Figure's Blockchain Lending Marketplace Reaches $4.3 Billion as Revenue Doubles
Figure reported $226 million in quarterly revenue and $4.3 billion of consumer-loan marketplace volume, offering a rare public view of tokenized credit at scale.
Figure Technology Solutions delivered its strongest quarter since becoming a public company, with revenue, profit and loan-marketplace activity all rising sharply. The results provide one of the clearest public tests of whether blockchain infrastructure can support a scaled lending business rather than a narrow tokenization pilot.
Net revenue reached $225.6 million in the second quarter, up 113% from a year earlier. Net income rose 192% to $87.4 million, equal to 35 cents per diluted share, while adjusted EBITDA increased 126% to $119.4 million. Figure's net-income margin expanded to 38.8%, and its adjusted EBITDA margin reached 54.6%. Those figures reflect a business that is growing volume while maintaining a capital-light marketplace model, although adjusted measures exclude several non-cash and acquisition-related items.
The core operating number was $4.259 billion of Consumer Loan Marketplace volume, up 132% year over year and 47% from the first quarter. Figure Connect, which links loan originators with capital providers, handled $2.773 billion, or 65% of the total. The company added 102 origination partners during the quarter, taking the network to 489 mortgage banks, depositories, servicers and fintech firms.
Tokenization as operating infrastructure
Figure's model is important because the blockchain is not being used only to issue a tradeable wrapper around an offchain asset. Its infrastructure supports origination records, funding, ownership and secondary-market activity for loans. The company argues that standardized data and a shared ledger can reduce reconciliation, prevent double pledging and shorten the path between a loan's creation and its sale to investors.
The quarter shows growing participation on both sides of that marketplace. Figure said weekly loan applications exceeded $1 billion in July. Figure Connect volume rose 262% year over year, much faster than the broader marketplace. That mix shift suggests more loans are passing through an external distribution network rather than remaining dependent on Figure's own balance sheet. Operations and processing costs fell to about 67 basis points of marketplace volume from 79 basis points a year earlier, an indicator that higher throughput may be translating into unit-cost efficiency.
The balance sheet still matters. Loans held for sale increased 47.7% from year-end to $597.4 million, and current debt also rose. The company had $1.44 billion of cash and cash equivalents, excluding restricted cash, at quarter-end. Investors therefore need to distinguish marketplace growth from the credit, funding and liquidity risks that remain inherent in lending. Blockchain can improve records and settlement, but it does not remove borrower defaults, housing-market exposure, interest-rate sensitivity or the need for reliable institutional funding.
Onchain liquidity grows alongside lending
Figure's digital-asset products also expanded. Circulation of YLDS, its SEC-registered yield-bearing stablecoin security, reached $556 million at June 30, up from $328 million at the end of 2025. The company said third-party borrowing on Democratized Prime reached about $170 million by August 6, roughly 23 times its year-end level. It also introduced small-business loan pools alongside auto and home-equity assets.
Those products connect tokenized credit with onchain funding, but they serve different functions. Figure Connect is a marketplace for originators and capital providers. Democratized Prime is an onchain lending venue. YLDS is a regulated yield-bearing instrument used within the ecosystem. Growth across all three creates the possibility of a more integrated funding stack, but it also increases the importance of liquidity management, collateral standards and regulatory clarity.
Management expects third-quarter Consumer Loan Marketplace volume of $4.8 billion to $5.2 billion. Its acquisition of real-estate lender Kiavi remains scheduled to close in the second half of 2026. If completed, the deal would add first-lien and residential-transition loans to the platform and broaden the asset supply available for tokenized funding and distribution. Integration risk and the credit performance of new categories will matter as much as headline volume.
Why it matters
Tokenization is often measured by the face value of assets represented on a blockchain. Figure's results add a more demanding set of metrics: revenue, profit, partner growth, funding demand, processing costs and repeat transaction volume. A marketplace handling more than $4 billion of consumer credit in a quarter is large enough to test whether blockchain-based records can improve capital-market workflows in practice.
The numbers support the case that tokenized lending can reach meaningful commercial scale. They do not prove that every part of the model is superior to conventional infrastructure, nor do they eliminate credit-cycle risk. The next evidence will come from loan performance, the durability of third-party liquidity, the economics of the Kiavi integration and whether Figure can keep shifting volume toward external capital without weakening underwriting standards.