Summary of Figure Technology Solutions Conference Call Company Overview - **Company**: Figure Technology Solutions (NasdaqGS:FIGR) - **Event Date**: November 18, 2025 - **Key Speakers**: Mike Cagney (Executive Chairman), Michael Tannenbaum (CEO), Macrina Gill (CFO), Claire Hovey (COO) Key Industry and Company Developments - **Launch of Blockchain-Native Public Equity Security**: Figure announced the first-ever blockchain-native public equity security, enhancing how public securities can be issued, traded, and financed [4][10] - **Advantages of Blockchain-Native Equity**: - Faster bilateral settlement - 24/7 trading capabilities - Cross-collateralization of securities - Transparent lending and borrowing of stock [4][6][8] - **Non-Dilutive Offering**: The offering will be non-dilutive, involving existing shareholders selling their shares while Figure mints new blockchain stock, keeping the total share count unchanged [5][7] Market Infrastructure and Trading Model - **Decentralized Trading Model**: The blockchain-native equity will trade on an alternative trading system (ATS) without reliance on traditional intermediaries like DTCC or prime brokers, allowing for direct trades between self-custody wallets [6][15] - **Cost Savings and User Experience**: The new model is expected to deliver material cost savings, better stock loan economics, and an improved user experience [6][9] - **Integration with Democratized Prime**: The blockchain-native equity will serve as a foundational element for the Democratized Prime DeFi platform, enhancing liquidity and market efficiency [10][12] Regulatory and Compliance Aspects - **SEC Registration**: The blockchain-native equity will be fully registered with the SEC, ensuring compliance with investor protections and governance frameworks [7][8] - **KYC and AML Compliance**: The same KYC requirements will apply as with traditional brokerages, ensuring regulatory compliance [30][34] Market Dynamics and Future Outlook - **Liquidity Mechanism**: A mechanism will allow swapping between blockchain and NASDAQ securities, expected to enhance liquidity across both platforms [20][21] - **Potential for Premium Trading**: The blockchain-native equity may trade at a premium due to its enhanced utility and cross-collateralization capabilities [21][50] - **Expansion into Other Asset Classes**: Figure aims to extend its blockchain model into other asset classes, including commodities and currencies, beyond just equity [16][41] Competitive Landscape - **Disruption of Traditional Markets**: Figure's approach is seen as a direct competitive challenge to traditional equity markets, potentially leading to a shift away from reliance on intermediaries [15][24][48] - **Interest from Other Market Participants**: There is significant interest from asset managers and broker-dealers in adopting this blockchain-based approach, indicating a shift in market dynamics [22][24] Conclusion - **Ambitious Undertaking**: Figure is positioning itself at the forefront of transforming capital markets through blockchain technology, aiming to restore economics to asset holders and disrupt traditional intermediation [78]

Today's Presenters Blockchain-Native Follow-On Non-Dilutive Secondary Offering November 18, 2025 Mike Cagney Co-Founder, Executive Chairman Michael Tannenbaum Chief Executive Officer Macrina Kgil Chief Financial Officer Clare Hove Chief Operating Officer 2 Disclaimer Figure Technology Solutions, Inc. ("Figure") has filed a registration statement (including a prospectus) with the SEC for this proposed offering to which this communication relates. Before you invest, you should read the prospectus in that regi ...

