CryptoYOLO

Kamino's PRIME market is now the single largest RWA market in DeFi $570M Market Size. $250M Borrowed. Across 3,653 active loans. Built natively on @solana.

BREAKING: 20,000,000 BITCOIN HAS JUST BEEN OFFICIALLY MINED ONLY 1,000,000 BITCOIN LEFT TO MINE FOR THE NEXT 114 YEARS 🤯 THE MOST SCARCE ASSET IN THE HISTORY OF MANKIND

As onchain private credit accelerates, one protocol is quietly dominating by bringing real estate collateral and HELOCs onchain. @Figure now accounts for $15B+ in active loans, representing over 70% of all onchain private credit outstanding, driven almost entirely by its HELOC product. At the same time, Figure’s yield-bearing stablecoin YLDS has grown to $600M in circulating supply, up 6x since December. It is now the 17th largest stablecoin by total supply and the fastest-growing stablecoin in the top 25 over the past month (+60%). Figure is quietly building a real RWA lending platform with real usage, and is compounding that credit layer by building products like YLDS on top of it.

I wanted to address some of the confusion around the blockchain secondary we did. We have been focused on getting public equity on blockchain for some time. We see this as an enormous opportunity for @Figure and, more broadly, the blockchain ecosystem. As we often do, we used Figure to move first here, issuing its shares on blockchain. This gave us an opportunity to not only execute a first of its kind transaction, but also to clear out potential selling interest that would come when the stock unlocks in early March. We offered every shareholder the ability to participate in the offering. We received roughly 5M shares in selling interest. In my mind, anyone that was going to sell in March would opt to sell in this secondary, as we matched supply and demand. Given the novelty of the transaction, we conservatively filed to sell about 4.2M shares. We offered a 10% discount to the prior week closing price (when we launched the transaction) to buyers to incent them to do the work to onboard to blockchain (e.g., set up wallets, set up trading infrastructure, etc.). We ended up being oversubscribed, and upsized the transaction to about 4.6M shares (the highest we could go without refiling the S1). Some questions I’ve heard… Did insiders sell? Sellers were a combination of investors and employees. Figure was among the buyers, and our CEO, CFO and myself were not sellers. Are there more secondaries coming? No, in part because we addressed the majority of the stated selling interest, but primarily because this secondary was done specifically to launch OPEN. Why didn’t we do this when the stock was at $70? Unfortunately, we can’t control the timing. Government was shut down twice in the last three months, we had to wait for SEC clearance, and when we got it, we launched. If FGRD weighing on FIGR? The volume in FGRD is a small fraction of the volume in FIGR. We don’t believe it’s weighing on the stock. I’m proud of the team getting the first stock on OPEN - it was a massive lift that needed to happen. Now we’ll start focusing on building the OPEN ecosystem to drive enterprise value.

Today, the way capital moves between public equity changes forever. FGRD secondary trading is live on OPEN (On-Chain Public Equity Network), marking the first time a blockchain-native stock trades entirely on-chain with @Figure’s ATS. Digital capital markets are here.

And it begins again 2022 redux, assets frozen @CelsiusNetwork @BlockFi

SCOOP: Blockfills, the crypto lender backed by trading giant Susquehanna, has incurred losses of around $75 million and is looking for a buyer, sources say. @willcanny99 and @IanAllison123 report. coindesk.com/business/2026/…

@mcagney @Figure Congratulations! Big step forward for markets. Looking forward to instant settlement on real equity shares tomorrow

Important milestone. The @figure deal was upsized and oversubscribed with a good mix of retail and institutional.

Crypto firm Ledn sells Bitcoin-backed bonds in ABS market first >First ever deal of its kind in asset-backed debt >Secured by pool of 5,400 Bitcoin-collateralized loans that consumers took from Ledn at weighted avg rate of 11.8% >Investment grade tranche priced at +335bps

