Figure Technology Solutions, led by former SoFi CEO Mike Cagney, is challenging Fannie Mae and Freddie Mac in the first-lien mortgage market using its blockchain platform. At Consensus Miami, Cagney highlighted the platform's origination costs of $1,000 compared to $11,000 through the government-sponsored enterprises (GSEs). Figure's platform promises rapid approvals and funding, with HELOC applications approved in 5 minutes and loans funded in 3 days, significantly faster than the industry norm. Cagney aims to capture the sub-$300,000 mortgage segment, where traditional GSE fee structures are less viable. Figure's HELOC tokens have become the ninth-largest crypto asset by market value, surpassing Dogecoin. Despite debates over the visibility of Figure's $12 billion in tokenized assets, the firm reported a revenue increase from $339 million in 2024 to $510 million in 2025, with projections of up to $680 million for 2026. Additionally, Figure is in discussions with MetaMask to integrate its DeFi protocol, Democratized Prime, and announced a second listing on its blockchain-native equity venue, OPEN.