Market Overview - The Hong Kong stock market saw a collective decline in Bitcoin-related stocks, with notable drops including Boyaa Interactive and Yueneng Holdings falling over 6% [1] - Bitcoin's price fell below $97,000 per coin, marking a new low since May 8 [1] Company Performance - Boyaa Interactive (Code: 00434) experienced a decline of 6.99%, with a latest price of 4.390 and a market capitalization of 3.385 billion [2] - Yueneng Holdings (Code: 00442) dropped by 6.03%, with a latest price of 1.090 and a market capitalization of 0.188 billion [2] - OSL Group (Code: 00863) fell by 5.88%, with a latest price of 16.000 and a market capitalization of 12.714 billion [2] - New Fire Technology Holdings (Code: 01611) decreased by 3.80%, latest price at 3.800 and a market capitalization of 2.859 billion [2] - Mistrategy (Code: 02440) saw a decline of 3.27%, with a latest price of 2.070 and a market capitalization of 0.762 billion [2] - Yunfeng Financial (Code: 00376) dropped by 3.03%, latest price at 3.840 and a market capitalization of 15.588 billion [2] - Guofu Quantum (Code: 00290) decreased by 3.02%, with a latest price of 1.930 and a market capitalization of 1.756 billion [2] - OK Blockchain (Code: 01499) fell by 2.80%, latest price at 0.243 and a market capitalization of 1.305 billion [2] - Blueport Interactive (Code: 08267) saw a decline of 2.25%, with a latest price of 0.435 and a market capitalization of 0.016 billion [2]

Group 1: Circle Internet Group, Inc (CRCL) - Circle is transitioning from a single product provider to a comprehensive platform service provider, leveraging its compliance advantages and strong ecosystem partnerships[8] - The target price for Circle is set at $125.00, indicating a potential upside of 27.2% from the current price of $98.30[3] - The company expects total revenue to grow from $1.45 billion in 2023 to $4.30 billion by 2027, reflecting a compound annual growth rate (CAGR) of 38.54%[12] Group 2: HIMS & HERS HEALTH (HIMS) - HIMS reported a 49% year-over-year revenue increase in Q3 2025, reaching $600 million[14] - The target price for HIMS is set at $56.80, representing a 43% upside from the current price of $39.75[16] - The company aims to achieve $1 billion in revenue for its HERS segment by 2026, with a long-term goal of $6.5 billion by 2030[16] Group 3: 贝壳 (BEKE) - 贝壳's total transaction volume for Q3 2025 was approximately 736.7 billion RMB, showing a stable year-over-year performance[22] - The target price for 贝壳 is set at 60.00 HKD, indicating a potential upside of 38.3% from the current price of 43.54 HKD[27] - The company has successfully reduced operational costs, with a 1.8% decrease in overall operating expenses in Q3 2025[22]

Financial Data and Key Metrics Changes - USDC in circulation grew 108% year-over-year to $73.7 billion, indicating strong market share expansion [8][23] - Total revenue and reserve income increased 66% year-on-year to $740 million, with adjusted EBITDA growing 78% year-on-year to $166 million, reflecting a 57% adjusted EBITDA margin [9][25] - Reserve return rate was 4.15%, down 96 basis points year-on-year due to a decline in SOFR [23] Business Line Data and Key Metrics Changes - Circle Payments Network (CPN) saw significant growth in transaction volumes, with over 100x growth in monthly total payment volume since its launch [21][20] - CCTP (Cross-Chain Transfer Protocol) volume grew approximately 640% year-over-year to $31.3 billion in Q3 [12][13] - Subscription and services revenue reached $23.6 million, primarily from blockchain network partnerships, with strong growth in underlying recurring revenues [24][83] Market Data and Key Metrics Changes - The stablecoin market continued to grow, with Circle's share increasing to 29% in Q3, up from 28% in the previous quarter [10][42] - Stablecoin transaction volumes grew approximately 130% year-over-year, with USDC's share expanding to 40% [11] - On-chain transactions using USDC grew 580% year-over-year to $9.6 trillion in Q3 [9] Company Strategy and Development Direction - Circle aims to build a full-stack Internet financial platform, focusing on blockchain networks, digital assets, and application utilities [5][8] - The company is exploring the launch of a native token on the Arc network to drive utility, incentives, and governance [10][18] - Circle continues to expand its stablecoin network across more chains, with five new chain launches and a total of 28 supported chains [10][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth of USDC circulation and the overall stablecoin market, driven by regulatory clarity and technological advancements [26][43] - The company is focused on building partnerships with quality participants to enhance the value of its network [32][60] - Management does not provide detailed quarterly guidance but has increased full-year guidance for other revenue to $90-$100 million [26][27] Other Important Information - The Arc public testnet launched with over 100 major participants from various sectors, indicating strong interest and collaboration [17] - The company has seen strong early momentum for Circle Payments Network, with a growing pipeline of financial institutions seeking to join [19][20] - Circle has closed three M&A deals this year, focusing on accelerating its core offerings rather than diversifying [68][69] Q&A Session Summary Question: Insights on Circle Payments Network (CPN) pipeline and monetization - Management highlighted the focus on quality participants and operational capabilities for CPN, emphasizing the importance of meaningful flows [30][32] - Monetization will focus on growing the network rather than extracting immediate value, with potential for small fees in the future [34][35] Question: Reaction to Fed's involvement in payments and crypto - Management expressed alignment with the Fed's view, stating that Circle's infrastructure is fundamental to the emerging on-chain financial system [40][41] Question: Market share gains and regulatory impact - Management noted that growth in market share is driven by regulatory clarity and advancements in technology, leading to increased adoption by major financial institutions [42][43] Question: Exploration of a native token for Arc - Management discussed the potential benefits of a native token for Arc, focusing on stakeholder incentives and governance [48][50] Question: Demand-side insights and M&A interest - Management indicated that strong direct liquidity and efficient capital movement are critical for firms looking to build on stablecoin payments [65][68] Question: Subscription revenue growth and transaction revenue decline - Management explained that subscription revenue growth is driven by blockchain partnerships, while the decline in transaction revenue was due to a spike in the previous quarter related to redemptions [84][85]

