Wu said that Figure responded to the short-selling机构's accusations, stating that its loans are represented on-chain immediately after disbursement, and all subsequent transfers of ownership and pledges are recorded and executed on-chain through its platform; some HELOC-related processes still require traditional documents due to regulatory requirements, with on-chain records serving as the actual operational “system ledger,” and offline documents mainly used for legal compliance procedures. Regarding risk control and asset quality, Figure stated that its loan borrowers have an average FICO score of about 754, an average income of approximately $187,000, and a combined post-loan LTV of about 62%, and claimed that the loss rate over many years is about 1% or lower. Figure also mentioned that by March 2026, the platform's total loan sales exceeded $1.15 billion, and in April, the bid-wanted-in-competition (BWIC) auction spread on its platform hit a new low, denying that institutional funds are withdrawing.