<p>Figure Technology Solutions NASDAQ: FIGR 的首席资本官 Todd Stevens 将公司描述为一个 “区块链市场”，主要专注于借贷，同时也在扩展到链上公共股权。在讨论产品战略、市场状况和新合作伙伴关系时，Stevens 认为基于区块链的结算系统可以减少资本市场的摩擦，并为发行人和投资者提供新功能。</p>
<h2>Figure 对区块链作为结算系统的看法</h2>
<p>Stevens 表示，Figure 正在构建一个未来的基础设施，在这个未来中，“每个资产都将在某个时刻在区块链上交易。” 他列出了几个他认为区块链可以改善资本市场流程的原因，包括他所描述的交易效率和实时信息获取的改善。</p>
<p>他还指出区块链能够防止某些操作问题，引用了更广泛市场中 “重复质押” 的担忧作为例子。Stevens 说，在 Figure 的系统中，资产不能被重复质押，并描述了一个数字留置权登记处，该登记处从区块链读取信息，以确认贷款是否已经被担保，才能质押给仓库贷方。</p>
<h2>链上股权：发行人和投资者的使用案例</h2>
<p>Stevens 讨论了 Figure 的区块链原生普通股的二次发行，并将 Figure 的方法定位为 “以区块链为中心” 和 “自我保管”，与他所描述的 DTCC 证券的数字 “双胞胎” 或合成表示模型形成对比。</p>
<p>从发行人的角度来看，Stevens 表示链上股权可以提供与股东的直接关系，这与传统公共市场中对零售股东的有限可见性形成对比。他提供了通过可编程性实现的潜在发行人与股东互动的例子，包括在获得批准后更快地发放奖励或分配股息。</p>
<p>他还强调了潜在的投资者利益，包括能够将股权借入借贷池，并捕获他所称的通常由主要经纪商保留的经济利益。他补充说，代币化的股份可以作为借贷关系中的抵押品，并可以保存在自我保管的钱包中。</p>
<h2>Figure Connect：市场定位和发起人推介</h2>
<p>Stevens 将 Figure Connect 描述为 Figure 战略的核心，表示公司 “从未想要成为世界上最大的非银行贷款人”，而是旨在以市场模型连接 “资本的来源和使用者”。</p>
<p>他说，该平台旨在使发起人更容易接触投资者，而无需谈判单独的购买协议，并将 Figure 的角色框架为一个外包的资本市场职能，可以帮助进行整体贷款销售、证券化和仓库融资。根据 Stevens 的说法，Figure 在帮助发起人最大化 “销售收益” 的同时赚取生态系统费用，并专注于发起贷款。</p>
<h2>私人信贷与资产基础融资</h2>
<p>在被问及私人信贷的担忧时，Stevens 区分了直接贷款和资产基础融资。他引用了他所归因于 Bruce Richards 的评论，涉及不同信贷市场中的软件风险，并表示某些私人信贷策略可能面临干扰和杠杆风险。</p>
<p>Stevens 表示，Figure 在资产基础融资中运作，采用超额抵押的方式，举例说明 $100 的资产价值支持 $80 的证券。他补充说，Figure 最近完成了一笔约 5 亿美元的证券化，“市场清算良好”，并引用了摩根大通的一笔更大证券化作为市场持续强劲的例子。他认为，市场参与者在讨论私人信贷时不应 “一概而论”。</p>
<h2>民主化的优质信贷、稳定币和扩展到新资产类别</h2>
<p>Stevens 将 “民主化的优质信贷” 描述为 Figure 努力将优质经纪服务的访问权限带给更广泛的基础，通过使去中心化金融（DeFi）流动性为仓库借贷提供资金。他表示，Figure 与包括摩根大通和高盛在内的银行保持传统的仓库关系，并且还通过 Kamino 应用在 Solana 上运营，提到的市场规模约为 5.8 亿到 6 亿美元，包括流动性池和质押的抵押品。</p>
