Figure Heloc

This is a tokenized real-world asset (RWA) providing exposure to a portfolio of U.S. home equity lines of credit (HELOCs) originated and serviced by Figure Technology Solutions. Unlike native cryptocurrencies, FIGR_HELOC is not used for gas fees or staking - transaction fees in the ecosystem are paid in the HASH token of the Provenance blockchain. Each token is pegged to one dollar of unpaid principal balance (UPB) on the underlying loans, so its price tends toward $1.05 and typically trades in a range of $1.00-$1.04. The token issuance has no hard cap: the circulating supply dynamically reflects the total volume of HELOCs originated and not yet repaid.

FIGR_HELOC is designed for institutional investors seeking exposure to real estate-backed consumer lending via blockchain infrastructure. The token trades primarily on the regulated platform Figure Markets (a subsidiary of Figure Securities, registered with the SEC as an alternative trading system). The main trading pair is FIGR_HELOC/USD. Unlike competitors such as Centrifuge (which uses ERC-20 pools on Ethereum) or Ondo Finance (which tokenizes highly liquid U.S. Treasury bonds), FIGR_HELOC focuses exclusively on home equity lines of credit and uses a specialized asset registration model as non-fungible "scopes" on its own Provenance blockchain. This provides deterministic transaction finality, legally binding off-chain document linkage, and integration with traditional securitization markets. Unlike Maple Finance or Goldfinch, where participation is decentralized and multi-chain, FIGR_HELOC relies on centralized underwriting and secondary distribution processes, reducing composability but increasing speed and legal reliability for large institutional lots.

What Makes It Unique

The uniqueness of FIGR_HELOC lies in its full "application-to-securitization" cycle on the blockchain. Figure was the first in the world to issue a consumer loan on a blockchain and by mid-2025 had funded over $1.00 billion dollars in loans (the amount has grown since inception). The token is not a speculative instrument - its value is tied to the value of the underlying assets, and the supply volume is managed by the real credit portfolio. This makes it one of the most significant examples of distributed ledger technology adoption in traditional debt markets.

Figure Heloc Features

Technical Information

The token exists on the Provenance blockchain - a sidechain based on the Cosmos SDK, using CometBFT (formerly Tendermint Core) consensus with deterministic finality in 4-5 seconds. Loans are registered as unique "scopes" (analogous to NFTs), linked to the identifier scope1qrm5d0wjzamyywvjuws6774ljmrqu8kh9x. Sensitive borrower data is stored in the encrypted off-chain BlockVault vault, with only cryptographic hashes recorded on-chain, ensuring confidentiality and verifiability. The network supports over 70 validators; governance and staking are conducted in the HASH token under standard Cosmos SDK rules. Figure also uses DART (Digital Asset Registry Technology) for asset storage and lien registration, which complies with U.S. ESIGN and UETA laws.

Tokenomics

The issuance model is unique in the crypto market - the circulating supply of FIGR_HELOC equals the unpaid principal balance (UPB) of HELOCs registered on Provenance. According to RWA.xyz data, the token price is consistently ≈$1.00 (NAV) and does not experience the volatility typical of utility tokens. Historical records: all-time high $1.05 (Mar 9, 2026), all-time low $0.155357 (Oct 31, 2025). On October 24, 2025, a sharp price drop to $0.19 (an 81% decline) occurred, followed by a recovery, revealing vulnerability to low order book liquidity. There are no transaction fees - gas is paid in HASH at a flat dollar-denominated rate. Token distribution is not public, as this is not a classic ICO: issuance results from Figure's lending activity.

Security of FIGR_HELOC

No specialized smart contract audits for FIGR_HELOC have been found; the token's security relies on the overall security of the Provenance blockchain and Figure's corporate infrastructure. Two significant incidents have been recorded: (1) a corporate data breach at Figure Technology Solutions, discovered in February 2026 - unauthorized database queries since January 28, 2026; up to one million people may have been affected, but according to the company, bank account numbers and SSNs were not disclosed. (2) A 2024 civil lawsuit accusing Figure of misleading HELOC advertising (bait-and-switch). Both events relate to off-chain risks and do not affect the integrity of on-chain registries. The Provenance chain itself has not been hacked or hard-forked, but the validator set remains limited, creating a potential centralization point.

Which Exchanges Trade It

The asset trades exclusively on the specialized platform Figure Markets (a hybrid exchange with MPC wallets and a centralized order book). Other exchanges (Binance, Kraken, Coinbase) are not listed. Trading pair data:

CEX exchanges: Figure Markets.

All-time high - $1.05 (Mar 9, 2026), drawdown from ATH -4.61%. All-time low - $0.155357 (Oct 31, 2025).

