Bernstein sees $4T tokenised credit upside for Figure

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.