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Figure Markets Exchange Review 2026: Custody, Loans and YLDS

Figure Markets is a San Francisco-based exchange on the Provenance blockchain that combines trading, crypto-backed loans and real-world-asset yield with MPC-based decentralized custody. Its main draw is the custody model and RWA focus; fee details are not published in the material reviewed.

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By the DappsAtlas editorial team · Updated Nov 4, 2026

DappsAtlas score

7.3/10

Good

Visit Figure Markets Exchange

Our verdict on Figure Markets Exchange

7.3/10

Figure Markets suits users who want a regulated-feeling exchange with crypto-backed loans and real-world-asset yield, and who like the idea of MPC-based custody over handing coins to the exchange. Its strength is the breadth of products on one chain, plus the SEC-registered YLDS. The main caveat is transparency on cost and risk: fees are not published in the material reviewed and no audits are listed. Read the custody terms and loan liquidation rules before depositing.

Score breakdown

How Figure Markets Exchange scores

Security: 6.5/10
Ease of use: 7.0/10
Fees: n/a
Features: 8.0/10

Scores run from 0 to 10 and are based only on facts we could verify. Where information was missing we mark the score n/a rather than guess.

What is Figure Markets Exchange?

Figure Markets is an exchange and lending marketplace run from San Francisco. It is built on the Provenance blockchain and lets users buy and sell crypto, borrow against it, and earn yield from tokenized real-world assets. DefiLlama files it under OTC Marketplace and shows about $129 million in TVL.

Its pitch is a hybrid: the liquidity and ease of a centralized exchange with MPC-based decentralized custody. The site says most exchanges take control of user coins, whereas Figure's wallets keep users in control and offer self-custody for Provenance-native assets.

The product range goes beyond spot trading. It includes crypto-backed loans, a home equity line of credit, a DSCR loan, the Prime yield marketplace and YLDS, a yield-bearing security it describes as SEC-registered. The site names Mike Cagney, founder of SoFi, as co-founder and CEO.

This review is based on public data and the project's own site, not hands-on testing. Fee levels, audit reports and regional availability are not set out reviewed.

How Figure Markets Exchange works

Figure Markets runs on Provenance, a blockchain built for financial products such as loans and tokenized assets. Trades, loans and real-world-asset positions settle on-chain, while the front end resembles a centralized exchange with an order book and account login.

Custody uses MPC wallets, where signing keys are split across parties instead of sitting entirely with the exchange. Figure says this gives users decentralized custody, and self-custody for Provenance-native assets.

On the lending side, borrowers pledge crypto as collateral and receive cash at a fixed rate, while lenders on Prime can earn yield from pools backed by loans such as home equity, auto and small business. YLDS is a separate yield-bearing security issued through a Figure subsidiary.

7 features

Key features

Pro Trade exchange

Trade BTC, ETH and other assets through the Pro Trade interface, with the aim of centralized-exchange liquidity and decentralized custody.

Crypto-backed loans

Borrow cash against crypto at fixed rates, with the site citing 50% LTV and no credit checks.

YLDS yield product

YLDS is described as an SEC-registered, yield-bearing security native to Provenance that pays daily accruing interest.

Prime RWA lending

Prime lets users earn yield from pools backed by loans such as home equity, auto and small-business credit.

MPC decentralized custody

MPC wallets are meant to keep users in control of assets rather than the exchange holding them.

HELOC and DSCR loans

Figure also lists a home equity line of credit and a DSCR loan, tying crypto and real-estate finance together.

Provenance settlement

Settlement of loans, trades and real-world assets happens on the Provenance blockchain.

Pros and cons

What we like

Combines exchange trading, loans and yield in one platform.
MPC wallets aim to avoid the exchange holding user coins.
YLDS is described as an SEC-registered yield-bearing security backed by money-market-type securities.
Prime offers exposure to real-world credit pools such as home equity, auto and small business.
Settlement is on-chain on Provenance, so loans and trades are transparent.
About $129 million TVL on DefiLlama with a stable 7-day trend.

