Wu said he learned that Figure, in a post responding to allegations by short-selling firms, stated that its loans are shown in an on-chain format immediately after disbursement; all subsequent transfers of ownership and pledges are recorded and executed on its platform in the blockchain. Some HELOC-related processes still require traditional documents due to regulatory requirements, and the on-chain records serve as the actual operational “system ledger,” while offline documents are mainly used for legal and compliance procedures. Regarding risk control and asset quality, Figure said that its loan borrowers have an average FICO of about 754, an average income of about $187,000, and a combined LTV of about 62% after origination, and it also claimed that its loss rate over many years is about 1% or lower. Figure further stated that in March 2026, the platform’s total loan-sold volume exceeded $1.15 billion, and in April, the BWIC auction spread completed on its platform hit a new low, denying that institutional funds were withdrawing.