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Shares of Figure Technology Solutions have risen nearly 10% over the past month, but the stock still appears undervalued as the company pivots beyond its roots as a fintech lender, according to Bernstein.

In a Tuesday research note, the firm reiterated its “Outperform” rating on Figure (FIGR), with a $67 price target, implying roughly 67% upside from current levels, and maintained its previous outlook.

Figure Technology Solutions (FIGR) stock. Source: Yahoo Finance

Bernstein’s thesis centers on Figure’s transition from a home equity line of credit (HELOC) originator into a broader platform spanning blockchain infrastructure and AI-driven credit markets.

A key part of that shift is tokenization — in this case, converting loans into tradable onchain assets that can settle in real time. Bernstein estimates the addressable market for tokenized credit at around $4 trillion, positioning Figure to tap into a significantly larger opportunity than traditional HELOC lending.

The note also pointed to strong momentum. Loan volumes reached $1.34 billion in April, up 108% year over year and marking the second consecutive month above $1 billion. Bernstein expects that growth to continue, projecting total loan volumes to climb to $16.5 billion by 2027 from $8.4 billion in 2025 .

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Tokenized credit market could draw from wide swath

Bernstein’s estimate of a $4 trillion addressable market refers to the total annual volume of credit origination across multiple loan categories that could eventually move onchain as tokenized assets.

That includes lending such as mortgages, auto loans, home equity lines of credit and small-business loans — segments where Figure is expanding beyond its core business.

Tokenized credit market. Source: RWA.xyz

To be sure, tokenized credit remains a small segment of the broader real-world asset (RWA) market. However, industry data shows the sector is currently valued at around $5.5 billion, highlighting the gap between today’s adoption and the longer-term growth opportunity Bernstein outlines.

Other projects are already experimenting with bringing credit onchain. Centrifuge has expanded its decentralized finance platform to include tokenized credit and US Treasury products on new blockchain networks, aiming to connect institutional-grade assets with DeFi liquidity.

Figure has moved into areas such as auto loans through its Hastra ecosystem, where tokenized credit products are designed to plug into decentralized finance and broader blockchain markets.

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