Aggregator Listings

Project ranking by market capitalization:

• CoinGecko rank: 9
• Finkonkurs rank: 9

Investors and Funds

FIGR_HELOC has not conducted its own funding rounds, as it is a tokenized debt instrument. The parent company Figure Technology Solutions went public on September 10, 2025, on Nasdaq (ticker FIGR), raising $787.5 million at $25 per share, with an initial market capitalization of approximately $6.9 billion. In February 2026, Figure conducted an SEC-registered offering of Series A blockchain common stock for $150 million, with native issuance on Provenance. A joint venture with Sixth Street (announced in February 2025) provided over $2 billion in liquidity to the non-agency mortgage market. Institutional buyers include asset managers and insurance companies purchasing whole loans through the Figure Connect Marketplace.

Key Partnerships and Ecosystem

Figure Technology Solutions has an extensive partner network: over 100 originators and brokers (including CMG Financial, CrossCountry Mortgage, Fairway Independent Mortgage, The Loan Store) under the private-label HELOC program. The Kickstart program supports smaller originators. A retail partnership with Lowe's provides home improvement financing. On the technology side, AI models from OpenAI and Google Gemini are used to automate underwriting. The ecosystem includes the Provenance Marketplace (an on-chain platform for trading loans) and Democratized Prime - an on-chain lending platform where FIGR_HELOC can serve as collateral. In mid-2026, Figure Markets launched $15 million in secured leverage for HELOCs through Democratized Prime.

Potential

The main driver is growing demand for tokenized real-world assets, especially among large institutional investors seeking efficient exposure to consumer mortgage loans. The technological advantage (deterministic finality, automated securitization, reduced processing costs - estimated by the company at up to $850 savings per $100,000 of mortgage) can scale the business. The parent company's IPO and its market capitalization (approximately $6.9 billion at launch) confirm traditional capital's confidence. However, potential is limited by infrastructure concentration and low liquidity for retail participants: DefiLlama lead developer 0xngmi publicly criticized FIGR_HELOC as an internal registry rather than a decentralized asset. Nevertheless, with growing HELOC origination volumes and further TradFi integration, the token could become a benchmark for the RWA sector.

Risks [Identified by Finkonkurs AI Analytics System]

• Infrastructure Concentration: Nearly all issuance and trading are controlled by Figure and its subsidiaries; free float is minimal.
• Legal Risks: A 2024 civil lawsuit over misleading HELOC advertising; the 2026 data breach could lead to reputational damage and regulatory sanctions.
• Market Risk: The flash crash on October 24, 2025, demonstrated extreme price instability under low order book liquidity, despite the nominal $1 peg.
• Regulatory Risk: In the U.S., the asset is regulated as a security (SEC); in Europe, it falls under MiCA (effective 2025). Any legislative changes could affect distribution or tax models.
• Credit Risk: Since FIGR_HELOC is backed by HELOCs, borrower defaults or declines in collateral property values directly impact the portfolio's value.
• Criticism from DeFi Community: Reports from Morpheus Research (April 2026) and statements by 0xngmi question the genuine decentralization and tradability of the token, potentially undermining trust.

Related Individuals

• Michael Cagney (co-founder of Figure Technologies, now Executive Chairman of Figure Technology Solutions and CEO of Figure Markets) - known as co-founder and former CEO of SoFi (2011-2017), who left SoFi amid allegations of sexual misconduct and compliance violations. Before SoFi, he worked at Wells Fargo (trading, structured products), founded Finaplex (wealth management software), and the hedge fund Cabezon Investment Group. Education: BA and MA in Economics from the University of California, Santa Cruz, MS in Management from Stanford (Sloan Fellow). At Figure, he oversees strategic development and blockchain infrastructure.
• June Ou (co-founder of Figure Technologies, President of Figure Markets) - previously served as CTO of SoFi (2012-2017), VP Engineering at Finaplex, CEO of CCO Solutions. Education: MS in Applied Economics from UC Santa Cruz and MBA/MS from Stanford (Sloan Fellow). At Figure, she oversees operations and product strategy.

Issuer - Figure Technology Solutions (NASDAQ: FIGR). Related organizations: Figure Markets (trading platform), Figure Securities, Inc. (SEC-registered broker-dealer, SIPC member), Figure Markets Ireland Limited (VASP registered with the Central Bank of Ireland for AML/CTF).

Contests, Activities, and Hackathons on Our Platform

No contests, hackathons or marketing activities for this token have been published on Finkonkurs yet. New activities will appear here automatically once the team or partners launch them.

WhitePaper

A description of the technical architecture and business model for HELOC tokenization is contained in the Provenance blockchain whitepaper and corporate documents of Figure Technology Solutions. The official Provenance whitepaper describes CometBFT consensus, the scopes model, the BlockVault off-chain vault, and the HASH token economy. No separate FIGR_HELOC whitepaper has been published - information about the token is disclosed through RWA.xyz reports and company press releases.

Link: not publicly available.