capital-light Figure Connect marketplace.

Full thesisShow less

Second-quarter 2026 net revenue rose 113% year over year to $226 million, while adjusted EBITDA reached $119 million at a 54.6% margin. Preliminary Q3 2026 marketplace volume rose 20% sequentially to $5.119 billion, excluding post-merger volume from the September 1, 2026 Kiavi closing.

Democratized Prime matched offers also climbed 50% sequentially to $588 million by September 30, 2026, alongside $504 million in circulating YLDS. Those operating gains validate Provenance as an institutional credit settlement rail without turning FIGR_HELOC into an equity participation token.

Token supply tracks 23.84 billion in unpaid HELOC principal and trades primarily on Figure Markets, limiting upside and secondary exit depth.

Strengths
  • Audited Q2 2026 results reported $4.3 billion in marketplace volume, $226 million net revenue, $87 million net income, and $119 million adjusted EBITDA
  • Preliminary Q3 2026 Consumer Loan Marketplace Volume reached $5.119 billion, rising 20% quarter over quarter and 107% year over year before Kiavi contributions
  • Democratized Prime matched offers rose 50% sequentially to $588 million as of September 30, 2026, supported by $825 million in available lender supply
  • Figure ended Q2 2026 with $1.4 billion in unrestricted cash and completed the Kiavi acquisition on September 1, 2026 to expand residential credit origination
  • Provenance Blockchain records loan document and transaction hashes on-chain while keeping private borrower data in encrypted off-chain object storage across over 380 partners
Risks
  • FIGR_HELOC circulating supply of 23.84 billion represents unpaid HELOC principal on Provenance, so headline market capitalization does not reflect liquid token equity
  • CoinGecko lists Figure Markets as the primary trading venue, concentrating price discovery and limiting secondary-market exit depth compared with multi-exchange tokens
  • October 6, 2026 Q3 operating numbers remain preliminary and unaudited until Figure publishes its full Q3 2026 financial statements in November 2026
  • Integrating Kiavi after the September 1, 2026 closing and servicing $600 million of 8.5% senior notes due 2031 introduce balance-sheet and execution risks
  • Origination volume and loan performance remain sensitive to U.S. housing prices, interest rates, warehouse funding availability, whole-loan buyers, and consumer lending regulations
Catalysts
  • November 2026. Full Q3 2026 audited financial results and post-merger Kiavi contributionHigh impact
  • Q4 2026. Expansion of Democratized Prime matched offers and YLDS circulationHigh impact
  • Ongoing. Broader secondary-market venue support and holder-economics disclosureMedium impact
Competitive position

Figure differs from tokenized Treasury issuers and generic RWA protocols by combining direct consumer loan origination, the Figure Connect marketplace, and the Provenance Blockchain. Its operating scale leads the private-credit RWA sector, with $5.119 billion in preliminary Q3 2026 marketplace volume and over 380 institutional partners.

Full positionShow less

Competing protocols such as Centrifuge, Maple, and Ondo offer clearer token-holder governance or fee-capture structures across multiple exchanges. By contrast, FIGR_HELOC tracks 23.84 billion in unpaid HELOC principal and trades primarily on Figure Markets.

Platform growth strengthens Provenance settlement volume without giving FIGR_HELOC holders equity-like upside over Figure Technology Solutions.

Conclusion

Figure operates a large profitable RWA credit platform, backed by $226 million in Q2 2026 net revenue and $5.119 billion in Q3 volume. Completing the Kiavi acquisition in September 2026 and growing Democratized Prime matched offers to $588 million reinforce its institutional origination scale.

Full conclusionShow less

However, FIGR_HELOC represents 23.84 billion in unpaid HELOC principal on Provenance rather than liquid corporate equity. Concentrated trading on Figure Markets and preliminary Q3 financial disclosures limit its suitability for investors seeking conventional crypto upside.

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