Figure Markets builds more than a trading platform – it creates a full market where the origin, loans and exposure to active active people connect in a single system.
In this exclusive Q & R, the CEO Mike Cagney explains how the figure brings traditional financial products to blockchain rails and why composability could be the missing part in the next Defi evolution.
Beincrypto: You have positioned the markets of figures as a DEFI platform for everything related to the crypto. What is the basic thesis linking exchanges, high yield vaults, demo prime and loans supported by crypto in a single ecosystem?
Mike Cagney: We build a vertically integrated loop where the assets are from, exchanged, funded and recycled without ever leaving the markets of the figures.
In the short term, this will start with the own figure heloc production: the loans are struck on the provenance, listed in the markets of figures for secondary trade and can be promised in borrowing and loans boxes so that users can earn a yield or a lever in other assets.
Over time, we could come from a wider spectrum – consumer loans, equipment leases, even in token – so that capital can circulate without friction: increase liquidity against an 8%heloc portfolio, exchange in BTC or in stock of apple, put them for more credit and do it inside a wallet, a margin engine, a register based on rules.
Beincrypto: Your front vaults offer 3.8% to 7% APY even in the bear markets. Where do these yields come from – and how do you make sure they are durable in volatile conditions?
Mike Cagney: The ground yield is the passage on YldsOur Stablecoin de Sec-Qualified which simply sweeps the Night rate (SFR) of the Fed minus 50 BPS (our cut), so it moves with politics rather than the feeling of crypto.
The upper strip is motivated by cash flow from the book heloc of figure – primary quality privileges which historically evaluate 250–350 BPS above Sofr. Because the pools have real loan coupons instead of protocol awards, income does not evaporate when the prices of the tokens oscillate; The interests of the loan continue to accumulate and users have access to it in one form or another.
Beincrypto: With Demo Prime, users can lend directly and gain up to 12% of yields. How do you manage confidence and risk in a peer structure without central intermediaries?
Mike Cagney: Each loan is over-collateralized, wrapped in a real intelligent contract linked to real-time oracles which trigger the margin which calls for the violation of the instant LTV thresholds; The warranty is kept in MPC portfolios, so no counterpart can run away with funds.
Given that all positions, collateral values and liquidations are visible on the chain, users do not count on our assessment – they count on mathematics and the code they can check by block.
Beincrypto: You said that the figure will be the first platform to allow users to buy public actions like Apple and Tesla in chain using crypto. Do we guide us through the mechanism-do users really have underlying equity?
Mike Cagney: Yes. The first phase uses the ADR / GDR issued from a major guard bank; The deposit warehouse holds the native actions and the tokenized receipts exchange 1: 1 on the figures of figures with complete redemption rights, so you can exchange the token for the underlying part at any time.
Phase two is even cleaner: direct lists on the chain executed within the framework of existing exemptions from the law ’33, settled through our AT regulated by the SEC, allowing investors to hold indigenous equity on the provenance. One or the other road offers a real and enforceable property, an arbitragable against the premises outside the chain and reflected in the shareholders’ files. None of the two routes is an IOU, with which the industry was filled.
Beincrypto: Tokenized actions live in a legal gray area. How does the figure sail on the regulatory front, especially when mixing primitives DEFI with real public titles?
Mike Cagney: We first took the regulated path: the figure markets operate another trading system and partners only with transfer agents registered by the SEC and qualified guards. The ADR, the GDR and the next direct lists are all in this context, so that the tokens are only digitized representations of titles which already comply with the American laws on securities; Intelligent contracts manage the regulations, but legal packaging is identical to what institutional offices are negotiated every day. This is very different from all the tokenized actions that have been exchanged on Chain today.
Beincrypto: You have been a long -standing defender of the tokenization of assets. In your opinion, that will unlock tokenization for the capital markets that the inherited infrastructure simply cannot deliver?
Mike Cagney: It eliminates the middle layers looking for rent – meat brokers, transfer agents, reconciliation offices – and replaces them with a transparent and programmable regulations which closes in a few seconds instead of days. Who unlocks the guarantor of writing in real time (margin your helicopin tokens against Tesla Equity), global liquidity 24/7 and a large, shared verifiable book that regulators and counterparties can question in one click, reduction of systemic opacity and capital costs simultaneously.
Beincrypto: You have already integrated Tradfi with Sofi. Why bet big on Defi now – and what would “success” for the figure markets by the end of 2025 would look like?
Mike Cagney: Intelligent contracts offer the scalability, transparency and composibility that inherited rails cannot – battles confidence on a global scale. In December 2025, we expected several asset classes – loans, treasury, Blue Chip, Bitcoin, Stablecoins – Trading and Cross Collateralizing native on the figure markets, with billions of TVL turning via demonstration demonstration vaults.
Success is a user in a transparent promising a tokenized helicopter to breakfast, going for lunch for a long time and adjusting a Tesla Equity trade before dinner – no banks, no T + 2, only one big book buzzing in real time.
Figure market products are already live for users who seek to explore the next generation of blockchain finance. Crypto exchange in the figure markets or explore Crypto back loans.
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