<p>他说，该模型使传统金融与 DeFi 流动性之间的竞争成为可能，并认为 DeFi 缺乏期限结构，要求借款人适应 “即时流动性”。Stevens 建议，借款人最终可能会同时使用传统仓库和民主化的优质信贷仓库。</p>
<p>关于稳定币，Stevens 表示，他预计稳定币将成为代币化资产的关键支付通道，并将 Figure 的收益稳定币描述为经过 S-1 过程和定期备案的证券，将其与可以点对点交易的代币化货币市场基金进行比较。他还强调了通过智能合约实现的 “原子结算”，作为减少异步结算风险的一种方式。</p>
<p>Stevens 还谈到了 Figure 与 Agora Data 的合作，称其为第一个进入 Figure Connect 的第三方借款人。他表示，Agora 是一家具有高度自动化发起能力的汽车金融发起人，并且是一个 “兼职资本市场机构”，这与 Figure 的外包资本市场服务相契合。他补充说，Figure 对大型可寻址市场感兴趣，提到抵押贷款和汽车，并提到其他潜在类别，如应收账款融资和小企业贷款。</p>
<p>最后，Stevens 讨论了第一留置权贷款作为 Figure 组合中一个日益增长的部分，并将公司的竞争能力归因于自动化和速度。他表示，Figure 可以在几分钟内做出贷款决定，并在几天内完成融资，并将 Figure 的发起成本与他所描述的传统第一留置权市场中的更高成本进行对比。</p>
<p>展望未来，Stevens 表示 Figure 计划 “专注于我们的核心业务”，通过扩大产品多样性和资产类别、增加流经其市场的交易量，以及随着采用率的增长减少市场教育的需求。</p>
<h2>关于 Figure 科技解决方案 NASDAQ: FIGR</h2>
<p>Figure 正在利用区块链技术构建资本市场的未来。Figure 的专有技术为下一代借贷、交易和投资活动提供动力，涵盖消费信贷和数字资产等领域。我们对区块链账本的应用使我们能够更好地服务于最终客户，提高速度和效率，并增强标准化和流动性。通过我们的技术，我们继续在约 2 万亿美元的消费信贷市场和快速增长的约 4 万亿美元的加密货币及数字资产市场中开发动态的垂直整合市场。</p>
<h2>精选故事</h2>
<ul>
<li>五只我们认为比 Figure 科技解决方案更好的股票</li>
<li>Martin Weiss 的个人警告（请阅读）</li>
<li>Elon Musk：这可能将 100 美元变成 100,000 美元</li>
<li>美国的黄金储备定价为 42 美元。真实价格为 6,000 美元以上。</li>
<li>“这家人工智能巨头即将破产”</li>
<li>伊朗战争刚刚打破了黄金市场</li>
</ul>
<p><em>此即时新闻提醒由叙事科学技术和 MarketBeat 的金融数据生成，以便为读者提供最快的报道和公正的覆盖。请将任何问题或评论发送至 contact@marketbeat.com。</em></p>
<h2>你现在应该投资 1,000 美元在 Figure 科技解决方案吗？</h2>
<p>在你考虑 Figure 科技解决方案之前，你需要听听这个。</p>
<p>MarketBeat 每天跟踪华尔街顶级评级和表现最佳的研究分析师及其推荐给客户的股票。MarketBeat 已识别出五只顶级分析师悄悄向客户推荐的股票，建议在更广泛的市场注意到之前购买……而 Figure 科技解决方案并不在名单上。</p>
<p>虽然 Figure 科技解决方案目前在分析师中获得了中等买入评级，但顶级分析师认为这五只股票更值得购买。</p>
<p>查看这五只股票</p>

