Figure CEO: Blockchain Will Restructure Wall Street's Financial Pipeline, Traditional Intermediaries May Be Massively Replaced

On May 3, Figure Technology Solutions CEO Mike Cagney stated that the company is attempting to leverage blockchain to reconstruct the traditional credit market infrastructure, deeply integrating real-world assets (RWA), securitization, and DeFi. Data shows that Figure’s loan issuance exceeded $1 billion for the first time in March this year, with a total lending volume of $2.9 billion in the first quarter, annualized to about $12 billion. Cagney indicated that the company’s goal is to reduce intermediary roles in securitization, lending, and stock borrowing markets through on-chain processes, thereby lowering costs and enhancing liquidity. Currently, 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 tokenized credit assets or use them as collateral for borrowing. The company also plans to expand into the Ethereum ecosystem and explore stock tokenization and on-chain securities lending. Cagney believes that the true value of blockchain lies not in ‘putting everything on-chain’ but in reconstructing the financial abstraction layer. ‘Loans, securities, equities, and other financial assets are inherently suitable for on-chain processes, and the entire financial infrastructure may be rewritten as a result.’