Bubble
Figure Heloc FIGR_HELOC
Figure Heloc (FIGR_HELOC) was trading at $1.00, ranked #9 by market cap at $20.31B, with 24h volume of $55.09M.
Data snapshot: 2026-07-22 18:00 UTC.
Figure Heloc (FIGR_HELOC) is a tokenized real-world asset representing a pool of home equity lines of credit (HELOCs) originated by Figure Technology Solutions and recorded on Provenance, Figure's own blockchain. Rather than a speculative utility token, it functions as tokenized private credit: its value tracks the performance of the underlying home-equity loans, giving institutional investors on-chain exposure to a traditional lending asset class. This is a tokenised claim on home-equity lines of credit — real consumer loans secured against residential property, packaged and issued on-chain. It is one of the few assets on this map whose underlying cash flow comes from mortgage borrowers rather than from anything crypto-native. That makes it structurally interesting and also demanding to assess: the questions that matter are credit quality, servicing, and what happens in a default, which are the questions of structured credit rather than of token markets. Access is generally restricted to qualifying investors.
What is a HELOC?
A home-equity line of credit — a loan secured against the borrower's property. Tokenising it puts a claim on those loan cash flows on-chain.
Where does the yield come from?
Interest paid by homeowners on their credit lines, not from crypto activity. That makes its return profile unlike anything else in this market.
What should be assessed?
Credit quality of the underlying borrowers, who services the loans, and what happens in default — the standard questions of structured credit.
Can anyone hold it?
Access is generally restricted to qualifying investors, since the underlying is a regulated credit product.
Market cap decides how big a bubble is drawn, so rank is what places FIGR_HELOC on the map relative to the rest of its sector.
| Rank | Coin | Market cap |
|---|---|---|
| #9 | Figure Heloc (FIGR_HELOC) | $20.31B |
| #28 | Tether Gold (XAUT) | $2.52B |
| #35 | Ondo (ONDO) | $1.94B |
| #41 | Circle USYC (USYC) | $3.01B |
| #46 | BlackRock USD Institutional Digital Liquidity Fund (BUIDL) | $2.70B |