What is Figure Heloc (FIGR_HELOC)?

Figure Heloc (FIGR_HELOC) is a tokenised real-world asset (RWA) that represents exposure to a portfolio of home equity lines of credit (HELOCs) originated by Figure Technology Solutions in the United States. Each token corresponds to the unpaid principal balance (UPB) of underlying HELOC loans that are recorded and managed on the Provenance blockchain, a purpose-built financial infrastructure originally developed by Figure.

Economically, FIGR_HELOC behaves like a tokenised debt instrument, not a typical utility or governance token. Its circulating supply tracks the aggregate outstanding principal of the tokenised HELOC portfolio, so “market capitalisation” largely reflects the size of that credit book rather than a free-float equity-style valuation.

The asset exists natively on Provenance, which uses its own data model and identifiers rather than ERC-20 style contracts. As a result, FIGR_HELOC is mapped to a Provenance scope or asset ID off-chain by Figure and market-data providers, and is then exposed to investors and trading venues under this ticker symbol.

What is Figure Heloc used for?

Figure Heloc is designed primarily for capital markets and funding, rather than for direct use by retail borrowers. Its main uses are:

1. Funding and securitisation of HELOCs:
   • When Figure originates HELOCs for homeowners, the loans are recorded and serviced on Provenance. These loans are then tokenised into FIGR_HELOC units, which can be packaged, financed and sold to institutional investors.
   • The token thus acts as a digital representation of HELOC exposure, supporting securitisations and warehouse facilities that fund new lending.
2. On-chain lending and RWA collateral:
   • FIGR_HELOC is used within Figure’s ecosystem, including platforms such as Figure Markets and Democratized Prime, where it serves as collateral in on-chain lending markets and other structured credit products.
   • In these venues, investors can gain tokenised exposure to real-estate-backed credit with price behaviour closer to short-duration fixed income than to volatile crypto assets.
3. Operational and settlement efficiency:
   • Because origination, servicing and funding events are logged on Provenance, FIGR_HELOC supports faster settlement cycles, lower intermediary costs and more transparent loan-level auditability compared with traditional HELOC funding structures. Retail borrowers taking a Figure HELOC on the consumer-facing website never interact with the token directly, they see only a standard home-equity credit product. FIGR_HELOC operates in the background as the capital-markets wrapper around those loans.

How does Figure Heloc work?

Figure Heloc combines traditional HELOC lending with blockchain-based asset management in a multi-step process:

1. Loan origination:
   • A homeowner applies for a HELOC through Figure’s digital platform.
   • The application, underwriting decision, lien recording and servicing setup are processed through Figure’s loan-origination system, with key lifecycle events anchored on the Provenance blockchain.
2. Tokenisation on Provenance:
   • Once funded, each HELOC becomes part of a pool of loans that are tokenised into fungible FIGR_HELOC units.
   • The total supply of FIGR_HELOC is calibrated to the total unpaid principal balance of the loans in that pool, and changes over time as borrowers draw, repay or close their HELOCs.
3. Trading and financing:
   • FIGR_HELOC is then used in on-chain marketplaces and funding structures, such as facilities on Figure Markets, where institutional lenders and qualified investors can buy, sell or lend against the tokenised HELOC exposure.
   • Because the token tracks real-world loan performance, its price typically trades close to par with its underlying value, with risk premia and discounts reflecting credit quality, duration and market demand, rather than speculative narratives common in other crypto assets.
4. Lifecycle and risk profile:
   • As borrowers repay or refinance, the underlying HELOC balances fall, which is reflected in reductions of the effective exposure represented by FIGR_HELOC.
   • Investors are exposed to home-equity credit risk, prepayment risk and Figure’s operational performance, so the token is best understood as a tokenised private-credit or structured-credit instrument, not as a decentralised utility token.

Who created Figure Heloc?

Figure Heloc was created by Figure Technology Solutions, Inc. (commonly known as Figure), a US-based financial technology company founded in 2018 by Mike Cagney, who previously co-founded and led SoFi.

Figure developed the Provenance blockchain to support origination, servicing, financing and securitisation of loans and other financial assets, and FIGR_HELOC is one of the flagship tokenised products built on top of this infrastructure. Provenance has since evolved into a dedicated blockchain platform for institutional debt markets, but Figure remains the originator and driving force behind the Figure Heloc token and the associated HELOC lending programme.