Mike Cagney, the founder of SoFi, is back with a new mission: using blockchain to rebuild the plumbing of Wall Street's credit markets.
His company, Figure Technology Solutions (FIGR), just crossed $1 billion in monthly loan originations for the first time, putting it on track for roughly $12 billion in annualized volume.
Cagney says the goal is to strip out the middlemen. His model is built on three advantages: lowering the cost of securitization through tokenization, creating a continuously updating marketplace for consumer credit, and giving investors access to these assets through decentralized finance (DeFi).
Figure is now pushing into what Cagney calls "democratized prime" brokerage, and has launched a yield-bearing stablecoin (YLDS) backed by Treasuries. The company is also exploring tokenized equities, allowing investors to lend against its own stock onchain.
Figure is profitable, with nearly $30 billion in cumulative originations, and Cagney predicts blockchain will reallocate more public market cap than any technology before it.