Group 1: Metropolis - Metropolis completed a $500 million equity financing and secured an $1.1 billion loan facility, aiming to monetize offline space access through computer vision and payment infrastructure [1] Group 2: Ripple - Ripple raised $500 million in financing led by traditional Wall Street giants like Citadel Securities, marking a shift in institutional interest towards blockchain financial infrastructure [2] - The financing aims to support the expansion of its compliant stablecoin RLUSD, transitioning from a cross-border payment network to a full-stack financial infrastructure [2] - Ripple holds over $80 billion in nominal value of XRP tokens, with some investors viewing the company as a special purpose acquisition company (SPAC) due to its substantial asset pool [2] Group 3: 时的科技 - 时的科技 announced a B+ round financing and secured a bank credit of 700 million yuan, symbolizing strategic support for the low-altitude economy [3] - The company aims to compete with international giants by focusing on tilt-rotor technology and has signed a letter of intent for 100 E20 aircraft with ICBC [3] Group 4: 众凌科技 - 众凌科技 completed a 400 million yuan C round financing, highlighting confidence in domestic alternatives for critical materials in the semiconductor display industry [4] - The company achieved mass production of a 20μm thick FMM used in OLED screens, breaking overseas monopolies in core materials [5] Group 5: 雷鸟创新 - 雷鸟创新 completed a C round financing, raising a total of 800 million yuan in 2025, setting a record in the AI+AR glasses sector [6] - The funds will be used for core technology development and global market expansion [6] Group 6: 中通云仓 - 中通云仓 completed a 200 million yuan A round financing to enhance its smart warehousing network and supply chain systems [7] - The company focuses on integrated supply chain services for e-commerce platforms and has over 200 warehouses nationwide [7] Group 7: 蔚能电池 - 蔚能电池 successfully raised 670 million yuan in C round financing, attracting local state-owned capital [8] - The funds will be used to expand battery asset scale and enhance lifecycle management technology [8] Group 8: 九章云极 - 九章云极 completed a 300 million yuan D1 round financing, supported by state-owned and market institutions, to advance its AI foundational software strategy [9] - The company provides comprehensive AI foundational services and has a significant presence in key industries [9] Group 9: 深朴智能 - 深朴智能 announced a total of 200 million yuan in seed and seed+ round financing within three months, reflecting strong market interest in embodied intelligence [10] - The funds will focus on developing algorithms and hardware for embodied robots [10] Group 10: Douzone Bizon - Douzone Bizon received a strategic investment of approximately $930 million from EQT, aimed at accelerating its market expansion in ERP systems and digital transformation services [11] - The company specializes in ICT solutions for enterprises, including ERP implementation and cloud computing [11]

