Figure founder predicts blockchain will reshape Wall Street's credit infrastructure

Odaily Planet Daily News: Figure Technology Solutions (FIGR) founder Mike Cagney stated that the company is pushing to reconstruct the underlying infrastructure of the traditional credit market through blockchain, moving loans, real-world assets (RWA), and even stocks onto the chain. The goal is to free credit flow from traditional intermediary systems and make it “Wall Street’s new infrastructure.” Data shows that Figure’s loan issuance volume first exceeded $1 billion in March this year, with a total issuance of $2.9 billion in the first quarter of 2026, and an annualized scale of about $12 billion.

Mike Cagney pointed out that tokenizing loans can significantly reduce securitization costs, decrease traditional intermediary fees, and improve liquidity through a continuously updated real-time credit market. It also enables on-chain credit assets to directly access the DeFi ecosystem, expanding investor participation. Its Forge platform can package loans into standardized asset pools and convert them into tokens that can be used as collateral in DeFi protocols.

Currently, Figure is advancing related business within the Solana ecosystem and plans to expand to Ethereum. Additionally, the company has launched a yield-bearing stablecoin called YLDS, supported by traditional assets such as U.S. Treasury bonds, with a scale of about $600 million, and is exploring stock tokenization and on-chain staking and lending. Mike Cagney stated that blockchain will become one of the most transformative technologies and will redefine the future structure of financial markets. (CoinDesk)