Karla Barker 
Figure Technologies posted second-quarter revenue of $226 million, more than double what it took in a year earlier. Net income reached $87 million, up 192% from the same period in 2024. The gains came mainly from its blockchain lending marketplace, which has been expanding faster than many analysts expected.
Blockchain Lending Drives Growth
Consumer loan volume through Figure’s platform hit $4.3 billion in the second quarter, up 132% year over year. A large share of that activity came from Figure Connect, the company’s marketplace that connects loan originators with capital providers. Figure Connect accounted for roughly 65% of total volume. CEO Michael Tannenbaum said weekly loan applications crossed $1 billion in July, a sign that momentum has not slowed.
The company also issued more of its yield-bearing stablecoin, YLDS. Issuance reached $556 million during the quarter. That number points to growing interest in digital assets that generate yield, both among institutions and retail investors. YLDS is still a small part of Figure’s overall business, but it is growing quickly and could become more important over time.
Kiavi Acquisition Moving Forward
Figure’s plan to buy Kiavi, a real estate lender, is still on schedule. The deal is expected to close in the second half of 2026. Once completed, it should give Figure a stronger position in residential real estate lending. The company says integration work is progressing without major issues, though the acquisition has not closed yet and still needs regulatory approvals.
That timing is worth keeping in mind. A lot can change between now and 2026. But if the deal goes through, Figure will have two main lending channels: consumer loans and real estate loans. That could make the company less dependent on any single part of the market.
What the Numbers Say About Digital Lending
The bigger story here is that blockchain-based lending is starting to look like a normal financial service. Revenue doubled while profitability improved. That is not a small thing. It suggests that decentralized lending models can compete with traditional banks and credit unions, at least in certain segments.
There are still questions about regulation and long-term stability. Blockchain lending is not for everyone, and Figure’s growth might not continue at this pace. But the latest numbers are hard to ignore. More loans are being originated through digital rails, more stablecoin issuance is flowing, and a major acquisition is being prepared. For now, Figure appears well positioned to keep expanding.