Figure Grows Fast on Blockchain Loans and Stablecoin
Revenue doubled thanks to stronger demand for blockchain loans and the growth of YLDS, Figure’s yield-bearing stablecoin. The number of partners and lending volume also rose sharply.
Key Takeaways
- Figure posted $226 million in revenue in the second quarter, up 113 percent from a year earlier, with $87 million in net income.
- Consumer Loan Marketplace volume rose to $4.3 billion, while Figure Connect reached $2.8 billion and had 489 partners.
- YLDS circulation rose to $556 million; Figure expects $4.8 billion to $5.2 billion in marketplace volume in the third quarter.
Figure once again showed strong growth in the second quarter, with net revenue of $226 million (€196 million) and a blockchain-based lending platform that keeps scaling fast. The FIGR stock rose about 5 percent in Thursday premarket trading, after a 10 percent gain on Wednesday.
Revenue and Profit Double
For the quarter ended June 30, Figure reported $226 million (€196 million) in net revenue, up 113 percent from a year earlier. Net income rose to $87 million (€75.4 million), or 35 cents per diluted share, while adjusted EBITDA more than doubled to $119 million (€103 million).
Most of the growth came from the Consumer Loan Marketplace, where volume reached $4.3 billion (€3.7 billion), 132 percent higher than a year ago. Figure Connect, the unit that connects loan originators with capital providers, accounted for $2.8 billion (€2.4 billion), about 65 percent of that total. In the first quarter of 2026, Figure Connect was still at $1.6 billion (€1.4 billion), showing how quickly this part of the platform keeps scaling.
Blockchain Lending Platform Expands
Figure is one of the more established public companies trying to move lending and capital markets activity onto blockchain rails. The platform connects loan originators with investors and uses blockchain infrastructure to issue, finance, and trade assets such as home-equity loans.
The company added 102 new loan origination partners during the quarter, bringing the total to 489 firms across mortgage lenders, banks, and fintech companies. CEO Michael Tannenbaum said weekly loan applications in July topped $1 billion (€0.9 billion).
Figure’s onchain products also kept growing. Circulation of YLDS, the company’s yield-bearing stablecoin, rose to $556 million (€482 million) at the end of June, up from $328 million (€284 million) at the end of 2025. In addition, third-party borrowing through the Democratized Prime marketplace reached about $170 million (€147 million) as of August 6.
Why This Matters
For European crypto readers, Figure is especially interesting because it shows that blockchain is not just playing a role in spot markets or DeFi, but also in traditional credit markets. The mix of a growing stablecoin, a larger lending platform, and a possible expansion through Kiavi could point to tokenization and onchain financing gaining more ground in regulated financial products.
That broader shift is also visible at other financial institutions using tokenization for traditional assets. For example, Wells Fargo is working on tokenized deposits on its own blockchain, showing that the infrastructure side of onchain finance is maturing quickly.
Figure expects Consumer Loan Marketplace volume in the third quarter to come in between $4.8 billion (€4.2 billion) and $5.2 billion (€4.5 billion). The planned acquisition of real estate lender Kiavi remains on track to close in the second half of 2026, according to the company. That deal would push Figure further into adjacent real estate lending and pull more volume into the marketplace ecosystem.