Tomorrow we get something we’ve been waiting for 👀 @Figure Technology Solutions (FIGR) is pricing a 4.23M share secondary offering of its Series A Blockchain Common Stock. Books run by Goldman Sachs, Morgan Stanley, and Cantor. Let that sink in. Not a “tokenized” wrapper sitting on top of DTCC rails. Public equity natively issued on Provenance Blockchain, trading on an on-chain ATS, settling in self-custody wallets. So obviously… I went on-chain to see what’s already there 🦙🔍 ⬇️ We’ve been tracking the ladder up the RWA complexity curve: → Tokenized Treasuries (BUIDL — BlackRock / @Securitize) → Tokenized Credit (ACRED — Apollo / Securitize) → Tokenized Equity (OPEN — @Figure / Provenance) Each step gets harder. •Treasuries = static instruments. •Credit = duration risk, structured cash flows. •Equities = real-time price discovery, continuous trading, deep liquidity, and a century of regulatory plumbing. Figure didn’t tiptoe into this. They went straight at the hardest asset class. Degen energy, but institutional grade. 🧠🔥 ⸻ The Architecture: No Wrappers. No Training Wheels. The Blockchain Stock uses a blockchain-only securities stack: •❌ Not held at DTCC •✅ Issued natively on Provenance •❌ Not traded on NYSE/Nasdaq •✅ Traded on Figure’s non-custodial ATS (limit order book) •❌ Not broker-custodied •✅ Settles in self-custody wallets •✅ 24/7 continuous trading This is a full replacement of the equity plumbing. Different rails. Same asset class. Zero apologies. The Real Unlock: Settlement Trad equities just moved to T+1 (from T+2 in 2024). OPEN? T+0. Instant on-chain settlement. And here’s the spicy part 🌶️ Settlement happens in $YLDS — Figure’s SEC-registered, yield-bearing stablecoin, backed by U.S. Treasuries + repo. So your settlement currency earns yield while idle. It’s basically: A money market fund 🤝 Payment rails I Checked the Chain explorer.provenance.io/asset/uylds.fcc $YLDS is already live on Provenance: •Supply: $463.9M •Holders: 2,491 •Transactions: 34,276 •Marker Type: Restricted (compliance baked in at protocol level) •Status: Active, Mintable And the FIGR blockchain stock marker? It’s already created on-chain. explorer.provenance.io/asset/figr.fcc Empty. The shell is sitting there… waiting for the offering to price. Once it settles, the issuance should appear in real time. On-chain equity issuance, visible as it happens. 🫠 The Provenance Ecosystem explorer.provenance.io/assets The Provenance Assets page shows: •$20.86B total chain value •$HASH: $1.7B •$YLDS: $464M •usd.trading: $381M (likely ATS settlement pool) •Wrapped assets: •btc.figure.se: $88M •eth.figure.se: $5.6M •Hundreds of pm.securitization.contribution.* markers → $20B+ in tokenized loan pools originated by Figure This is size. The Bridge Design Is Clever Blockchain Stock is convertible 1:1 into Figure’s Nasdaq-listed Class A common stock (FIGR). Liquidity is not siloed. You can: •Hold OPEN → convert → sell on Nasdaq •Hold Nasdaq shares → convert → trade 24/7 on-chain •Use on-chain shares for DeFi lending via Democratized Prime Same equity. Two venues. Two settlement systems. Bridged. This avoids the “liquidity fragmentation” FUD. The Backing Is Not Small •Goldman Sachs •Morgan Stanley •Cantor •Jump Trading (market-making on-chain) •BitGo (qualified custody) •$YLDS as settlement layer •Provenance at ~$1.2B TVL (up massively since late 2025) We’ve gone from: “Tokenization is just wrapping PDFs” to Goldman-underwritten, SEC-registered public equity settling on-chain in a yield-bearing stablecoin. Tomorrow we see if the FIGR tokens mint. If they do, it’s the cleanest proof yet that equities are moving on-chain — not as a side experiment, but as a parallel system with real institutional weight behind it. I’ll follow up once the issuance hits the explorer. 🦙🔍

Great way to participate in a landmark transaction - real equity on public blockchain! And you get to buy Figure at a discount!

Can’t wait fits 2/18 and @Figure to issue its native blockchain shares of $FGRD convertible 1:1 with NASDAQ $FIGR

When @Figure begins trading blockchain native equity on the 18th, we need the equivalent of a NYSE bell ringing or Nasdaq button-pushing event. How should companies herald in their first native trade on blockchain?

@mcagney @Figure @provenancefdn @coingecko So why has FIGR stock gone from $78 to $36? Doesnt seem to make a lot of sense given the long runway for growth and massive TAM.

It's happened. @Figure HELOCs on @provenancefdn now have a larger market cap than DOGE on @coingecko. Mortgages beat out the dog meme - it's the year of RWA! Now I need the market to stop trading FIGR like it's BTC...

@figure HELOC has quietly moved into the 10th spot for public chain market cap on @coingecko.

Everyone else got rich except the creditors

This is insane! How can @CelsiusLOC spend $8mm in “reasonable expenses” and compensation in only 3 months! Outrageous! Creditors screwed again by @CelsiusUcc appointees