Figure Technologies has crossed twelve billion dollars in tokenised private-credit issuance — primarily HELOCs and securitised consumer mortgages — making it the largest single tokenised-credit issuer in the world.
Figure Technologies has crossed twelve billion dollars in cumulative tokenised credit issuance on Provenance Blockchain, the firm's purpose-built L1 for asset origination and securitisation. The portfolio is dominated by HELOCs — home-equity lines of credit originated through Figure's direct-to-consumer platform — and securitised consumer mortgages packaged for institutional buyers.
Why Figure has scaled where others have not
Tokenisation is usually framed as a settlement-layer upgrade for existing assets. Figure inverts the model: the company originates the loans natively on-chain. From the moment a HELOC is approved, the loan record, the cash flows, the servicing rights, and the pool membership all live on Provenance. There is no off-chain origination workflow that needs to be reconciled with an on-chain wrapper, because there is no off-chain workflow.
That design choice has real cost consequences. Figure has publicly claimed it removes roughly 117 basis points of frictional cost from a HELOC versus the traditional securitisation pipeline, with most of the saving coming from instant pool formation and eliminated reconciliation cycles. Asset-backed securities buyers — including major insurance companies and pension funds — are now bidding tokenised Figure paper alongside conventional ABS.
Figure proves that the largest economic value of tokenisation is not in repackaging existing assets — it is in originating them on-chain from day one.
What Provenance is, and is not
Provenance Blockchain is a permissioned L1, Cosmos-SDK based, with validator set composed of regulated financial institutions including Figure, Caliber Home Loans, Sixth Street and several major banks. It is not a public chain in the Ethereum sense. That is a deliberate choice — the firms involved required KYC at the consensus layer and have been unwilling to operate without it. The trade-off is interoperability: Provenance assets are bridged to public chains via specific gateways rather than being natively reachable.
Twelve billion dollars in tokenised credit is more than every public-chain RWA-credit programme combined. Whether Provenance ultimately wins the design argument or not, Figure has already won the volume argument — and that is what asset-allocators look at first.
TOKENIZEDXONCHAIN