Figure Heloc (FIGR_HELOC)

The token represents an interest in home equity lending — revolving credit lines secured by the gap between a house's value and the mortgage still owed on it. The loans are originated by Figure, and the rights attached to them are recorded on the Provenance blockchain.

Tokenisation here is about record-keeping rather than speculation. Origination, sale and pledging of a loan are written into a shared ledger, so a buyer of the pool need not re-verify paperwork with the originator and a trade closes in days instead of weeks. Servicing the loans themselves stays off-chain: a servicer collects borrower payments and only the outcome reaches the ledger. That places the instrument among real-world assets on chain, and specifically in private credit, where the return comes from borrower payments and the risk from their ability to pay and from collateral values.

It differs from a dollar token in kind: it promises no par value and is not redeemable on demand.

This is a credit instrument, not a monetary one: its behaviour is driven by borrower delinquencies and house prices, not by a currency peg.