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Figure Markets is redefining the landscape of digital asset management, introducing innovative tools for earning, borrowing, and trading all in one place.
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This comprehensive platform emphasizes security, compliance, and user ownership, catering to both retail and institutional users seeking streamlined access to tokenized assets.
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According to a recent COINOTAG report, Figure Markets aims to become the “Exchange for Everything,” providing an integrated solution for diverse financial products.
Explore Figure Markets, a comprehensive platform for crypto trading, borrowing, and earning, designed with security and compliance in mind.
What is Figure Markets?
Figure Markets is a blockchain-native financial platform spun out of Figure Technologies in 2024. It was created to support a broader range of tokenized assets — including real-world assets, digital securities, and crypto — on the Provenance Blockchain.
The platform is designed for regulated, on-chain finance with a focus on transparency, compliance, and user ownership.
Unlike traditional platforms, Figure Markets operates entirely on decentralized infrastructure. And by doing so, it paves the way for a new model of finance that merges institutional standards with DeFi accessibility.
What makes Figure Markets different?
Figure Markets combines passive income, borrowing, and trading into one platform for both active and long-term strategies:
➤ Earn yield through products like Forward Vault, YLDS, and P2Prime.
➤ Borrow against crypto with transparent terms and no credit checks.
➤ Trade with zero fees, fast execution, and decentralized custody.
➤ Retain full self-custody while benefiting from centralized liquidity and on-chain transparency.
The platform runs on Provenance Blockchain, which powers on-chain settlement, verifiable asset tracking, and decentralized control. Here’s how each product works:
Forward Vault: Real-world yield on idle cash
Forward Vault allows you to earn up to 7% net yield by allocating cash into a fund backed by home equity lines of credit (HELOCs). These are established financial instruments used by banks for decades and are not speculative by nature.
| Here’s what you get:➤ Daily liquidity: Move or withdraw funds anytime ➤ No lockups: No minimum term or holding period ➤ Auto-investment: Idle balances are deployed into yield strategies automatically ➤ Passive earnings: No manual steps to start earning |
Returns are based on SOFR + 250 basis points minus a 0.5% management fee and 0.25% in expenses. Compared to stablecoins that sit idle or low-interest savings accounts, Forward Vault offers a structured upgrade for passive capital.
YLDS: A regulated, yield-bearing stablecoin
Most stablecoins don’t generate yield. YLDS changes that by offering the first SEC-registered, yield-bearing stablecoin on a public blockchain. It launched in February 2025 and is issued by Figure Certificate Company, a subsidiary of Figure Markets.
YLDS pays a net yield of SOFR minus 0.5% (3.8% as of April 2025), with interest distributed monthly in either YLDS or USD.
| Key advantages:➤ Self-custody: You hold your tokens—no centralized wallet risk ➤ Transferable: Peer-to-peer transfers 24/7 ➤ Daily accruals: Interest builds automatically every day ➤ Transparent backing: Secured by prime money market instruments |
You can buy or redeem YLDS in USD or stablecoins. Fiat off-ramps are available during U.S. banking hours. Unlike most stablecoins, YLDS functions as a regulated, income-producing asset.
P2Prime: Margin lending without complexity
P2Prime lets you lend out your USD, crypto, or stablecoins to margin traders — without trading yourself. In return, you can earn up to 11.9% as of April 18, 2025.
Key features:
➤ No trading experience needed
➤ Risk-managed lending
➤ Returns backed by margin activity
➤ Transparent lending terms
Traders usually borrow funds regardless of market direction. So, this way, you earn interest from their borrowing, not from market performance.
Crypto-backed loans: Borrow without selling
Figure Markets’ Crypto-Backed Loans (CBLs) offer a unique solution to access cash without liquidating your crypto. You can borrow cash against BTC or ETH without needing to exit your position. This means you can stay invested while accessing liquidity — all in one platform.
Loan terms:
➤ Fixed rate: 12.5%–15% (12.5%–16.73% APR)
➤ Borrow up to 75% of your crypto’s value (dependent on the borrower’s rate)
➤ Three-month terms
➤ No credit checks, no prepayment penalties, no rehypothecation
Simply deposit your crypto, select terms, and receive cash in your bank account. You can pay interest monthly or defer until maturity (with a fee). Should your collateral value drop, a margin call will occur and you have the option to add more or repay early.
Decentralized MPC custody: Self-custody with centralized safeguards
Figure Markets employs multi-party computation (MPC) to protect your assets. MPC splits them into shares held by separate hosts instead of storing full private keys in one place.
How it works:
➤ Key shares are distributed across independent hosts
➤ Threshold signing ensures no one party can act alone
➤ Custom rules enforce safety (e.g., internal approval for large withdrawals)
➤ Backup systems are encrypted and decentralized
This setup offers institutional-grade security while ensuring that assets remain under your control.
Security entitlements (SEs): Legal and technical clarity
Each deposit or asset purchase creates a Security Entitlement (SE), a tokenized ownership record compliant with UCC Article 8. You hold SEs in a Figure Markets self-custody wallet, and they’re tied to underlying assets secured via MPC.
Why SEs matter:
➤ Always redeemable 1:1 for underlying assets
➤ Fully trackable on Provenance blockchain
➤ Publicly auditable
➤ Reduced risk of centralized mismanagement
You can trade SEs, transfer them, or redeem them for the associated assets. This legal clarity resolves the ambiguity around ownership — a concern prevalent across various crypto platforms.
