Can blockchain reduce mortgage costs? Figure CEO: We have proven it's feasible

Figure has become one of the most closely watched fintech startups in recent years. Founded by a team with deep roots in finance and technology, this capital markets technology company is dedicated to reshaping traditional financial market infrastructure with blockchain. Figure’s core technology centers on on-chain asset management, using standardized and immutable data structures to enable real-world assets like mortgage loans to move at lower costs and greater speed—attracting institutional investors in the process. Since its founding, the company has tokenized nearly $18 billion in assets and achieved a dominant market share in private credit and mortgage lending. It has also earned top-tier AAA ratings from S&P and Moody’s. In September 2025, Figure successfully went public, becoming one of the most representative blockchain companies in the US capital markets.

In an interview with the NY Post, host William Zimmerman and Figure CEO Michael Tannenbaum delved into how Figure is using blockchain to reinvent the mortgage process, drive capital market modernization, and how policy, regulation, and market sentiment are collectively enabling the rapid penetration of blockchain in finance.

Blockchain Accelerates Mortgage Approvals, Cuts Costs and Processing Time

Tannenbaum first cited concrete numbers to illustrate the efficiency gap: processing a mortgage through Figure costs about $1,000, while the industry average is as high as $12,000—a savings of more than 90%. Processing times are also slashed from the industry average of 45 days to around 5 days. This efficiency comes not from simple automation, but from a fully standardized transaction chain migrated onto the blockchain. He explained that when loan data and ownership are recorded immutably on-chain, subsequent transactions, transfers, valuations, and audits can all follow standardized processes, greatly increasing overall market liquidity and transparency.

Zimmerman noted that while Wall Street and the Fed frequently discuss the tokenization of finance, few have implemented it at scale. Figure processes nearly $1 billion in mortgages and other asset issuances each month and holds about a 75% market share in real-world asset tokenization—with an even bigger lead in private credit. To date, nearly $18 billion in assets have been tokenized on its system, and it has received AAA ratings from major international agencies—demonstrating that blockchain infrastructure not only works, but also meets traditional institutional risk standards.

Figure Benefits from GENIUS ACT, Smooth IPO

When discussing the IPO, Zimmerman asked whether Figure could have gone public under the regulatory environment of a few years ago. Tannenbaum said the company’s business model is flexible enough to grow under any government, but noted that the current Trump administration has shown strong intent to make the US—and New York in particular—a center for blockchain and digital assets, creating a favorable climate for Figure’s IPO and regulatory clarity. He cited the GENIUS ACT ((), a new stablecoin regulatory bill, as an example, saying such policies send a clear message to the market: blockchain-based capital markets are no longer an experiment, but the next stage in financial infrastructure evolution. He joked that a year ago, talking about blockchain in board meetings would have seemed fanciful—now, not talking about it would make you look outdated.

The interview also touched on other loan types, such as student and auto loans. Tannenbaum said Figure has already conducted pilot loans in these areas, proving the technology’s feasibility and seeking to scale through partnerships. He emphasized that the company’s real goal isn’t just mortgages, but building standardized capital market infrastructure that enables all RWA (real-world assets) to go on-chain.

Blockchain Makes Mortgages Cheaper, Home Equity Easier to Access

Addressing the consumer’s biggest concerns—“housing costs” and “interest rates”—Tannenbaum highlighted two strategies that set Figure apart. First, drastically reducing loan origination costs so that final interest rates reflect lower backend fees. Second, making it much easier to access home equity loans. There are currently about $35 trillion in outstanding home equity loans in the US, much of it concentrated in the high-priced tri-state area. Figure’s digital processes make it easier for local residents to apply, and its Intella Debt product allows consumers to use home equity to pay off high-interest debt. According to company data, users who switch see their credit scores rise by an average of 30 points, reflecting significant improvements in household financial health.

Tannenbaum explained that traditional loan transactions relied heavily on paperwork, manual labor, and case-by-case assessments, with each transaction requiring new contracts and due diligence—an extremely inefficient process. Figure, by contrast, works with 200 partners using a standardized, on-chain, synchronized operation model, unifying all processes, data, and assessment methods so that transactions are as seamless as buying or selling stock on the NYSE or Nasdaq.

Returning to the post-IPO outlook, Tannenbaum believes the IPO is an important milestone in market visibility, but Figure’s growth is just beginning. From private credit and mortgages to the broader capital markets, the potential market opportunity exceeds $1.8 trillion. He emphasized that if financial infrastructure truly becomes fully digital, blockchain will be indispensable—and Figure is building for that future.

The entire interview illustrated Figure’s core philosophy: enabling RWAs (real-world assets) to truly have programmable, traceable, and liquid digital forms. As standardized on-chain infrastructure takes shape, the speed, transparency, and cost structure of financial markets will undergo generational change. For Figure, this isn’t just a business—it’s a necessary step toward the next generation of capital market infrastructure.

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