Mike Cagney’s second act: Turning blockchain into Wall Street’s new plumbing

Figure Technology Solutions scaled tokenized credit meaningfully: it topped $1 billion in monthly loan originations in March and reported $2.9 billion in Q1 originations (roughly $12 billion annualized), validating a marketplace that aims to cut securitization costs, improve liquidity and broaden access to credit via onchain tokens. The firm runs a $600 million yield-bearing stablecoin (YLDS), is exploring tokenized equities and is expanding products onto Solana and Ethereum. Market impact: successful institutional-style tokenization could siphon fees from traditional intermediaries, deepen DeFi collateral markets, and accelerate institutional onchain adoption — a bullish structural signal for crypto infrastructure and liquid, yield-bearing crypto products.