I’ve spent the last fifteen years moving lending from paper to digital to blockchain. SoFi proved borrowers didn’t need banks. Figure proved capital markets don’t need the middleman: roughly $2B a month (and growing) of real world assets now originate, finance, settle - and soon securitize - on a public blockchain. Lower transactional costs, better capital markets and better financing vs TradFi. And not mirrored on chain. Born there. Every other asset class will follow the same path: equities, funds, eventually anything with a cash flow. The horse has left the barn. The next decade of capital markets gets built by the people who already operate this way.

One challenge of going public as a venture backed company: your cap table has to rotate from venture funds to public market investors. VCs aren't permanent holders of public stock. They sell or distribute, and that overhang weighs on the tape regardless of fundamentals. Every investor has their own timing and discipline around these types of transactions, so an efficient purchase isn’t always possible. That being said, we're looking at ways to make that rotation more orderly. As Chairman, I think a lot about the long term growth of Figure stock and its underlying dynamics. Our newly established WKSI status lets us facilitate registered secondary offerings, so blocks can come to market in an organized way. And our board approved buyback gives us the ability to bid on blocks when the price is attractive for shareholders. We'll be transparent with the market if/when we pursue this.

Big news re: @Figure's $YLDS - it is now accepted collateral on @markets_edx. We appreciate the EDX team's leadership here. I think more exchanges will follow suit. Traders sacrifice a lot in taking the cash drag from posting non-yielding stables as collateral. The reason this has taken longer than we expected is that we didn't account for the fact that the other large stablecoin issuers pay the exchanges to take their coins as collateral. YLDS pays you, the trader. I think EDX as a first mover will open up this market more broadly to the benefit of all traders.