Figure Technologies files for IPO, affirming the maturity of tokenization

The blockchain lending company #FigureTechnologies has filed for an initial public offering (IPO), demonstrating the maturity and acceptance of the asset tokenization industry in the traditional financial market.

Founded in 2018, Figure Technologies utilizes blockchain technology to provide non-traditional lending services, particularly in the real estate sector. The company reported a 22% increase in revenue to $191 million in the first half of 2025 and achieved a net profit of $29.1 million.

Figure is now regarded as one of the most significant companies in the tokenized real asset space (#RWA ). Illia Otychenko, an analyst at CEX.IO, noted that Figure dominates the tokenized private credit sector with over 70% market share and $11 billion in active loans on the Provenance blockchain.

Signs of maturity

Figure #IPO , led by major investment banks such as Goldman Sachs and Bank of America, is a strong signal. According to Otychenko, this indicates that RWA companies are reaching out to the public market, similar to exchanges and stablecoin issuers. This is evidence that the tokenization industry is growing and becoming widely accepted.

Figure's move comes amid plans for IPOs by other major blockchain companies such as Gemini, Kraken, and OKX in 2025. This suggests that this trend is not isolated and is expected to continue to develop, especially as regulations in the U.S. become clearer.