Trading: Fast, transparent, and fee-free
Figure Markets delivers rapid execution with decentralized settlement and 0% trading fees. This minimizes cost drag, particularly for frequent or high-volume traders.
Key features:
➤ USD and USDC trading pairs
➤ Supported assets: BTC, ETH, HASH, SOL, LINK, UNI, USDC
➤ ACH and wire transfer support
➤ Off-chain order matching; on-chain Provenance settlement
All trades are publicly visible, can be canceled anytime, and are backed by transparent SE tracking.
Cross-collateralization: Unlock liquidity without selling
With Figure Markets, you can use SEs or crypto assets like BTC, ETH, USDC, or HASH as collateral for loans. While a hold is placed on your collateral, you retain custody. Once debts are cleared, full control is restored.
This enables unlocking liquidity from diversified holdings without relinquishing ownership or transparency.
Figure Markets origins and leadership
Figure Markets is a subsidiary of Figure Technologies, a fintech company established by Mike Cagney and June Ou.
Cagney, now CEO of Figure Markets, also co-founded SoFi, one of the largest U.S.-based fintech lenders. With Figure Technologies, he spearheaded the development of blockchain-based loan origination and securitization.
The firm has recorded over $30 billion in loans and real-world asset transactions on-chain through the Provenance blockchain.
Figure Markets embodies this strong foundation within the exchange space, aspiring to create the “Exchange for Everything” — a decentralized platform for trading everything from crypto to tokenized real estate.
Its leadership team offers a rich mix of TradFi credibility and web3 experience, distinguishing them from most crypto-native startups.
Regulated assets: A blueprint for compliant DeFi
Figure has taken an innovative approach to introducing yield-bearing products within regulatory frameworks. A prime example is YLDS, the first SEC-registered, yield-bearing stablecoin on a public blockchain.
YLDS was introduced as an SEC-registered public security — a pioneering move for stablecoins. It sets a standard for how blockchain-based financial instruments can operate within U.S. law.
The platform’s upcoming tokenized REIT will mimic conventional REITs but operate on-chain.
These initiatives underscore the company’s commitment to collaborating with regulators to construct long-term infrastructures for tokenized finance.
Team depth and funding
Figure Markets is led by a team with extensive backgrounds in fintech, crypto, and institutional finance. Alongside Mike Cagney, President June Ou plays a pivotal role in platform development. The leadership comprises executives with experience across traditional finance, blockchain, and U.S. compliance standards.
This combination of expertise fosters a product that maintains both institutional-grade quality and crypto-native accessibility.
In early 2024, Figure Markets secured over $60 million in Series A funding, with notable investors such as Jump Crypto, Pantera Capital, and other prominent web3 and fintech entities backing it. This round affirmed the platform’s business model and regulatory alignment.
Jurisdictional structure: US and international access
Notably, the company maintains a visible U.S. headquarters in San Francisco, contrasting with offshore exchanges that often operate anonymously.
The platform has distinct offerings for U.S. and international users. Users outside the U.S. can access a separate platform that features a wider array of assets, similarly to how other large exchanges operate dual entities.
This strategic structure enables Figure Markets to fulfill jurisdictional requirements while ensuring compliance and broad access.
Challenges and considerations
While Figure Markets presents a robust and well-structured platform, potential users should consider several factors before engaging:
➤ Limited token variety (for now): Traders seeking diverse, niche tokens may find Figure’s asset offerings constrained. Currently, the platform hosts a curated list of prominent coins.
➤ Product access varies by region: Some offerings, such as certain tokenized securities or REITs, are restricted to users in specific jurisdictions. Availability may differ depending on your location.
➤ Yield rates are not guaranteed: YLDS and Forward Vault present competitive returns, yet rates may fluctuate based on wider economic trends or SOFR adjustments. Historical performance does not guarantee future results.
➤ Relatively newer exchange: Despite having an experienced foundation, Figure Markets lacks the longstanding track record of many major platforms, necessitating ongoing observation of its scalability.
➤ Regulatory complexity: While the platform prioritizes compliance, this necessitates stricter onboarding and KYC protocols.
Users should diligently review disclosures, especially when engaging with new products like YLDS or crypto-backed loans.
Figure Markets: Benefits vs. challenges
| Benefits | Challenges |
| Earn yield on idle cash through Forward Vault (up to 7%) | Token variety may be limited for some users |
| Hold YLDS to earn 3.8% interest while keeping liquidity | Product availability may depend on your region |
| Trade major assets with 0% fees | The exchange is relatively new, with a shorter track record |
| Borrow cash without selling BTC or ETH | Compliance-first design means full KYC/AML is mandatory |
| On-chain asset transparency through security entitlements | |
| Regulated broker-dealer and SEC-registered ATS structure (although no assets currently traded on ATS) | |
| MPC self-custody prevents centralized asset control | |
| One account for earning, borrowing, and trading |
Is Figure Markets the right platform for you?
Figure Markets is strategically designed for long-term sustainability and growth. Its focus on SEC-compliant products such as YLDS and the REIT fund showcases a commitment to operating within the framework of existing law.
In summary, the platform aims to bridge common gaps in crypto—yield generation, compliance adherence, and self-custody—without sacrificing usability. You can earn yield, access liquidity, and seize market opportunities all within a single venue. However, like any investment platform, utilizing Figure Markets carries inherent risks. Always conduct due diligence and never invest more than you can afford to lose.