区块链 ETF - Amplify

COIN

纳斯达克 NexGen 经济 ETF - Reality Shares

<p>Todd Stevens，Figure Technology Solutions（NASDAQ: FIGR）的首席资本官，讨论了公司在区块链借贷和链上公共股权方面的重点。他强调了区块链在提高资本市场交易效率和防止双重质押等操作问题方面的潜力。Stevens 指出了 Figure 的区块链原生股票的二次发行及其对发行人和投资者的好处。他还介绍了 Figure Connect，作为资本来源和用户的市场，并讨论了公司与 Agora Data 等的合作，以扩展到新的资产类别和去中心化金融流动性</p>

<p>Todd Stevens, Chief Capital Officer of <strong>Figure Technology Solutions NASDAQ: FIGR</strong>, described the company as a “blockchain marketplace” focused primarily on lending but also expanding into on-chain public equity. In a discussion covering product strategy, market conditions, and new partnerships, Stevens argued that blockchain-based settlement rails can reduce friction in capital markets and enable new features for both issuers and investors.</p>
<div class="lb-trans"><p>Figure Technology Solutions NASDAQ: FIGR 的首席资本官 Todd Stevens 将公司描述为一个 “区块链市场”，主要专注于借贷，同时也在扩展到链上公共股权。在讨论产品战略、市场状况和新合作伙伴关系时，Stevens 认为基于区块链的结算系统可以减少资本市场的摩擦，并为发行人和投资者提供新功能。</p>
</div><h2>Figure’s view of blockchain as a settlement rail</h2>
<div class="lb-trans"><h2>Figure 对区块链作为结算系统的看法</h2>
</div><p>Stevens said Figure is building infrastructure for a future in which “every asset will trade on a blockchain at some point.” He outlined several reasons he believes blockchain can improve capital markets processes, including what he characterized as transactional efficiencies and better access to information in real time.</p>
<div class="lb-trans"><p>Stevens 表示，Figure 正在构建一个未来的基础设施，在这个未来中，“每个资产都将在某个时刻在区块链上交易。” 他列出了几个他认为区块链可以改善资本市场流程的原因，包括他所描述的交易效率和实时信息获取的改善。</p>
</div><p>He also pointed to blockchain’s ability to prevent certain operational issues, citing examples of “double pledging” concerns in the broader market. Stevens said that on Figure’s system, assets cannot be double pledged, and described a digital lien registry that reads from the blockchain to confirm whether a loan is already secured before it can be pledged to a warehouse lender.</p>
<div class="lb-trans"><p>他还指出区块链能够防止某些操作问题，引用了更广泛市场中 “重复质押” 的担忧作为例子。Stevens 说，在 Figure 的系统中，资产不能被重复质押，并描述了一个数字留置权登记处，该登记处从区块链读取信息，以确认贷款是否已经被担保，才能质押给仓库贷方。</p>
</div><h2>On-chain equity: issuer and investor use cases</h2>
<div class="lb-trans"><h2>链上股权：发行人和投资者的使用案例</h2>
</div><p>Stevens discussed Figure’s secondary offering of blockchain-native common stock and positioned Figure’s approach as “blockchain-centric” and “self-custodial,” contrasting it with models he described as digital “twins” of DTCC securities or synthetic representations.</p>
<div class="lb-trans"><p>Stevens 讨论了 Figure 的区块链原生普通股的二次发行，并将 Figure 的方法定位为 “以区块链为中心” 和 “自我保管”，与他所描述的 DTCC 证券的数字 “双胞胎” 或合成表示模型形成对比。</p>
</div><p>From an issuer standpoint, Stevens said on-chain equity could provide a direct relationship with shareholders, which he contrasted with limited visibility into retail shareholders in traditional public markets. He provided examples of potential issuer-to-shareholder interactions enabled by programmability, including delivering rewards or distributing dividends more quickly once approved.</p>
<div class="lb-trans"><p>从发行人的角度来看，Stevens 表示链上股权可以提供与股东的直接关系，这与传统公共市场中对零售股东的有限可见性形成对比。他提供了通过可编程性实现的潜在发行人与股东互动的例子，包括在获得批准后更快地发放奖励或分配股息。</p>
