TLDR Tech / Crypto
Figure Forge: Tokenizing Loans into Fungible DeFi Collateral
Figure Forge, deployed on Provenance blockchain, converts pools of similar loans into pro-rata participation tokens priced at mark-to-market (a $100 notional asset worth $97 issues 97 tokens), making coarse-grained credit instruments such as auto loans averaging $42K infinitely divisible and redeemable for fiat, stablecoins, or whole loans. The mechanism unlocks loans as viable DeFi collateral by solving the partial-liquidation problem: a position can be sized to any notional without requiring full-loan granularity. Figure seeds two-sided liquidity via a limit order book with committed bids and offers, pairing originators looking to monetize at a premium with securitization desks that buy discounted tokens, convert back to whole loans, and route them into wholesale capital markets. Fintech Agora Data is the first third-party partner, bringing auto loan yield to Figure's Democratized Prime DeFi marketplace through Hastra protocol yield tokens, with receivables, consumer, and SMB loan pools slated as future asset classes.
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