Author: BitpushNews

Figure, a blockchain financial company founded by SoFi co-founder Mike Cagney, announced today that it has submitted an IPO application to the U.S. SEC, planning to go public within the year. This move is not only seen as a strong validation of Figure's successful business model but also marks the transition of the RWA (Real World Assets) sector from concept to reality, signaling the start of a reconstruction war in a trillion-dollar market.

How has Figure become the "leader" in the RWA sector?

Behind Figure's IPO is its absolute dominance in the RWA private credit tokenization field. According to data, in a total tokenized private credit market of $27.74 billion, Figure's cumulative loan volume has reached $11 billion, accounting for nearly 50% of the market share. This overwhelming advantage has made Figure an undisputed "household name" in the industry.

Founder Mike Cagney's background is undoubtedly a key factor in Figure's rise. As a co-founder of SoFi, Cagney established a significant reputation in the consumer finance sector. After leaving SoFi, he keenly recognized the transformative potential of blockchain technology in financial infrastructure, decisively shifting to the emerging RWA sector and founding Figure in 2018, proposing the grand vision of "reshaping the credit market with blockchain."

Unlike many "blockchain finance" projects that remain at the conceptual level, Figure has created a complete closed loop from asset issuance, loan origination, to securitization and trading, truly bringing traditional financial assets "on-chain":

• The self-developed Provenance Blockchain has become the industry's first public chain designed specifically for financial services, supporting real-time asset settlement and composability;
• Figure's "Connect platform" connects loan originators with investors, achieving efficient matching and circulation of assets;
• The recently launched YLDS stablecoin has become the world's first yield-bearing stablecoin registered with the U.S. SEC, introducing a mainstream compliant yield vehicle for on-chain assets.

All of this constitutes Figure's strong "product moat," allowing it to expand against the trend in the crypto market—just in the past month, its newly added loan assets have exceeded $800 million, showing astonishing growth.

Figure's role in the RWA sector: A pioneer of change and an industry "standard-setter"

Figure's rise aligns with the overall explosive trend in the RWA sector. Data shows that in the past 24 hours, RWA-related crypto assets have risen by 6.9%, including significant increases in mainstream tokens such as Provenance Blockchain (HASH), Stellar (XLM), and Injective (INJ), indicating that investors are increasingly favoring "hard assets" linked to the real economy in uncertain environments.

However, the true potential of RWA goes far beyond current performance; a trillion-dollar blue ocean has already opened up.

First, the private credit market itself is a massive industry worth $3 trillion. Secondly, according to PwC's predictions, the potential tokenization space for the entire RWA market could reach $31 trillion, covering multiple traditional financial asset categories such as dollars, U.S. Treasuries, gold, real estate, and accounts receivable.

Moreover, Wall Street giants have also entered the fray:

• BlackRock launched the first tokenized fund BUIDL;
• Franklin Templeton deployed a money market fund on a public chain;
• Top private equity firms like Apollo and Hamilton Lane are also using tokenization tools to lower investment thresholds, gradually "democratizing" traditional high-net-worth products.

Through its platform, Figure is "democratizing" asset classes that were previously only accessible to institutions and the wealthy; in a sense, it is innovating a "blockchain version of BlackRock + SoFi."

Three hurdles for RWA to reach the mainstream: Can Figure continue to lead?

Although Figure is currently at the forefront, the widespread adoption of RWA still faces three key challenges:

• The "trust anchor" between on-chain assets and off-chain entities: How to ensure that tokens truly represent real-world assets and have clear legal ownership?
• Asset structuring is a prerequisite for tokenization: Not all assets can be directly "on-chain." A more feasible approach is to first structure them through traditional financial mechanisms (such as funds, ABS) before tokenization, improving efficiency and compliance.
• The value of RWA is not a "new invention," but an "efficiency tool": Blockchain is not about "creating" new financial products but enabling existing assets to circulate within a more transparent and real-time technological framework.

In addressing these three issues, Figure's advantage lies in its understanding of traditional finance (Cagney himself comes from Wall Street and has founded SoFi) and its control over blockchain infrastructure, thus possessing a triple moat of technical capability + compliance experience + product implementation.

Figure's IPO is not just a story of one company

Figure's push for an IPO is a landmark event marking the transition of RWA from concept to reality, proving that blockchain can effectively empower the circulation of traditional assets, lower barriers, and enhance efficiency.

Mike Cagney and Figure are attempting to build a "trust bridge" between traditional finance and the crypto world. This is not just about an entrepreneur's vision; it could reshape our understanding of capital markets, asset allocation, and financial democratization.

In the next decade, whoever can master RWA will have the opportunity to control the entry ticket to the next trillion-dollar financial era.

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