Bernstein: Figure's Q1 performance highlights the platform's uniqueness in the blockchain market

According to ChainCatcher, Bernstein analysts stated last week that Figure Technology Solutions' first quarter financial report shows the company is rapidly becoming a unique presence among blockchain market platforms. In its earnings released on May 11, Figure significantly exceeded Wall Street expectations in both revenue and EBITDA. Its core business is transforming real-world credit assets into blockchain-native tools that can be traded and financed on-chain.

Analysts believe Figure is building a blockchain-native capital market ecosystem, fundamentally different from traditional fintech lending platforms based on balance sheets, and predict that its stock FIGR will serve as a real-time reflection of blockchain lending volume. In a research report dated May 15, Bernstein noted that on-chain real-time data indicates Figure is about to achieve a record-breaking second quarter.

Co-founder Mike Cagney explained that the company's Forge platform can convert an entire loan into small, single-dollar liquidity participation units, solving the liquidity challenge of RWAs in DeFi. Previously, Bernstein estimated the potential annual market size for credit origination that could migrate to blockchain at 4 trillion US dollars, while the current tokenized credit market is approximately 5.14 billion US dollars.