Core Insights - The global financial technology sector is experiencing a significant turning point in 2025, with the Real World Asset (RWA) market surpassing $29.5 billion and a remarkable growth rate of 178% from January to September, indicating a shift from conceptual exploration to scalable development [1] Market Growth and Participation - Traditional financial institutions are deeply involved in the current market growth, with BlackRock's on-chain treasury ETF managing over $3.5 billion and Blackstone's tokenized money market fund BUIDL expanding to a multi-chain ecosystem with a size of $2.9 billion [2] - The number of issuers has increased by 300% since the beginning of the year, and the number of holder accounts has exceeded 310,000, reflecting a trend of market participation expanding from institutions to qualified investors [2] Efficiency Revolution - RWA's core value lies in reconstructing traditional asset trading processes, with cross-border real estate transaction times reduced from 90 days to 72 hours and financing costs lowered by 40% through the optimization of five key areas [2][3] - Key areas of optimization include standardized asset screening and due diligence, modular innovation in legal structure design, automated execution of token issuance, global access to secondary market trading, and intelligent management of profit distribution [3] Application Expansion - The application scenarios of RWA are extending from financial assets to the real economy, with government bonds and corporate bonds remaining mainstream, while innovative cases in real estate and renewable energy equipment are emerging [5] - Examples include a Hong Kong office project that improved liquidity by 300% through RWA transformation, and a successful financing of renewable energy charging piles by Longxin Group [5] Regulatory Collaboration - Hong Kong is establishing itself as a compliant gateway for mainland Chinese assets, with the Hong Kong Monetary Authority's "Ensemble" project achieving a cross-border compliance agreement with Singapore, reducing compliance costs by 65% [5] - Shenzhen Futian Investment Holdings successfully issued a digital bond in Hong Kong that integrates public issuance, exchange listing, and public chain RWA, providing a replicable compliance path for mainland assets [5] Challenges and Future Prospects - Despite rapid development, RWA faces challenges such as fragmented regulation, standardization of technology, and market liquidity, with varying regulatory requirements across countries complicating cross-border projects [7] - The deepening participation of institutions and ongoing technological innovation are driving industry growth, with the RWA market expected to reach trillions of dollars by 2030, with a compound annual growth rate of approximately 53% [7] Conclusion - The rapid development of RWA signifies the arrival of the asset digitization era, presenting new opportunities for companies with quality underlying assets to enhance asset efficiency while emphasizing compliance and technological adaptability [7]

Core Insights - Origin is revolutionizing the investment landscape by democratizing finance, allowing individuals to invest with as little as $1, contrasting sharply with traditional financial barriers [1][3] - The platform has achieved significant user engagement, with over 1.6 million addresses participating, 82% of which are ordinary investors, and a monthly growth rate of 15% [3][5] - Origin operates with a high level of transparency, having published operational data for 269 consecutive days, including key metrics such as treasury assets and staking rates [5][7] - The project has successfully integrated digital assets into everyday life through products like VISA cards and Wbekey phones, expanding its ecosystem and user engagement [7] Investment Accessibility - The minimum investment threshold is set at $1, enabling 82% of ordinary investors to access global quality assets for the first time [3] - The user-friendly interface allows even those unfamiliar with blockchain technology to complete their first investment in an average of 7 minutes [3] Operational Transparency - Origin has maintained a "glass house" operational model, providing daily updates on critical metrics, with a current staking rate of 86% [5] - The treasury assets amount to $446 million, supporting the system's stability and reflecting investor confidence [5] Ecosystem Expansion - The platform is building a comprehensive financial service system covering payments, lending, and trading, with 3-5 new application scenarios added monthly [7] - User activity has shown a 20% month-over-month growth, indicating a robust and expanding user base [7]

