Filing Details
Figure's FIGRE Trust 2026-EXP1 has submitted Form ABS-15G to the U.S. Securities and Exchange Commission (SEC). The filing, mandated by Rule 15Ga-2, includes third-party due diligence reports from KPMG and Visionet Systems, specifically Agreed-Upon Procedures Reports. This step confirms that the issuer has completed due diligence on the underlying assets, clearing a key compliance hurdle for the upcoming asset-backed securities (ABS) issuance.
Transaction Background and Figure's Role
Figure is a blockchain-focused capital markets company that specializes in securitizing home equity lines of credit (HELOCs). HELOCs are revolving credit products secured by home equity, allowing borrowers to draw funds as needed. Figure pools these HELOC assets into ABS and sells them in the public market, achieving asset offloading and financing. The FIGRE Trust 2026-EXP1 transaction is Figure's 10th HELOC ABS deal in 2026, reflecting the company's accelerating issuance pace and growing market presence in the digital asset-backed securitization space.
Market Significance and Regulatory Context
The submission of ABS-15G is part of the SEC's ongoing disclosure requirements for ABS issuers. Rule 15Ga-2 mandates that securitization sponsors disclose third-party due diligence reports, enhancing transparency for investors regarding asset quality. Figure, which combines blockchain technology with traditional ABS issuance, sets a compliance benchmark for similar institutions. The transaction underscores sustained demand for real-world asset (RWA) tokenization and securitization, even amid crypto market fluctuations.
Figure CEO Mike Cagney disclosed on social media that this is the 10th HELOC ABS transaction by Figure in 2026. Combined with previously disclosed issuance totals, Figure's cumulative ABS volume in 2026 has reached multi-billion dollars, solidifying its leadership in blockchain-enabled credit asset securitization.