Figure submits IPO application to SEC, marking an important milestone for the RWA sector

The blockchain finance company Figure has recently officially submitted its initial public offering (IPO) application to the U.S. Securities and Exchange Commission (SEC) (, planning to complete its listing within this year. This move not only strongly validates Figure's business model but also marks the transition of the real-world asset (RWA) track from the conceptual stage to practical application, signaling the start of a reconstruction battle involving a trillion-dollar market.

Figure holds an absolute dominant position in the tokenization of RWA private credit. According to statistics, in the $277.4 billion tokenized private credit market, Figure's cumulative loan scale has reached $110 billion, accounting for nearly 50% of the market share, making it the leading enterprise in the industry.

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Figure's success is inseparable from the rich experience of founder Mike Cagney. As a veteran in the consumer finance sector, Cagney keenly perceived the transformative potential of blockchain technology in financial infrastructure. In 2018, he founded Figure, proposing the grand goal of "reshaping the credit market with blockchain."

Unlike many projects that remain at the conceptual level, Figure has constructed a complete ecosystem from asset issuance, loan origination to securitization and trading, truly bringing traditional financial assets into the blockchain world:

1. The independently developed ProvenanceBlockchain has become the industry's first public chain designed specifically for financial services, supporting real-time asset settlement and composability.

2. The "Connect platform" launched by Figure connects loan initiators with investors, achieving efficient matching and circulation of assets.

3. The recently launched YLDS stablecoin has become the world's first income-generating stablecoin registered with the US SEC, providing a compliant yield vehicle for on-chain assets.

These innovations constitute Figure's strong product advantages, enabling it to expand against the trend in the cryptocurrency market. In just the past month, its new loan assets have exceeded 800 million dollars, showing astonishing growth.

The rise of Figure aligns with the overall explosive trend of the RWA sector. Recently, RWA-related crypto assets have risen by 6.9%, with significant increases in mainstream tokens such as Provenance Blockchain)HASH(, Stellar)XLM(, and Injective)INJ(, reflecting investors' preference for "hard assets" related to the real economy in an uncertain environment.

The potential of the RWA market has not yet been fully realized. The private credit market itself is a massive industry worth $30 trillion. According to professional institutions, the potential tokenization space for the entire RWA market could reach $31 trillion, covering multiple traditional financial asset classes such as USD, US Treasuries, gold, real estate, and accounts receivable.

Traditional financial giants are also starting to布局 in the RWA field:

• A large asset management company launched its first tokenized fund.
• A well-known investment company has deployed a money market fund to the public blockchain.
• Multiple top private equity firms are using tokenization tools to lower investment thresholds, gradually "democratizing" traditional high-net-worth products.

Figure democratizes asset classes that were originally only accessible to institutions and the wealthy through its platform, effectively merging traditional asset management with innovative consumer finance on the blockchain.

Although Figure has taken the lead, the widespread adoption of RWA still faces three key challenges:

1. "Trust Anchor" of On-chain Assets and Off-chain Entities: How to ensure that tokens truly represent real-world assets and have clear legal ownership?

2. Asset structuring is a prerequisite for tokenization: not all assets can be directly "on-chain". A more feasible approach is to first structure them through traditional financial mechanisms (such as funds, ABS) before tokenizing, to enhance efficiency and compliance.

3. The value of RWA lies in efficiency improvement: blockchain is not about "creating" new financial products, but rather about allowing existing assets to circulate within a more transparent and real-time technological framework.

In these three aspects, Figure's advantage lies in its familiarity with traditional finance as well as its mastery of underlying blockchain technology, thus possessing multiple advantages in technical capabilities, compliance experience, and product implementation.

The IPO sprint this time by Figure is a landmark event that signifies the transition of RWA from concept to reality, proving that blockchain technology can effectively empower the circulation of traditional assets, lower barriers, and enhance efficiency. Figure is attempting to build a "bridge of trust" between traditional finance and the crypto world. This is not only related to the vision of an entrepreneur but may also reshape the way we understand capital markets, asset allocation, and financial democratization.

In the next ten years, whoever can master RWA will have the opportunity to seize the ticket to the next trillion-dollar financial new era.

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