How This Stealthy Startup Plans to Disrupt Wall Street With Its Private Blockchain by 2025

• Who Is Figure Technologies and Why Should Crypto Care?
• The Three-Pronged Attack on Traditional Finance
• Why the Stealth IPO Approach Makes Sense
• The Bigger Picture: Crypto's Institutional Inflection Point
• Will Purists Accept This "Boring DeFi" Model?
• What's Next for Blockchain Finance?
• Frequently Asked Questions

In a move that's shaking up both traditional finance and crypto circles, Figure Technologies has quietly filed confidential IPO paperwork with the SEC, signaling a potential Wall Street debut before 2025 ends. The company's unique approach combines mortgage-backed tokens, a proprietary blockchain, and institutional-grade DeFi elements - creating what some analysts call "the most serious bridge yet between TradFi and crypto." While purists might scoff at their private blockchain model, the market response suggests Wall Street is paying attention.

Who Is Figure Technologies and Why Should Crypto Care?

Founded in 2018 by Mike Cagney (ex-CEO of SoFi), Figure has been flying under the radar while building what might be the most compliant blockchain infrastructure in finance. Unlike flashy crypto projects chasing retail investors, they've focused on tokenizing home equity lines of credit (HELOCs) and mortgages through their Provenance blockchain. "We're seeing about $150 million in loans processed monthly through their system," notes BTCC analyst David Lin. "What's remarkable is they've done this without the HYPE cycles typical in crypto."

The Three-Pronged Attack on Traditional Finance

Figure's strategy combines elements that WOULD make both crypto natives and institutional investors nod approvingly:

1.Over $2.5 billion in mortgage loans have been issued as tokens since 2020, with settlement times reduced from 45 days to just 48 hours according to SEC filings.

2.Their permissioned Provenance chain processes about 5,000 transactions daily - small by ethereum standards but significant for institutional adoption.

3.The recent merger with Figure Markets brought an in-house stablecoin backed by money market funds, creating a closed-loop financial ecosystem.

Why the Stealth IPO Approach Makes Sense

Unlike the media circus surrounding Coinbase's direct listing, Figure opted for a confidential S-1 filing. "This lets them control the narrative," explains Bloomberg's financial tech correspondent. "They can time their market debut perfectly - probably waiting for the next crypto liquidity surge." Data from TradingView shows institutional crypto holdings have grown 17% YTD, suggesting favorable conditions.

The Bigger Picture: Crypto's Institutional Inflection Point

What makes Figure's potential 2025 IPO particularly noteworthy is the timing. With the SEC approving bitcoin ETFs in January 2025 and the White House softening its blockchain stance, regulated crypto projects are having a moment. "We're seeing a flight to quality," comments a Morgan Stanley fintech strategist. "Investors want blockchain innovation without the regulatory headaches."

Will Purists Accept This "Boring DeFi" Model?

The crypto community remains divided. While some praise the real-world adoption, others criticize the closed nature of Figure's blockchain. "It's DeFi with training wheels," argues a popular crypto podcaster. Yet the numbers suggest institutions disagree - Figure's last private round valued the company at $3.2 billion, with Fidelity and JP Morgan participating.

What's Next for Blockchain Finance?

If Figure's IPO succeeds, expect a wave of similar hybrids. The company has already hinted at expanding into auto loans and commercial paper. As one VC put it: "They're proving you don't need memecoins to build a billion-dollar blockchain business - just actual revenue streams."

Frequently Asked Questions

When exactly is Figure planning to go public?

While the S-1 filing was submitted in August 2025, industry insiders suggest a Q4 2025 IPO is most likely, depending on market conditions.

How does Figure's blockchain differ from Ethereum?

Provenance is a private, permissioned blockchain focused specifically on financial assets, whereas Ethereum is public and general-purpose. Think of it as the difference between a specialty boutique and a department store.

Is Figure's stablecoin similar to USDC?

Not exactly. While USDC is backed by cash equivalents, Figure's stablecoin uses a more complex algorithmic model tied to money market funds, making it closer to a yield-bearing instrument.