Watch out for

No third-party audits are listed on DefiLlama for the platform.
Trading fees, loan origination costs and spreads are not stated publicly, so total cost is unclear.
Runs on Provenance, a smaller chain than Ethereum or Solana, so asset and wallet support differs from mainstream DeFi.
Crypto-backed loans carry liquidation risk if collateral value falls.
Yield products such as YLDS are securities, so availability and eligibility may depend on jurisdiction.
Held crypto is not covered by FDIC or SIPC protection, per the site's own disclaimer.

Figure Markets Exchange fees

Trading fees, loan origination fees and spreads are not published in the material reviewed. Loan pages state fixed rates at 50% LTV and call them the lowest in the industry, but give no figures in the text we have.

Users should check the Pro Trade fee schedule and the loan terms inside the app before committing funds. The homepage also shows a promotional loan bonus of up to $1,250, whose conditions are not described here.

Is Figure Markets Exchange safe?

No audits are listed on DefiLlama, and the project does not describe independent security reviews of the wallet or lending systems. MPC custody reduces single-point-of-control risk, but users should still understand which parties hold key shares and what recovery or freeze powers exist.

The site's disclaimer says digital currency is not legal tender and that held assets are not covered by FDIC or SIPC protection. It also warns that users can lose their entire investment. Crypto-backed loans add liquidation risk, and RWA yield products depend on the performance of the underlying loans and the issuer.

YLDS is described as an SEC-registered public security, which brings regulatory oversight but also means access and eligibility rules may apply. Public sources reviewed do not list any hacks or incidents, but that is not a guarantee of safety.

6 steps

How to get started with Figure Markets Exchange

1
Visit the official Figure Markets site and review the terms, privacy policy and risk disclosures.
2
Create an account with Sign up and complete any identity checks the platform requires.
3
Set up the MPC wallet and read how custody works for Provenance-native and other assets.
4
Fund the account and start with a small trade on Pro Trade to check fees and spreads.
5
If borrowing, review the rate, LTV and liquidation terms before pledging collateral.
6
If using Prime or YLDS, read the securities disclosures and confirm you are eligible.

Open Figure Markets Exchange

Who Figure Markets Exchange is for

It fits crypto holders who want to borrow against BTC or ETH without selling, and yield seekers interested in tokenized real-world credit. It is also relevant to users who prefer MPC custody over a conventional exchange account. Those wanting a broad multi-chain DeFi ecosystem may find Provenance limiting.

Figure Markets Exchange FAQs

What is Figure Markets Exchange?

Figure Markets is a crypto exchange and lending marketplace built on the Provenance blockchain. Users can trade crypto, borrow against it, and earn yield from tokenized real-world assets. DefiLlama lists it under OTC Marketplace.

Is Figure Markets self-custody?

Figure says its MPC wallets give users decentralized custody, and self-custody for Provenance-native assets, rather than the exchange holding the coins. MPC wallets split key control across parties, so the setup differs from a simple self-custody wallet. Users should read the terms to understand exactly who can move funds.

What is YLDS?

YLDS is a yield-bearing stablecoin-style product that Figure describes as a fixed-price, daily-accrual public security native to Provenance. It is described as registered with the SEC and backed by securities of the kind prime money market funds hold. Because it is a security, it is not the same as a typical payment stablecoin.

Can I borrow against my crypto on Figure Markets?

The site says it offers crypto-backed loans with fixed rates at 50% LTV and no credit checks. The exact rates are not given in the material reviewed, so check the loan page before borrowing. As with any collateralized loan, a falling collateral price can lead to liquidation.

How much value is on Figure Markets?

DefiLlama shows about $129 million in TVL as of the data reviewed, with a 7-day change of -0.1%. It has been listed since July 2025 and no audits are listed there. Figure's own site cites much larger tokenization figures for the wider Provenance ecosystem.

Is Figure Markets available everywhere?

The project does not say which countries are supported. Because the platform deals in securities-like products and loans, availability likely varies by location. Check the terms and sign-up flow for your region.

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