Determine Expertise Options (FIGR), the blockchain agency helmed by former SoFi CEO Mike Cagney, is planning on taking over Fannie Mae and Freddie Mac in first-lien mortgages.
Talking at Consensus Miami, Cagney cited origination prices of $1,000 on the agency’s blockchain platform towards $11,000 via the GSEs, the federally chartered companies that purchase mortgages from U.S. lenders.
The pitch combines value and pace. Determine says HELOC functions get authorized in 5 minutes and loans fund in 3 days, towards an trade norm of 30-45 days.
The platform additionally provides originators a assured purchaser for the loans they make, the identical function Fannie and Freddie play within the conventional system.
The primary-lien market is 25 instances bigger than Determine’s present second-lien HELOC enterprise, which runs via 308 companion originators in response to Cagney.
Cagney stated the sub-$300,000 phase is the goal as a result of the price construction that helps smaller GSE-channel loans doesn’t work at Fannie and Freddie’s value ranges.
Cagney additionally stated Determine’s HELOC tokens are the ninth-largest crypto asset on public blockchain by market worth, passing roughly six weeks in the past.
That quantity sits on the middle of a struggle over what counts as onchain. DeFiLlama founder 0xngmi argued in a September article that Determine’s claimed $12 billion in tokenized real-world belongings just isn’t seen in any significant sense on Provenance, the agency’s affiliated chain.
He documented roughly $5 million in BTC and $4 million in ETH on Determine’s change, plus $20 million in YLDS stablecoin provide. DeFiLlama tracks Determine’s TVL at about $140 million and has declined to rely the bigger determine.
Past that debate, margins replicate a shift away from balance-sheet lending. Determine’s adjusted EBITDA margin moved from 30% to 55% in 2025 because the agency pivoted to a market mannequin. Cagney guided to 80–85% over the subsequent one to 2 years.
Income was $339 million in 2024 and $510 million in 2025, with sell-side estimates of $650 to $680 million for 2026. Determine crossed $1 billion in month-to-month originations for the primary time in March.
Cagney additionally stated Determine is in talks with Consensys’ MetaMask to combine Democratized Prime, the agency’s DeFi protocol for lending towards onchain mortgage and auto collateral.
He additionally introduced a second itemizing on OPEN, Determine’s blockchain-native fairness venue. The primary itemizing was for Determine’s FIGR shares alongside a $150 million secondary providing.
