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

ME News Update — May 3 (UTC+8). Figure Technology Solutions CEO Mike Cagney said the company is seeking 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 loan issuance volume in March this year first exceeded $1 billion, and its total lending in the first quarter reached $2.9 billion, which is approximately $12 billion on an annualized basis. Cagney noted that the company’s goal is to reduce intermediaries in the securitization and lending process through on-chain operations, lowering costs and improving liquidity. At present, Figure has launched the yield-bearing stablecoin YLDS and has introduced on-chain credit vault products on networks such as Solana, allowing users to invest in or pledge tokenized credit assets. 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 layer of financial abstraction, which can drive a comprehensive overhaul of financial infrastructure. (Source: MLion)