Bernstein says Figure's $2.9B Q1 shows blockchain loan markets are more than fintech wrappers

Bernstein's May 15 note argues Figure is not just a HELOC fintech with crypto paint: its Q1 beat makes FIGR a proxy for blockchain-native loan volumes. Figure reported $2.9B in consumer loan marketplace volume, $166.8M adjusted net revenue and $82.7M adjusted EBITDA, and Bernstein says live onchain data points to a record Q2. The important bit is Forge: Figure is trying to fractionalize whole loans into single-dollar RWA units that DeFi can fund, trade and borrow against, while tokenized credit is still only about $5.1B against Bernstein's $4T origination TAM.

TLDR by @Benthic

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