Figure demos full on‑chain credit lifecycle

Most loans still move like paper checks in a digital world. A lender approves the credit, another desk funds it, a servicer collects payments, and ownership records get updated in separate systems that can take days or weeks to reconcile. (figure.com) Figure is showing a different model: one system that starts with the borrower application and keeps the same loan on-chain through funding, servicing, and settlement. The products it points to include home equity lines of credit, which are revolving loans secured by a home, and auto loans, which are installment loans secured by a car. (figure.com) (prnewswire.com) The chain underneath this is Provenance, a proof-of-stake blockchain built for financial assets rather than memes or games. Provenance says it has handled billions in loan transactions and offers real-time loan ownership updates through its Digital Asset Registry Technology system. (provenance.io) (figuremarkets.com) A home equity line of credit is a good test case because it usually touches many parties. The borrower taps equity in a house, the lender underwrites the risk, an investor often provides the money, and a servicer then tracks monthly payments for years. (figure.com) In the old setup, each handoff creates delay. Figure said when it launched Figure Connect in June 2024 that capital-markets settlement often took months, and that its platform was built to cut that process to days by putting pricing, buyer access, and recordkeeping in one workflow. (figure.com) Figure already uses that stack in its own lending business. Its public site says borrowers can get a home equity line of credit decision in 5 minutes and funding in as few as 5 days, compared with the 2 to 6 weeks it says traditional bank home equity lines often take. (figure.com 1) (figure.com 2) The newer piece is funding the loan with tokenised capital instead of waiting for the usual warehouse lines and back-office batch jobs. In June 2025, Figure Markets opened a $15 million facility backed by Figure home equity lines of credit and said it was the first time digitally native real-world assets could be used as collateral on its decentralized lending marketplace. (figuremarkets.com) That marketplace runs hourly Dutch auctions, which means lenders post the rate they are willing to accept and the system clears at one market rate each hour. Figure Markets said members were already lending against that home equity line pool at rates close to 9%, with redemptions and resets happening on the hour. (figuremarkets.com) Servicing is the part most blockchain demos skip, because collecting monthly payments, updating balances, and tracking ownership changes is where loan operations usually get messy. Provenance says its registry is designed for auditable, automated, real-time loan ownership updates, which is the plumbing you need if a loan is going to keep moving after origination instead of freezing in place. (provenance.io) Figure has been building toward this for years. In 2023 it said it used Provenance for loan origination, servicing, and financing, and in 2025 it said it was adding more than $600 million a month to Provenance and had more than $11 billion in loans available to bring on-chain. (prnewswire.com) (figuremarkets.com) If the full lifecycle works outside a demo, the change is less about crypto branding than about timing. A loan that can be originated, funded, serviced, and settled on one shared ledger does not need every participant to keep rebuilding the same record in separate databases before money can move. (provenance.io) (figure.com) That is why Figure keeps starting with products like home equity lines and auto loans instead of trying to put every asset on-chain at once. These are big, repetitive credit products with enough paperwork, investors, and servicing events that even cutting settlement from months to days—or from days to the same day—changes the economics. (figure.com 1) (figure.com 2)