Figure
@Figure
Building the future of capital markets on blockchain | Figure Technologies Solutions, Inc. is responsible for this page | Proudly built on @provenancefdn
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Is blockchain having its Fannie Mae moment? On the latest Public Keys from the @NYSE:
@Figure's “Rule of 150” and tokenized lending with @MBTannenbaum, The Bitcoin treasury shakeout with @TDCowen’s Lance Vitanza – and who survives, and @Coinbase’s bet on AI agents that can pay with @sid_coelho.
Watch the full episode with @jennsanasie:
Chapters/Timecodes:
00:00 Welcome to Public Keys
00:20 Figure's Record Quarter and the "Rule of 150"
00:50 Figure CEO Michael Tannenbaum Joins
04:05 Figure as the "Fannie Mae of Blockchain"
06:44 Cutting Diligence Costs and Fighting Loan Fraud
08:10 Unlocking $35 Trillion in US Home Equity
09:57 Responding to the Morpheus Research Report
12:16 The Digital Asset Treasury Shakeout of 2026
12:55 TD Cowen's Lance Vitanza Joins
15:00 Why Strategy Is Built for a Bitcoin Bear Market
17:02 Strive, Smarter Web and Nakamoto in the Win Column
20:00 Treasury Companies vs. Spot Bitcoin ETFs
23:19 Coinbase Bets on Payments from AI Agents
23:41 Coinbase Business Head Sid Coelho-Prabhu Joins
24:45 How AI Agents Are Already Spending Money
27:03 Why Stablecoins Are Winning Agentic Payments
30:25 Inside the x402 Payment Protocol
32:06 What Still Needs Solving in Agentic Payments
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Our CEO @MBTannenbaum joined @TurnerNovak to discuss leadership, execution, and the future of finance. Together, they dive into taking on complex problems, digging in, and how that is the type of focus driving Figure forward.
Watch the full podcast ↓
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New @ThePeelPod with @MBTannenbaum
Employee #1# at Brex. Founder of the modern billboard ad.
We talk joining Brex when they were in a kitchen, almost walking away right before the launch, scaling to $300M+ revenue, the time Masa offered him a billion dollars, why you should take the hardest job available, and how he’s learned to think like a founder at Sofi, Brex, and taking Figure public as CEO.
Timestamps:
0:00 From Brex employee #1# to public-company CEO
1:28 Operating vs managing a career
3:23 Why he took the worst business at SoFi
7:34 The Big Rock framework
11:01 How to get real customer feedback
14:56 The best nose for value in fintech
17:46 Why banking the affluent beats down-market
21:11 What Figure is, and $1,000 vs $12,000
25:41 How blockchain kills double-sold-loan fraud
26:59 Do you actually need to use blockchain?
28:06 Why memecoins took over crypto
30:46 Masa's billion-dollar offer
36:29 Leaving SoFi for two kids in a kitchen
38:25 Look for a hair-on-fire problem
41:20 Six months from quitting to a unicorn
44:10 The finance guy who ran Brex's marketing
46:20 Inside Brex during the SVB collapse
51:16 The two SoFi insights behind Figure
54:46 From direct-to-consumer to marketplace
56:41 AI can’t get you better credit ratings
58:56 Figure is a modern Fannie Mae
1:00:26 Not everyone wants tokenization
1:01:31 Buyers who commit before the loan exists
1:04:06 Following customers into first-lien mortgages
1:06:41 Buying Kiavi, the fix-and-flip leader
1:12:26 Why more fintechs don't become marketplaces
1:14:46 The AI risk in outsourcing customer acquisition
1:18:26 What going public actually takes
1:20:16 Life as a public-company CEO
1:22:51 Getting shorted
1:24:11 The gas station test
1:25:46 The reverse pyramid of big corporates
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New @ThePeelPod with @MBTannenbaum
Employee #1# at Brex. Founder of the modern billboard ad.
We talk joining Brex when they were in a kitchen, almost walking away right before the launch, scaling to $300M+ revenue, the time Masa offered him a billion dollars, why you should take the hardest job available, and how he’s learned to think like a founder at Sofi, Brex, and taking Figure public as CEO.
Timestamps:
0:00 From Brex employee #1# to public-company CEO
1:28 Operating vs managing a career
3:23 Why he took the worst business at SoFi
7:34 The Big Rock framework
11:01 How to get real customer feedback
14:56 The best nose for value in fintech
17:46 Why banking the affluent beats down-market
21:11 What Figure is, and $1,000 vs $12,000
25:41 How blockchain kills double-sold-loan fraud
26:59 Do you actually need to use blockchain?
