Figure Heloc

Figure Heloc (FIGR_HELOC) is best understood as a market-data representation of a loan statistic. CoinGecko ranked it #9 on September 4, 2026 after treating the total unpaid principal balance, or UPB, across Figure-linked HELOCs as circulating supply. The linked Provenance scope does publish a changing `supply` field, but its public record is an aggregate output rather than a conventional fungible-token contract.

A captured September 2 record reported raw `supply` of 22,125,837,239,598 alongside 5,534 accounts and 75,983 structures. By the record's September 3 `as_of_time`, those fields had changed to 22,194,607,152,968, 5,560, and 76,450. The response does not state a denomination or define who holds transferable units. CoinYQ therefore treats the roughly $22 billion headline as a live measure of unpaid loan principal, not proof of a $22 billion crypto network or a claim that every dollar is available to a token buyer.

The verified underlying story is Figure's HELOC machinery: consumer-loan origination, DART registry entries, Figure Connect loan sales, servicing, and securitization. The unresolved part is the listing itself. No reviewed document identifies a FIGR_HELOC issuer, holder register, contract address, redemption promise, interest entitlement, or lien position that maps one-to-one to the market page.

Figure began with a consumer HELOC product in 2018 and built infrastructure intended to shorten origination and make loan ownership and servicing changes easier to record. DART records control changes on Provenance, while Figure Connect connects sellers and buyers of loans. By December 31, 2025, Figure reported 80,409 loans relying on DART, about $3.9 billion of third-party HELOC volume through Figure Connect, and 23 HELOC securitizations with $7 billion of issuance.

Those systems answer operational questions for lenders, servicers, loan buyers, trustees, and note investors. They do not turn every balance in the registry into the same investment. Figure's own Form 10-K reported a $12.9 billion serviced HELOC UPB at year-end 2025, while the public scope later displayed a much larger aggregate. The populations and dates differ, so the numbers cannot be swapped or presented as one reserve account.

The page's job is to stop a category error: a large accounting total can look like token supply when fed into a crypto ranking formula. Understanding Figure's loan network explains where the number comes from; only a named contract can explain what a buyer owns.

At origination, a homeowner signs a HELOC and draws principal. DART can record servicing rights and control of the electronic loan record; Figure Connect can facilitate a sale; Figure or another servicer collects payments; a defined pool can later be conveyed into a securitization trust. Each step has its own parties and documents. UPB falls with principal payments or prepayments and can rise with new loans or subsequent draws, which is why the aggregate scope changes without implying token minting or burning.

Named transactions show where enforceable claims actually sit. FIGRE Trust 2023-HE1 backed specified mortgage notes with 3,568 draws in 3,373 HELOC families and $236,717,981 of UPB at its February 28, 2023 cut-off. In FIGRE 2025-HE3, the loans moved through a seller and depositor to an issuer, which pledged them to a trustee for noteholders. Those noteholders' payment priority comes from that transaction, not from the global `supply` counter.

HELOC+ is a separate product: eligible funding participants (Repo Buyers) provide one-hour repurchase financing, with a first-priority security interest held by Demo Prime Trust 2 for their ratable benefit. Section 5.1 of the December 17, 2025 addendum says collateral title does not transfer. Yet its introduction describes DART recording title transfer on-chain and says a pledge to Demo Prime Trust 2 will be treated as a sale if the Repo Seller becomes insolvent. These statements coexist in the same document; the reviewed evidence does not resolve their relationship or establish the legal outcome. These rights depend on the master repurchase agreement, platform terms and addendum, and participation rights may end under platform rules. The reviewed documents do not link those contractual rights to the FIGR_HELOC listing. Until a specific instrument and its terms are linked, the aggregate shows loan scale without establishing a holder claim on those loans.