Ship or Die at Accelerate 2025: Lightning Talk (Todd Stevens - Figure)

In a groundbreaking announcement at Accelerate 2025, Figure's Chief Capital Officer Todd Stevens unveiled plans to bring a suite of innovative financial products to the Solana ecosystem, including an SEC-approved yield-bearing stablecoin and consumer lending opportunities. This move promises to revolutionize DeFi by introducing real-world assets and democratizing access to prime brokerage services.

Summary

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Figure, a fintech company with a strong focus on blockchain technology, is set to make significant waves in the Solana DeFi ecosystem. Todd Stevens, the company's Chief Capital Officer, revealed ambitious plans to bridge traditional finance with DeFi by introducing several groundbreaking products.

At the forefront of these innovations is an SEC-registered, yield-bearing stablecoin – the first of its kind in the United States. This stablecoin is poised to be a game-changer, offering consistent returns regardless of potential regulatory changes. Figure plans to make this stablecoin available on Solana through a Wormhole bridge and issue it via Camino.

Furthermore, Figure intends to bring its substantial consumer lending operations to the Solana blockchain. Currently originating around $600 million in loans monthly, the company aims to redirect the interest payments from traditional banks to the Solana ecosystem, potentially offering DeFi users access to stable, high-yield opportunities backed by real-world assets.

Perhaps most ambitiously, Figure is working on democratizing access to prime brokerage services. By partnering with major hedge funds and leveraging blockchain technology, Figure aims to disrupt the $20 billion revenue stream currently dominated by traditional banks, offering DeFi users unprecedented access to these lucrative financial services.

Key Points:

SEC-Registered Yield-Bearing Stablecoin

Figure has developed a groundbreaking stablecoin that has received SEC approval and registration. This stablecoin is unique in that it offers yield to holders, making it the first of its kind in the United States. The yield-bearing feature is particularly significant as it will continue to provide returns regardless of potential regulatory changes, such as the implementation of the GENIUS Act.

This innovative financial product is set to be bridged to the Solana ecosystem through Wormhole, a cross-chain bridge protocol. Once on Solana, the stablecoin will be issued through Camino, further expanding its accessibility and utility within the DeFi space. This move represents a significant step in bridging traditional finance with decentralized systems, potentially attracting more institutional and retail investors to the Solana ecosystem.

Consumer Lending on Solana

Figure is planning to bring its substantial consumer lending operations to the Solana blockchain. Currently, the company originates approximately 6,000 to 7,000 loans per month, totaling around $600 million in value. These loans are presently sold on traditional markets, either as whole loans or through securitization.

By bringing these loans to Solana, Figure aims to offer DeFi users access to a new asset class characterized by stable cash flows and yields of 8-9%. These loans typically cater to middle America borrowers with FICO scores around 750, representing a relatively low-risk, "boring" investment opportunity that could prove attractive to DeFi users seeking stable returns.

This move would not only provide new opportunities for DeFi investors but also potentially reduce costs for Figure. Currently, the company pays traditional banks about 8% to warehouse these loans. By leveraging the Solana ecosystem, Figure could redirect these payments to DeFi users, creating a win-win situation for both the company and the Solana community.

Democratizing Prime Brokerage

One of the most ambitious projects announced by Stevens is Figure's plan to democratize access to prime brokerage services. Prime brokerage is a lucrative business for traditional banks, generating approximately $20 billion in annual revenue from lending to hedge funds.

Figure is working with some of the largest hedge funds, which represent an $850 billion total addressable market (TAM), to bring these services onto their platform and make them accessible through DeFi. This would allow the DeFi community to participate in lending activities traditionally reserved for Wall Street institutions.

The potential returns from this service could be significant. Stevens mentioned the possibility of leveraging these loans to achieve returns as high as 17%, or offering a more conservative "delta one" return of around 8%. This flexibility would allow DeFi users to tailor their risk and return profiles according to their preferences.

By bringing prime brokerage services to DeFi, Figure is not only opening up new revenue streams for the Solana ecosystem but also challenging the traditional financial system's monopoly on these lucrative services.

Facts + Figures

• Figure originates 6,000-7,000 loans per month on blockchain
• The company's monthly loan origination volume is approximately $600 million
• Figure has developed the first SEC-registered yield-bearing stablecoin in the US
• The company plans to bridge its stablecoin to Solana through Wormhole and issue it via Camino
• Figure currently pays traditional banks about 8% to warehouse their loans
• The prime brokerage market generates about $20 billion in annual revenue for banks
• The total addressable market (TAM) for hedge fund lending is approximately $850 billion
• Figure's loans typically cater to borrowers with FICO scores around 750
• The company's consumer loans offer yields of 8-9%
• Potential returns from prime brokerage services on DeFi could range from 8% to 17%

Top quotes

1. "We believe every asset will trade on a blockchain rail in the future."
2. "We're talking about direct lending to our DeFi customers and these are very stable cash flows that they eight nine percent boring boring."
3. "In February this year we had a yield bearing stable coin that was SEC registered and approved it's the first SEC registered stable coin in the US."
4. "We would rather pay that eight percent to the Solano ecosystem."
5. "We're really excited about the opportunity to really democratize access to prime brokerage."
6. "We can throw this involved so we can lever it up and we can get a 17 percent return if that's what the community wants."
7. "We want to bring our total access to our loan collateral. We want to allow people to buy all of our production on DeFi."

Questions Answered

What is Figure planning to bring to the Solana ecosystem?

Figure is planning to bring several innovative financial products to the Solana ecosystem. These include an SEC-registered yield-bearing stablecoin, consumer lending opportunities, and access to prime brokerage services. The company aims to bridge traditional finance with DeFi by offering these real-world assets and services on the Solana blockchain, potentially revolutionizing the DeFi landscape.

What is unique about Figure's stablecoin?

Figure's stablecoin is the first SEC-registered, yield-bearing stablecoin in the United States. This means that it has received regulatory approval and offers holders a yield on their investment. The yield-bearing feature is particularly significant as it will continue to provide returns regardless of potential regulatory changes. This stablecoin will be bridged to Solana through Wormhole and issued via Camino, making it accessible to the Solana DeFi ecosystem.

How does Figure plan to bring consumer lending to Solana?

Figure currently originates about $600 million in consumer loans monthly. The company plans to bring these loans onto the Solana blockchain, allowing DeFi users to invest in or lend against these assets. These loans typically offer yields of 8-9% and cater to borrowers with FICO scores around 750, representing a relatively stable and low-risk investment opportunity. By bringing these loans to Solana, Figure aims to redirect the interest currently paid to traditional banks to the DeFi ecosystem instead.

What is Figure's plan for democratizing prime brokerage?

Figure is working on a project to democratize access to prime brokerage services, which are typically only available to large institutional investors. The company is partnering with some of the largest hedge funds to bring these services onto their platform and make them accessible through DeFi on Solana. This could allow DeFi users to participate in lending activities that traditionally generate about $20 billion in annual revenue for banks. The potential returns from this service could range from 8% for a conservative approach to up to 17% with leverage.

How might Figure's initiatives impact the Solana DeFi ecosystem?

Figure's initiatives could significantly impact the Solana DeFi ecosystem by introducing new asset classes and financial services. The yield-bearing stablecoin could attract more users and liquidity to the ecosystem. The introduction of consumer lending and prime brokerage services could provide DeFi users with access to stable, high-yield opportunities backed by real-world assets. These moves could potentially attract more institutional investors to Solana, increase the total value locked (TVL) in Solana DeFi protocols, and further legitimize DeFi as a viable alternative to traditional finance.