On-chain lending is knocking on Wall Street’s door.

On August 5, Figure Technology Solutions, Inc.（FTS）confidentially filed for an IPO with the U.S. SEC — a milestone not just for the company, but for the entire Real World Asset (RWA) space. While the fundraising size remains undisclosed, the signal is loud and clear: RWA is getting real.

What sets Figure apart?

The company reimagines home equity lending by moving it fully on-chain. What used to take weeks or months can now be done in just five days, powered by their proprietary Provenance blockchain. It's not just tech innovation — it's infrastructure-level transformation.

From buzzword to real-world impact

While RWA has been a hot narrative in Web3, many projects struggle with tangible execution. Figure, however, has already issued over $14 billion in HELOC loans and is one of the largest non-bank home equity lenders in the U.S. They’ve also worked with financial institutions to securitize debt on-chain. If Figure’s IPO succeeds, it could become a blueprint for “compliance + listing” in the RWA space — bridging traditional finance and Web3 at scale.

Bonus: The world’s first SEC-approved yield-bearing stablecoin

Another sign of Figure’s forward play: they recently launched YLDS, a USD-pegged stablecoin offering 3.79% yield, based on SOFR-50bps — the first of its kind to be greenlit by the SEC. This could signal a new wave of compliant, interest-bearing stablecoins in the RWA landscape.

IPO: Not just a company test, but a stress test for RWA narratives

Figure’s IPO is more than a financial milestone — it’s a litmus test for whether Web3’s infrastructure companies can truly integrate with traditional markets. As Bitcoin ETFs and stablecoin regulations gain momentum, the next breakout stories may come from RWA-native builders aiming to reshape the financial system from within.

What’s your take on Figure’s IPO and the future of RWA?