28:06 Why memecoins took over crypto
30:46 Masa's billion-dollar offer
36:29 Leaving SoFi for two kids in a kitchen
38:25 Look for a hair-on-fire problem
41:20 Six months from quitting to a unicorn
44:10 The finance guy who ran Brex's marketing
46:20 Inside Brex during the SVB collapse
51:16 The two SoFi insights behind Figure
54:46 From direct-to-consumer to marketplace
56:41 AI can’t get you better credit ratings
58:56 Figure is a modern Fannie Mae
1:00:26 Not everyone wants tokenization
1:01:31 Buyers who commit before the loan exists
1:04:06 Following customers into first-lien mortgages
1:06:41 Buying Kiavi, the fix-and-flip leader
1:12:26 Why more fintechs don't become marketplaces
1:14:46 The AI risk in outsourcing customer acquisition
1:18:26 What going public actually takes
1:20:16 Life as a public-company CEO
1:22:51 Getting shorted
1:24:11 The gas station test
1:25:46 The reverse pyramid of big corporates
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The AUTO risk tranching market is now on @ExponentFinance, backed by auto loans brought onchain by Figure Forge.
Learn more in Exponent’s full thread ↓
A new risk tranching market is live on Exponent: AUTO from @HastraFi
Backed by US consumer auto loans, originated by Agora and delivered onchain through @Figure Forge
Both tranches receive additional rewards over the first 30 days, and srAUTO is available as collateral on @Loopscale at launch ↓
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“Years ago, to bring up tokenization in the context of loans, banks or mortgages would have been considered totally crazy. Now it's crazy if you're not bringing it up,” @Figure CEO Michael Tannenbaum said.
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$FIGR's loan partners went from 387 to 489 in a single quarter, with mortgage banks and credit unions picking Figure's rails over building their own.
Outside volume went from 42% of the marketplace a year ago, to 56% last quarter, to 65% now. All while cost to process fell from ~79 basis points of volume to ~67, because a loan somebody else writes costs Figure almost nothing to move.
Adjusted EBITDA margin climbed from 47% to 55%, or ~52% once you strip out the one-off gain Figure's CFO called out, on $119 million that grew 126% while adjusted revenue grew 95%.
Two thirds of the loans moving through Figure belong to somebody else now.
As of July @Figure was taking in over $1 billion of loan requests a week, guided Q3 volume to $4.8 to $5.2 billion, and for the first time ever, the biggest slice of revenue is fees on loans Figure never funded.
Our PRO analyst @m0xt_ saw this coming and started building a $FIGR position back in Feb.
Don't miss his next entry.
Track each one of his investments in real time with Milk Road PRO (prices go from $25/m to $39/m next Weds):
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KBW2026 @Figure: @reidlikeabook
Reid Simon (President of Digital Assets, Figure) is confirmed for KBW2026 this fall. At Figure, he leads DeFi and Democratized Prime after previously bringing $3B in real-world assets into DeFi at Securitize and scaling a crypto credit business to $4B AUM.
Get your tickets. ⬇️
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Real assets need real infrastructure.
.@Figure issues $YLDS on Stellar. Now it is also helping secure the network behind it.
Three companies building on Stellar. Three companies taking responsibility for keeping it running.
Not bad company to keep.
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Capacity in the Sentora PRIME vault on @Morpho has just been raised to $210M.
Depositors supply $PYUSD and gain exposure to real-world credit demand backed by @Figure-originated home equity credit.
Demand for productive RWA collateral keeps growing.
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Joined @joshuahlipton on @YahooFinance to share @Figure’s strong Q2 results and discuss why home equity is booming.
Standardization + blockchain remain the ultimate unlock: lowering costs, cutting funding times, and creating transparent, liquid markets for our partners and borrowers alike.
Clip:
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Figure is now supporting @StellarOrg as a Tier 1 validator.
This, paired with the announcement of Figure Certificate Company (FCC)’s planned issuance of $YLDS on the Stellar chain, are major steps towards our continued support of the greater Stellar ecosystem.
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We brought HELOCs onchain, but that was just the start. By building the full Figure stack, we have created the rails to support credit assets like auto loans, residential transition, and more – all onchain.
@reidlikeabook broke it down at @ethconf ↓
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