Coin columns · Mainnet Province
Figure Heloc: US home-equity loans recorded as a blockchain token
Figure’s HELOC loans, mirrored on the Provenance blockchain
Figure Heloc (FIGR_HELOC) is a token that represents home equity lines of credit (HELOCs) made by the US fintech lender Figure. Because its supply rises and falls with the loan book, it works more like a ledger entry for a pool of loans than a typical coin.
1. Who issues it and what it stands for
Figure Technology Solutions was founded in 2018 by Mike Cagney, a co-founder of SoFi, and June Ou. Its flagship product is the HELOC, a credit line that lets homeowners borrow, up to a limit, against the equity in their house. The company listed on Nasdaq under the ticker FIGR in September 2025.
FIGR_HELOC is the on-chain record of those loans. Each token is designed to correspond to one dollar of unpaid principal balance (UPB) in the underlying loans. There is no maximum supply: new loans add tokens and repayments remove them.
2. How it works on Provenance
The tokens are recorded on Provenance Blockchain, which Figure developed. It is a proof-of-stake mainnet built with the Cosmos SDK, a shared toolkit for building blockchains, and it is designed for financial record-keeping such as loans and securities rather than general-purpose apps. Its own coin is HASH.
Figure uses Provenance as the system of record for originating, selling, financing and securitizing its loans. When a loan changes hands, a lien and eNote registry on the chain called DART is updated as well. Trading in the token happens mostly between institutions on Figure’s own venue, Figure Markets.
3. Where it is used
Figure has used the loan tokens in sales to other lenders and as collateral for borrowing. Its lending and borrowing service, Democratized Prime, offered a real-world-asset lending pool backed by HELOCs, and the same chain hosts YLDS, Figure’s interest-bearing stablecoin. On the Crypto Nation map, FIGR_HELOC stands in the Provenance neighbourhood of the Mainnet Province, because it is recorded and issued on that chain, next to HASH and YLDS.
In a September 2025 letter, Mike Cagney argued that putting hard-to-sell loans on-chain makes trading and financing them more efficient. Figure’s case is that handling loan sales on a single ledger, instead of paper files and layers of intermediaries, saves time and money.
4. Things to know
FIGR_HELOC is not a coin that anyone can freely move between wallets and trade. In September 2025, DefiLlama’s 0xngmi and others argued that its on-chain activity is thin and that it mostly mirrors an internal database; that same month RWA.xyz began separating ‘distributed’ assets that investors can trade from ‘represented’ assets used mainly for record-keeping, and placed this token in the second group. As of October 2026, CoinGecko also notes that it has stopped trading on the exchanges it tracks.
The token’s value ultimately depends on US homeowners repaying their loans and on Figure’s underwriting, so rising delinquencies would matter. In April 2026, Morpheus Research, which disclosed a short position in Figure’s stock, published a report questioning the company’s use of blockchain and the quality of its loans. Figure’s leadership had already argued that its loans are genuine assets on a public chain that trade daily and serve as collateral.
Written from information public up to October 2026. It does not recommend or rate any coin and is not investment advice. If something is wrong, please tell us through the contact page.