</div><p>He also emphasized potential investor benefits, including the ability to lend equity into lending pools and capture economics he said are typically retained by prime brokers today. He added that tokenized shares could be used as collateral in borrowing relationships and could be held in a self-custody wallet.</p>
<div class="lb-trans"><p>他还强调了潜在的投资者利益，包括能够将股权借入借贷池，并捕获他所称的通常由主要经纪商保留的经济利益。他补充说，代币化的股份可以作为借贷关系中的抵押品，并可以保存在自我保管的钱包中。</p>
</div><h2>Figure Connect: marketplace positioning and originator pitch</h2>
<div class="lb-trans"><h2>Figure Connect：市场定位和发起人推介</h2>
</div><p>Stevens described Figure Connect as central to Figure’s strategy, saying the company “never stood out to be the world’s largest non-bank lender” and instead aims to connect “sources and users of capital” in a marketplace model.</p>
<div class="lb-trans"><p>Stevens 将 Figure Connect 描述为 Figure 战略的核心，表示公司 “从未想要成为世界上最大的非银行贷款人”，而是旨在以市场模型连接 “资本的来源和使用者”。</p>
</div><p>He said the platform is designed to make it easier for originators to access investors without negotiating separate purchase agreements, and framed Figure’s role as an outsourced capital markets function that can help with whole-loan sales, securitizations, and warehouse financing. According to Stevens, Figure earns ecosystem fees while helping originators maximize “gain on sale” and focus on originating loans.</p>
<div class="lb-trans"><p>他说，该平台旨在使发起人更容易接触投资者，而无需谈判单独的购买协议，并将 Figure 的角色框架为一个外包的资本市场职能，可以帮助进行整体贷款销售、证券化和仓库融资。根据 Stevens 的说法，Figure 在帮助发起人最大化 “销售收益” 的同时赚取生态系统费用，并专注于发起贷款。</p>
</div><h2>Private credit versus asset-based finance</h2>
<div class="lb-trans"><h2>私人信贷与资产基础融资</h2>
</div><p>Asked about concern in private credit, Stevens drew a distinction between direct lending and asset-based finance. He cited commentary he attributed to Bruce Richards regarding software exposure in different credit markets, and said some private credit strategies may be exposed to disruption and leverage risk.</p>
<div class="lb-trans"><p>在被问及私人信贷的担忧时，Stevens 区分了直接贷款和资产基础融资。他引用了他所归因于 Bruce Richards 的评论，涉及不同信贷市场中的软件风险，并表示某些私人信贷策略可能面临干扰和杠杆风险。</p>
</div><p>Stevens said Figure operates in asset-based finance with over-collateralization, using the example of $100 of asset value backing $80 of securities. He added that Figure had recently completed a roughly $0.5 billion securitization that “cleared the market fine,” and cited a larger JPMorgan securitization as an example of continued market strength. He argued that market participants should not “paint everything with the same brush” when discussing private credit.</p>
<div class="lb-trans"><p>Stevens 表示，Figure 在资产基础融资中运作，采用超额抵押的方式，举例说明 $100 的资产价值支持 $80 的证券。他补充说，Figure 最近完成了一笔约 5 亿美元的证券化，“市场清算良好”，并引用了摩根大通的一笔更大证券化作为市场持续强劲的例子。他认为，市场参与者在讨论私人信贷时不应 “一概而论”。</p>
</div><h2>Democratized Prime, stablecoins, and expansion into new asset classes</h2>
<div class="lb-trans"><h2>民主化的优质信贷、稳定币和扩展到新资产类别</h2>
</div><p>Stevens described “Democratized Prime” as Figure’s effort to bring prime-brokerage-style access to a broader base by enabling decentralized finance (DeFi) liquidity to fund warehouse lending. He said Figure has traditional warehouse relationships with banks including JPMorgan and Goldman Sachs, and is also operating on Solana through the Kamino application, referencing a market size he described as roughly $580 million to $600 million including liquidity pools and pledged collateral.</p>
