Figure Technology Solutions has announced the successful securitization of $355 million in mortgage assets through its latest transaction, designated FIGRE 2025-HE3. The deal has gained particular attention in financial markets due to its distinction as the first blockchain-based mortgage securitization to receive ratings from S&P Global Ratings across all six bond classes, spanning from AAA to B-.
The company described the transaction as a milestone for both its asset strategy and the broader blockchain-backed financial infrastructure it is developing. According to Figure’s capital management leadership, achieving top-tier ratings from S&P serves as a strong indicator of institutional confidence in the company’s blockchain-driven approach to structuring and issuing financial products. The team emphasized that the credibility of blockchain as a secure and efficient foundation for financial transactions is continuing to gain validation.
FIGRE 2025-HE3 attracted participation from more than 30 distinct institutional investors, including insurance companies, credit funds, and asset managers. The AAA-rated tranche saw particularly high interest, pointing to increased trust in Figure’s ability to deliver consistent, high-quality issuances. All bond classes in the offering were reported as oversubscribed, highlighting strong market appetite.
An important aspect of the transaction was that all the mortgage collateral was sourced through Figure Connect, the company’s blockchain-based marketplace. Figure itself did not contribute any collateral to the deal. This development signals rising acceptance of decentralized platforms for asset origination and transfer. The company noted that this model aims to position them as a reliable and transparent issuer, which is a key consideration for its diverse investor base.
An industry first & a major step forward for the blockchain ecosystem. Figure has received S&P AAA Ratings for the securitization of $355 million in mortgage assets.
What does this mean? A wider buyer base, tighter spreads, and lower costs — all of which ultimately benefit you. pic.twitter.com/oNUQwfkj4e
— Figure (@Figure) June 12, 2025
The mortgage loans backing the securitization were processed using the Provenance Blockchain, which Figure uses to streamline underwriting and improve visibility into the transaction lifecycle. This technological layer has been credited with enhancing the speed, accuracy, and transparency of the overall securitization process.
This latest offering marks the fourth home equity line of credit (HELOC) securitization from Figure in 2025, indicating the company’s sustained growth and influence in the market. Since launching Figure Connect in June 2024, the firm has observed a notable increase in investor engagement, attributed in part to the platform’s efficiency and more favorable yield structure compared to traditional non-qualified mortgage offerings.
Further supporting its expansion, Figure recently entered into a joint venture with Sixth Street, securing a liquidity commitment exceeding $2 billion. This strategic partnership aims to reinforce Figure’s ability to bridge the gap between conventional finance and blockchain innovation. The collaboration is expected to enhance the firm’s capability to scale its securitization operations while maintaining high standards in execution and transparency.
With its digital infrastructure offering cost efficiencies and faster execution timelines, Figure continues to be a leader in bringing blockchain into the core of structured finance. Through initiatives like FIGRE 2025-HE3, the company is setting new precedents for how asset-backed securities can be originated, rated, and traded in the evolving financial landscape.
