What happened
Figure Technologies, the blockchain lender co-founded by former SoFi chief executive Mike Cagney, has filed its tenth asset-backed securitization of 2026, CryptoBriefing reported Sunday. The deal count puts Figure ahead of every major US bank in ABS issuance frequency this year, an outcome that would have read as satire two years ago. Each transaction packages HELOC loans that Figure originates directly to consumers, then services and settles on Provenance, the proof-of-stake chain Figure stood up in 2018 and later contributed to the Provenance Blockchain Foundation.
The loans live on-chain from origination through securitization, which is the part traders should care about. It isn't a wrapper. The collateral, the servicing records, and the ownership transfers all sit in the same ledger that the bond investors can audit.
Figure has been chipping at this for five years, and 10 deals in roughly six months is the first time the cadence looks industrial rather than promotional.
Why it matters
Asset-backed securitization is plumbing. It's how lenders recycle balance sheet capacity, and it's a market that ran roughly $250 billion in US issuance in 2025 across consumer credit categories. A non-bank, blockchain-native originator out-issuing JPMorgan, Wells Fargo, or Bank of America by deal count in any segment is the kind of data point that forces credit desks to take RWA tokenization seriously.
The pitch for years has been that on-chain settlement compresses the time between loan origination and funding, cuts trustee and custodian costs, and gives bond investors something close to real-time collateral transparency. Figure now has a track record long enough that ratings agencies, warehouse lenders, and end buyers are pricing the rails as production infrastructure. That's the shift.