Rebeca Moen
Could 05, 2026 17:05
Bernstein cites Determine’s pivot to tokenized credit score as a $4 trillion alternative, with mortgage volumes surging 108% YoY in April.
Determine Expertise Options (FIGR) is making daring strikes into the tokenized credit score market, with Bernstein figuring out a $4 trillion addressable alternative because the agency pivots past its residence fairness roots. In a analysis word launched Tuesday, Bernstein reiterated its “Outperform” ranking for Determine, setting a value goal of $67—67% above present buying and selling ranges.
Key to this optimism is Determine’s transition from a fintech lender centered on residence fairness traces of credit score (HELOCs) to a broader blockchain and AI-driven credit score platform. Tokenization, which transforms loans into tradable onchain property with real-time settlement, is on the coronary heart of this technique. Bernstein sees this as a significant progress lever, enabling Determine to faucet right into a far bigger market than its conventional HELOC enterprise.
The numbers again up the bullish case. Determine’s mortgage volumes hit $1.34 billion in April, a 108% year-on-year surge and the second consecutive month exceeding $1 billion. Bernstein forecasts these volumes will develop to $16.5 billion by 2027, up from $8.4 billion in 2025.
Tokenized Credit score: A Large Untapped Market
Bernstein’s $4 trillion market estimate spans a number of mortgage classes, together with mortgages, auto loans, small-business loans, and residential fairness merchandise—segments the place Determine is actively increasing. Whereas tokenized credit score stays a distinct segment inside the broader $5.5 billion real-world asset (RWA) tokenization market, the potential for progress is substantial as adoption accelerates.
Rivals like Centrifuge are additionally bringing credit score onchain, providing tokenized Treasury merchandise and institutional-grade property in decentralized finance (DeFi) ecosystems. Determine, in the meantime, is leveraging its Hastra ecosystem to develop tokenized auto mortgage merchandise designed to combine with DeFi and different blockchain markets.
Regardless of the early stage of tokenized credit score adoption, the enlargement indicators a rising urge for food for blockchain options in conventional monetary markets. By addressing inefficiencies like settlement delays and restricted liquidity, tokenized credit score may develop into a key driver for onchain monetary merchandise.
Street Forward for Determine
Whereas Determine’s inventory has gained almost 10% over the previous month, Bernstein argues it stays undervalued relative to its future progress potential. The agency’s robust footing in blockchain infrastructure, mixed with the accelerating demand for tokenized property, positions it as a key participant within the subsequent wave of monetary innovation. As adoption scales and mortgage volumes develop, Determine may consolidate its lead on this rising market.
For traders, the approaching years might be important as Determine transitions from proof-of-concept to capturing significant market share in tokenized credit score. With a $4 trillion market in its crosshairs, the stakes—and the upside—are important.
Picture supply: Shutterstock
