Federal prosecutors are urging the judge to grant leniency to former Celsius executive Roni Cohen-Pavon, citing his cooperation in the criminal case against former CEO Alex Mashinsky.
In a research report on Tuesday, the firm reiterated its "Outperform" rating on Figure (FIGR) with a price target of $67, implying approximately a 67% upside from current levels, and maintained its previous outlook.
Figure Technology Solutions (FIGR) stock price. Source: Yahoo Finance
Bernstein’s core assessment is that Figure is transitioning from a home equity line of credit (HELOC) originator to a broader platform encompassing blockchain infrastructure and AI-driven credit markets.
A key part of this transformation is tokenization—in this case, converting loans into tradable on-chain assets that can be settled in real time. Bernstein estimates the addressable market size for tokenized credit at approximately $4 trillion, positioning Figure to tap into an opportunity far larger than traditional HELOC lending.
The report also highlighted strong growth momentum. Loan disbursements reached $1.34 billion in April, a 108% year-over-year increase, and exceeded $1 billion for the second consecutive month. Bernstein expects this growth to continue, forecasting total loan disbursements to rise from $8.4 billion in 2025 to $16.5 billion in 2027.
Tokenized credit markets could attract a wide range of funding sources.
Bernstein's estimate of a $4 trillion addressable market size refers to the total annual credit disbursement across multiple loan categories that could eventually be migrated on-chain as tokenized assets.
These include mortgages, auto loans, home equity lines of credit, and small business loans—all areas Figure is expanding into beyond its core business.
Tokenized credit market. Source: RWA.xyz
It should be noted that tokenized credit remains a small segment within the broader real-world assets (RWA) market. However, industry data shows that the current valuation of this sector is approximately $5.5 billion, highlighting a significant gap between today’s adoption scale and the long-term growth potential described by Bernstein.
Other projects have also begun exploring the introduction of credit on-chain. Centrifuge has expanded its decentralized finance platform to include tokenized credit and U.S. Treasury products, deploying them on new blockchain networks to connect institutional-grade assets with DeFi liquidity.
Figure has also expanded into auto loans and other areas through its Hastra ecosystem, with its tokenized credit products designed to integrate with decentralized finance and the broader blockchain market.