Figure CEO: Blockchain will reshape Wall Street's "financial pipelines," with traditional intermediaries potentially being replaced on a large scale

ME News report, May 3 (UTC+8): Figure Technology Solutions CEO Mike Cagney said the company is looking to reshape the infrastructure of the traditional credit market through blockchain, aiming to closely integrate real-world assets, securitization, and decentralized finance (DeFi). According to statistics, Figure’s monthly loan disbursement volume first exceeded $1 billion this March, while its total lending volume in the first quarter reached $2.9 billion, which is estimated to be about $12 billion on an annualized basis. Cagney said the company’s goal is to reduce intermediaries in the securitization and lending process through on-chain operations, lowering costs and improving liquidity. Currently, Figure has launched a yield-bearing stablecoin, YLDS, and has rolled out on-chain credit vault products on networks such as Solana, allowing users to invest in or use tokenized credit assets as collateral. The company also plans to enter the Ethereum ecosystem to explore stock tokenization and on-chain securities lending. Cagney emphasized that the true value of blockchain lies in rebuilding the financial abstraction layer, which could drive a comprehensive overhaul of financial infrastructure. (Source: MLion)