<div class="lb-trans"><p>Stevens 将 “民主化的优质信贷” 描述为 Figure 努力将优质经纪服务的访问权限带给更广泛的基础，通过使去中心化金融（DeFi）流动性为仓库借贷提供资金。他表示，Figure 与包括摩根大通和高盛在内的银行保持传统的仓库关系，并且还通过 Kamino 应用在 Solana 上运营，提到的市场规模约为 5.8 亿到 6 亿美元，包括流动性池和质押的抵押品。</p>
</div><p>He said the model enables competition between traditional finance and DeFi liquidity, and argued that DeFi’s lack of term structure requires borrowers to accommodate “instant liquidity.” Stevens suggested borrowers may ultimately use both a traditional warehouse and a Democratized Prime warehouse.</p>
<div class="lb-trans"><p>他说，该模型使传统金融与 DeFi 流动性之间的竞争成为可能，并认为 DeFi 缺乏期限结构，要求借款人适应 “即时流动性”。Stevens 建议，借款人最终可能会同时使用传统仓库和民主化的优质信贷仓库。</p>
</div><p>On stablecoins, Stevens said he expects stablecoins to become a key payment rail for tokenized assets and described Figure’s yield stablecoin as a security that has gone through an S-1 process and periodic filings, comparing it to a tokenized money market fund that can trade peer-to-peer. He also highlighted “atomic settlement” via smart contracts as a way to reduce asynchronous settlement risk.</p>
<div class="lb-trans"><p>关于稳定币，Stevens 表示，他预计稳定币将成为代币化资产的关键支付通道，并将 Figure 的收益稳定币描述为经过 S-1 过程和定期备案的证券，将其与可以点对点交易的代币化货币市场基金进行比较。他还强调了通过智能合约实现的 “原子结算”，作为减少异步结算风险的一种方式。</p>
</div><p>Stevens also addressed Figure’s partnership with Agora Data, calling it the first third-party borrower coming onto Figure Connect. He said Agora is an auto finance originator with a high degree of automated origination and a “part-time capital markets outfit,” which he described as a fit for Figure’s outsourced capital markets services. He added that Figure is interested in large addressable markets, citing mortgage and auto, and mentioned other potential categories such as receivables financing and small business loans.</p>
<div class="lb-trans"><p>Stevens 还谈到了 Figure 与 Agora Data 的合作，称其为第一个进入 Figure Connect 的第三方借款人。他表示，Agora 是一家具有高度自动化发起能力的汽车金融发起人，并且是一个 “兼职资本市场机构”，这与 Figure 的外包资本市场服务相契合。他补充说，Figure 对大型可寻址市场感兴趣，提到抵押贷款和汽车，并提到其他潜在类别，如应收账款融资和小企业贷款。</p>
</div><p>Finally, Stevens discussed first-lien lending as a growing part of Figure’s mix and attributed the company’s ability to compete to automation and speed. He said Figure can reach a lending decision in minutes and fund in days, and contrasted Figure’s origination costs with what he described as higher costs in traditional first-lien markets.</p>
<div class="lb-trans"><p>最后，Stevens 讨论了第一留置权贷款作为 Figure 组合中一个日益增长的部分，并将公司的竞争能力归因于自动化和速度。他表示，Figure 可以在几分钟内做出贷款决定，并在几天内完成融资，并将 Figure 的发起成本与他所描述的传统第一留置权市场中的更高成本进行对比。</p>
</div><p>Looking ahead, Stevens said Figure plans to “stick to our knitting” by expanding product diversity and asset classes, increasing volume flowing through its marketplace, and reducing the need for market education as adoption grows.</p>
<div class="lb-trans"><p>展望未来，Stevens 表示 Figure 计划 “专注于我们的核心业务”，通过扩大产品多样性和资产类别、增加流经其市场的交易量，以及随着采用率的增长减少市场教育的需求。</p>
</div><h2>About Figure Technology Solutions NASDAQ: FIGR</h2>
<div class="lb-trans"><h2>关于 Figure 科技解决方案 NASDAQ: FIGR</h2>
