Figure CEO: Blockchain Will Reshape Wall Street's "Financial Plumbing," Traditional Intermediaries May Be Massively Displaced

BlockBeats News, May 3rd, Figure Technology Solutions CEO Mike Cagney stated that the company is attempting to reconstruct the traditional credit market infrastructure using blockchain technology, integrating real-world assets (RWA), securitization, and DeFi.

Data shows that Figure's monthly loan origination volume in March this year exceeded $1 billion for the first time, with a total loan origination volume in the first quarter reaching $2.9 billion, approximately $12 billion on an annualized basis. Cagney stated that the company aims to reduce intermediaries in securitization, lending, and stock lending markets through on-chain processes, lowering costs and improving liquidity.

Currently, Figure has launched the yield-generating stablecoin YLDS and introduced on-chain lending treasury products on networks such as Solana, allowing users to invest in tokenized credit assets or use them as collateral for borrowing. The company also plans to expand to the Ethereum ecosystem and explore stock tokenization and on-chain securities lending.

Cagney believes that the true value of blockchain lies not in "putting everything on-chain" but in restructuring the financial abstraction layer. "Loans, securities, equities, and other financial assets are naturally suited for blockchain, and the entire financial infrastructure may be rewritten as a result in the future."