Core Viewpoint - Ant Group has launched a Layer 2 network called "Jovay" based on Ethereum, aimed at tokenizing real-world assets (RWA) and establishing a bridge between traditional finance and blockchain technology [1][3]. Group 1: Technology and Infrastructure - Jovay utilizes Ethereum's Layer 2 and ZK-Rollup technology to enhance cost efficiency and scalability, allowing for the movement of significant assets onto the blockchain without incurring high gas fees [3]. - The platform features a modular architecture that includes compliance plugins for KYC and AML, enabling legal issuance of stocks, bonds, and commodities on-chain [3]. - Ant Group plans to leverage its credit rating system from Alipay as a trust mechanism to address concerns about asset tokenization [3]. Group 2: Market Opportunities - The current high U.S. Treasury yields present an opportunity for Ant Group to tokenize traditional assets like government bonds and gold, connecting Alipay's user base with crypto users [3][5]. - Ant Group has already initiated pilot projects for tokenizing government bonds and gold in Southeast Asia, indicating practical steps towards integrating traditional finance with blockchain [3]. Group 3: Market Reactions - The announcement has prompted immediate responses from market players, with the Hong Kong Stock Exchange and cross-border payment companies reassessing their strategies in light of this development [5]. - Concerns have been raised by executives from Visa regarding the potential impact of Jovay on traditional financial systems [5]. Group 4: Regulatory Challenges - The adaptation of regulatory frameworks for on-chain securities remains a significant challenge, particularly with the scrutiny from the U.S. SEC and EU regulators [7]. - Ant Group faces the centralization paradox, where despite the technology enabling trustless transactions, the control over fiat on-ramps remains with a few institutions [7]. Group 5: Future Prospects - If Jovay successfully manages to handle assets in the range of tens to hundreds of billions of dollars by 2024, it could fundamentally alter financial liquidity and transaction efficiency [9]. - The transition from a payment company to a financial infrastructure provider marks a strategic shift for Ant Group, with the potential for significant rewards or risks depending on regulatory acceptance and operational execution [9][10].

Core Insights - The report outlines the rise of Real World Assets (RWA) and their role in reshaping the global financial ecosystem through the tokenization of traditional assets using blockchain technology [1][2][3] Industry Overview - RWA refers to the tokenization of physical and financial assets such as real estate, bonds, and art through blockchain, enabling liquidity and accessibility for investors [16][18] - The development of RWA has progressed through several phases: early exploration (2017-2019), initial development (2020-2022), and rapid expansion (2023-present) [20][22][23] Market Size and Growth Trends - As of 2024, the global RWA market is valued at over $12.7 billion, with stablecoins growing from $4 billion in 2020 to $156 billion in 2024, a 3800% increase [3][4] - Boston Consulting Group predicts that by 2030, the RWA market could reach $16 trillion, representing about 10% of global GDP [3] Key Market Participants - Major players include BlackRock, Fidelity, and Goldman Sachs, which are exploring asset tokenization and integrating RWA into their portfolios [3][4] - Ant Group is a significant driver in the domestic market, collaborating on various RWA projects, including a $2 million photovoltaic asset project [3][4] Application Areas - RWA applications span multiple sectors, including finance (tokenized US Treasury bonds), real estate (RealT), agriculture (Shanghai Malu grape project), and industrial automation (tokenization of industrial robots) [4][5] Technological Framework - RWA relies on a three-layer architecture: core infrastructure (blockchain), middleware (oracles), and application layer, facilitating user-friendly interactions with RWA [5][6] - The development of RWA is supported by advancements in blockchain technology, including sharding, zero-knowledge proofs, and cross-chain capabilities [6] Regulatory Environment - The regulatory landscape for RWA varies significantly across regions, with some areas like Hong Kong adopting supportive measures while others remain cautious [5][6] - The establishment of clear regulatory frameworks is crucial for the healthy development of the RWA industry [5][6] Future Development Directions - Future growth in the RWA sector will be driven by technological innovation, cross-sector integration, and shifts in the global market landscape [6] - RWA is positioned as a bridge between the traditional and digital economies, offering new financing avenues for SMEs and enhancing financial inclusivity [6]