</div><p>Figure is building the future of capital markets using blockchain-based technology. Figure's proprietary technology powers next-generation lending, trading and investing activities in areas such as consumer credit and digital assets. Our application of the blockchain ledger allows us to better serve our end-customers, improve speed and efficiency, and enhance standardization and liquidity. Using our technology, we continue to develop dynamic, vertically-integrated marketplaces across the approximately $2 trillion consumer credit market and the rapidly growing approximately $4 trillion cryptocurrency and digital asset market.</p>
<div class="lb-trans"><p>Figure 正在利用区块链技术构建资本市场的未来。Figure 的专有技术为下一代借贷、交易和投资活动提供动力，涵盖消费信贷和数字资产等领域。我们对区块链账本的应用使我们能够更好地服务于最终客户，提高速度和效率，并增强标准化和流动性。通过我们的技术，我们继续在约 2 万亿美元的消费信贷市场和快速增长的约 4 万亿美元的加密货币及数字资产市场中开发动态的垂直整合市场。</p>
</div><h2>Featured Stories</h2>
<div class="lb-trans"><h2>精选故事</h2>
</div><ul>
<li>Five stocks we like better than Figure Technology Solutions</li>
<li>A personal warning from Martin Weiss (Please read)</li>
<li>Elon Musk: This Could Turn $100 into $100,000</li>
<li>America’s gold reserves are priced at $42. The real price is $6,000+.</li>
<li>“This AI Giant is About to Go Bust”</li>
<li>The Iran War Just Broke the Gold Market</li>
</ul>
<div class="lb-trans"><ul>
<li>五只我们认为比 Figure 科技解决方案更好的股票</li>
<li>Martin Weiss 的个人警告（请阅读）</li>
<li>Elon Musk：这可能将 100 美元变成 100,000 美元</li>
<li>美国的黄金储备定价为 42 美元。真实价格为 6,000 美元以上。</li>
<li>“这家人工智能巨头即将破产”</li>
<li>伊朗战争刚刚打破了黄金市场</li>
</ul>
</div><p><em>This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.</em></p>
<div class="lb-trans"><p><em>此即时新闻提醒由叙事科学技术和 MarketBeat 的金融数据生成，以便为读者提供最快的报道和公正的覆盖。请将任何问题或评论发送至 contact@marketbeat.com。</em></p>
</div><h2>Should You Invest $1,000 in Figure Technology Solutions Right Now?</h2>
<div class="lb-trans"><h2>你现在应该投资 1,000 美元在 Figure 科技解决方案吗？</h2>
</div><p>Before you consider Figure Technology Solutions, you'll want to hear this.</p>
<div class="lb-trans"><p>在你考虑 Figure 科技解决方案之前，你需要听听这个。</p>
</div><p>MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Figure Technology Solutions wasn't on the list.</p>
<div class="lb-trans"><p>MarketBeat 每天跟踪华尔街顶级评级和表现最佳的研究分析师及其推荐给客户的股票。MarketBeat 已识别出五只顶级分析师悄悄向客户推荐的股票，建议在更广泛的市场注意到之前购买……而 Figure 科技解决方案并不在名单上。</p>
</div><p>While Figure Technology Solutions currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.</p>
<div class="lb-trans"><p>虽然 Figure 科技解决方案目前在分析师中获得了中等买入评级，但顶级分析师认为这五只股票更值得购买。</p>
</div><p>View The Five Stocks Here</p>
<div class="lb-trans"><p>查看这五只股票</p>
</div>

Figure Technology Solutions Talks On-Chain Equity, DeFi Warehouses and New Agora Data Partnership

- Figure Technology Solutions 以区块链为基础，专注于贷款市场和公开股权。  
- 公司构建基础设施，预计未来所有资产将在区块链上交易。  
- 采用去中心化金融的模式，增强贷方与投资者的关系。

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Coinbase

Roundhill Bitcoin Covered Call Strategy ETF

金融业 ETF - Vanguard

VanEck Digital Transformation ETF

VanEck Onchain Economy ETF

Bitwise Crypto Innovators ETF

金融科技创新 ETF - ARK

YieldMax Bitcoin Option Inc Strat ETF

金融科技指数 ETF - GlobalX

Figure Tech Solutions - CL

Indxx 创新交易及处理 ETF - First Trust

First Trust Innovation Leaders ETF

Galaxy Digital

Figure Technology Solutions 探讨链上股权、去中心化金融仓库以及与 Agora 的新数据合作伙伴关系