This is a significant milestone. Originators who could have sold their loans to @FannieMae or @FreddieMac chose to sell their loans in @Figure's marketplace. Why? Because they made more money that way. How? Blockchain. I want this to sink in. A private capital market out-executed a government backed capital market. Because of blockchain (and specifically, @FigureMarkets running on @provenancefdn ). Blockchain reduces costs – I’ve been saying this (and citing how) for some time. But because of its ability to displace trust with truth, it also brings liquidity - especially to greenfield markets. Liquidity lowers financing costs. Sometimes the combination is enough to compete with the GSEs (e.g., Fannie and Freddie). The final leg of the process – lending – is the next to fall. Goodbye warehouse lending, hello DeFi (starting with Figure's Democratized Prime). Change is coming faster than you – or the financial services industry – ever thought. figure.com/newsroom/company-…

I just spent a few minutes responding to someone falsely suggesting Provenance Blockchain is a permissioned chain, so let me set the record straight on Provenance Blockchain and how Figure uses it in one post for subsequent reference (by me or you). Provenance Blockchain is a decentralized, public proof of stake blockchain. It is built on the Cosmos SDK and uses the Tendermint consensus module. It has a robust, independent community of validators. Figure - the largest holder of $HASH which is the governance token - holds 20% of the supply but does not vote and delegates across multiple validators. Figure was the first to put consumer loans on blockchain (in 2018), using Provenance Blockchain to onboard home equity line of credit mortgages (HELOCs) in 2018. Figure was the first to securitize these loans in 2020, and the first to get a AAA-rated securitization of blockchain assets in 2023. I've discussed publicly that Figure has done more RWA activity than anyone, with over $15B in RWA TVL on Provenance Blockchain (added over $800M in July alone). I have historically spoken about the efficiency Figure gets from blockchain. More recently, I've been speaking about the liquidity of the Figure Connect ecosystem. Our third party origination partners (of which there are more than 150) are able to access the capital markets directly - through order books or bid-wanted-in-comp auctions. We recently announced the launch of Democratized Prime, where Figure assets are being used as collateral in DeFi. We'll expand this to other L1s - bringing Figure loans and $YLDS - our SEC registered yielding public security - to those protocols. Historically, we haven't tried to feed the aggregators like CoinGecko and DeFiLlama because of the complexity - there are over 300K Figure loans on Provenance and they are each somewhat unique - making capturing TVL or trading volume more nuanced than simply price * quantity. But we've been working to solve that problem, and are slowly starting to get data on those platforms. But you don't need to trust me. Go to provenance.io/pulse and "Figure" it out for yourself.

Excited to announce that we are recombining @Figure and @FigureMarkets. I split the company in two last year given the regulatory headwinds around blockchain. I was fortunate to bring Mike Tannenbaum in as CEO of Figure, and I became CEO of Figure Markets. With the change in the regulatory environment and the growing public market enthusiasm for blockchain companies, it made sense to recombine the companies. Michael will be the CEO of the recombined Figure, and I'll be the Executive Chairman. I won't be doing anything different - I'm still 100% focused on Figure, Provenance Blockchain Foundation and bringing the best decentralized products to market through both.