What is Bernstein’s bullish case for Figure Technology Solutions?

Bernstein reiterated an “Outperform” rating on Figure Technology Solutions, citing a $4 trillion potential market for tokenised credit. The firm believes Figure’s shift into blockchain-based lending significantly expands its growth opportunity. It also set a $67 price target, implying about 67% upside.

What is tokenised credit and why is it important?

Tokenised credit involves converting loans into blockchain-based assets that can be traded and settled in real time. This can improve liquidity, transparency, and efficiency in lending markets. It is a key part of the broader real-world asset (RWA) trend in crypto.

How big is the tokenised credit market today?

The market is still early, currently valued at around $5.5 billion. However, Bernstein estimates the long-term opportunity could reach $4 trillion. This gap highlights the potential for significant growth if adoption scales.

What types of loans could be tokenised?

The addressable market includes mortgages, auto loans, home equity lines of credit, and small-business loans. These are large, established credit markets that could move onchain over time. Figure is expanding beyond its original focus on HELOCs into these areas.

How is Figure’s business evolving?

Figure is transitioning from a fintech lender into a broader platform combining blockchain infrastructure and AI-driven credit systems. This shift allows it to participate in both lending and the underlying technology layer. It positions the company for multiple revenue streams.

What are Figure’s recent growth metrics?

Loan volumes reached $1.34 billion in April, up 108% year on year. Bernstein projects volumes could grow to $16.5 billion by 2027 from $8.4 billion in 2025. This indicates strong momentum in its lending business.

What is the Hastra ecosystem?

Hastra is Figure’s platform for integrating tokenised credit products into blockchain and DeFi markets. It aims to connect traditional lending with decentralised finance liquidity. This could expand access to capital and investors.

Who are Figure’s competitors in tokenised credit?

Centrifuge is one example of a project building tokenised credit and treasury products. Other platforms are also exploring similar models. Competition is growing as institutions enter the space.

Bernstein sees $4T tokenised credit upside for Figure

Written by Isaac FrancisPublished May. 6 2026Last Updated May. 6 2026

Bernstein reiterated an “Outperform” rating on Figure Technology Solutions, citing a potential $4 trillion market for tokenised credit as the firm expands beyond traditional lending.

The brokerage set a $67 price target, implying roughly 67% upside, as Figure pivots from home equity lending into blockchain-based credit infrastructure and AI-driven loan markets.

Bernstein said tokenisation—turning loans into tradable onchain assets—positions Figure to access a far larger market spanning mortgages, auto loans and small-business lending.

Loan volumes reached $1.34 billion in April, up 108% year on year, with projections rising to $16.5 billion by 2027 from $8.4 billion in 2025.

The tokenised credit market remains early-stage, currently valued at around $5.5 billion, highlighting a significant gap between current adoption and long-term potential.

Figure is expanding through initiatives like its Hastra ecosystem, integrating tokenised credit into decentralised finance and broader blockchain networks.

The outlook reflects growing institutional interest in real-world asset tokenisation, with firms including Centrifuge also developing onchain credit and treasury products.