Figure Technology Solutions (Nasdaq: FIGR) a blockchain-native capital marketplace, has reported steady loan origination volumes for the fourth quarter of 2025. The announcement, shared by Executive Board Chair Mike Cagney, highlights a turnaround in what is typically a slower period for the lending industry.
Despite historical dips in Q4 production, particularly in December, Figure not only bucked the trend but achieved over 130% year-over-year growth, signaling positive momentum in fintech and decentralized finance (DeFi).
Figure’s lending business is seasonal. We tend to do less loans in Q4 than Q3, in particular in the December. For example, in 2024 our ecosystem originated about $1.4B in loans in Q3 and $1.2B in Q4. That’s why the numbers in this release matter.
In 2025, we did $2.46B in Q3 and…
— Mike Cagney 🇺🇸 (@mcagney) January 14, 2026
Founded by Cagney, who also co-founded SoFi and Provenance Blockchain Foundation, Figure specializes in originating, funding, selling, and trading tokenized assets.
The company operates platforms like Figure Connect for consumer credit, Democratized Prime for on-chain lending and borrowing, and $YLDS, an SEC-registered yield-bearing stablecoin that functions as a tokenized money market fund.
With over $21 billion in home equity financing originated to date, Figure stands as the largest non-bank provider in this space, partnering with more than 200 entities to streamline loan origination and capital marketplaces.
Figure‘s consumer loan marketplace volume reached $2.705 billion in Q4 2025, a 10% increase from Q3’s $2.469 billion and a staggering 131% jump from Q4 2024’s $1.172 billion.
December alone saw $869 million in originations, up 2% from November’s $855 million and 134% from December 2024’s $372 million.
This relatively flat December-to-November performance marks a first for the company, defying the seasonal slowdown Cagney noted in his post, where he compared 2024’s Q3 ($1.4 billion) to Q4 ($1.2 billion).
The surge extends to Figure’s progressive platforms.
$YLDS in circulation ballooned to $328 million by December 2025, a 198% month-over-month increase from November’s $110 million and a 1,462% quarter-over-quarter leap from Q3’s $21 million.
This growth underscores the appeal of yield-bearing stablecoins in a volatile market, offering investors stable returns backed by Figure Certificate Company.
Equally noteworthy is the Democratized Prime platform, which saw matched offers balance skyrocket to $206 million in December, up 442% from November’s $38 million and the same percentage from Q3’s total.
Borrower demand hit $246 million, a 435% monthly increase, while available lender supply reached $213 million, up 353% month-over-month.
These figures represent 10-15X growth on the quarter, as Cagney emphasized, positioning Democratized Prime as a key player in DeFi by facilitating direct, on-chain matches between borrowers and lenders.
Strategically, Figure’s achievements build on its leadership in real-world asset (RWA) tokenization. A recent securitization earned AAA ratings from S&P and Moody’s—the first for blockchain finance—highlighting the platform’s potential to disrupt traditional lending.
By leveraging blockchain for greater efficiency and transparency, Figure is democratizing access to prime credit, reducing intermediaries, and expanding opportunities for both consumers and investors.
While the release offers no specific projections, Cagney’s seemingly optimistic tone suggests continued innovation.
In an era where fintech intersects and converges with web3 / blockchain, Figure’s Q4 results not only appear to exceed analyst expectations but pave the way for broader adoption of tokenized assets. As economic uncertainties persist, such resilient performance could boost confidence in DeFi‘s role in future financial ecosystems.
This milestone reinforces Figure’s trajectory as a fintech innovator, blending traditional lending with digital technology to drive inclusive growth. With preliminary data subject to final audits, stakeholders now eagerly await full SEC filings for deeper insights.