Company Overview and Core Business - Figure Technologies, established in 2018, claims to be the largest non-bank home equity line of credit provider in the U.S. [1] - The company has developed a complete ecosystem for lending, trading, and asset tokenization based on its proprietary Provenance blockchain platform [1]. - The merger of Figure Technology Solutions and Figure Markets in July 2025 aims to transform global capital markets through blockchain technology, solidifying its leadership in the RWA tokenization space [1]. IPO Performance and Market Reaction - Figure Technologies successfully went public on NASDAQ on September 12, 2025, as the "first RWA stock," raising $788 million at an IPO price of $25 per share, which was above the revised range of $20-$22 [2][4]. - The stock opened with a 36% increase on its first day, reflecting strong investor interest in blockchain financial services and the RWA tokenization concept [2][5]. Competitive Advantages - The Provenance blockchain offers real-time settlement, immutable asset records, and a composable smart contract infrastructure [3]. - Figure has established a significant first-mover advantage in the emerging RWA tokenization sector [3]. - The use of blockchain technology has greatly enhanced the operational efficiency of traditional financial services [3]. Market Size and Development Prospects - Figure has a comprehensive revenue opportunity of $130 billion in the asset-backed lending and cross-asset tokenization sectors, representing just a fraction of the RWA tokenization market potential [7]. - The global market for tokenizable real-world assets could reach several tens of trillions of dollars, encompassing various asset classes such as real estate, bonds, equities, and commodities [8]. Industry Drivers - The regulatory environment is improving, with major financial regulators shifting from a wait-and-see approach to actively guiding digital assets, providing a compliance framework for RWA tokenization [6]. - There is a surge in demand from institutional investors for digital asset allocation, as RWA tokenization allows them to maintain familiarity with assets while benefiting from blockchain efficiencies [6]. - Advancements in blockchain technology, particularly in scalability, security, and interoperability, are laying a solid foundation for large-scale RWA applications [6]. - The tightening global liquidity environment is increasing the demand for asset digitization to enhance the liquidity of traditionally illiquid assets [6]. RWA Tokenization Significance - RWA tokenization is fundamentally changing the operation of traditional finance by reducing intermediaries, enabling 24/7 trading, allowing micro-investments, and facilitating global asset allocation [8][9]. - The democratization of investment through tokenization lowers barriers, allowing a broader range of investors to participate in high-value asset investments [9]. Unique Investment Value of Figure - As the first publicly listed RWA concept stock, Figure enjoys a scarcity premium and a leading conceptual advantage [11]. - The company is positioned for long-term growth in a rapidly expanding sector [11]. - Figure's proprietary blockchain platform and technological expertise create competitive barriers [11]. - With a 75% market share, Figure's first-mover advantage provides a solid foundation for future growth [11]. Conclusion - The successful IPO of Figure Technologies marks a significant milestone not only for the company but also for the RWA tokenization industry, demonstrating the commercial viability and growth potential of real-world asset tokenization [12]. - The RWA tokenization sector is poised for explosive growth over the next decade, with Figure leading the way and providing valuable insights and templates for future enterprises [13].

Core Viewpoint - Figure Technology Solutions (FIGR.US) successfully launched on the US stock market with an opening increase of over 36%, reaching $34.3, after pricing its IPO at $25 [1] Company Overview - Figure Technology Solutions operates a vertically integrated blockchain consumer lending platform, providing technological support for various market activities including consumer credit, digital assets, lending, trading, and investment [1] - The company's infrastructure is primarily based on the Home Equity Line of Credit (HELOC) market [1] - Founded in 2018, Figure reported revenue of $375 million for the 12 months ending June 30, 2025 [1]