It’s official! We’ve closed our acquisition of @kiavifunding. This brings the country’s #1 Residential Transition Loan platform onto Figure’s home equity marketplace. Just as importantly, it brings Kiavi’s talented group to Figure. Integrating Kiavi’s platform and technology into ours greatly accelerates our efforts to grow within the $35 trillion home equity market, bringing more high-quality assets onchain. Today, we join a groundswell of excitement from our ecosystem partners who are eager to benefit from Kiavi’s platform and better access the fast-growing residential investor market. We look forward to unlocking deeper liquidity and efficiency across the entire housing finance market – together.

Instant liquidity turns tokenized credit into usable onchain collateral. RedStone Settle connects liquidity providers through an auction-based settlement layer, enabling T+0 exits for $HYB and further expanding its utility across DeFi.

The Ethena Pay product and thesis, explained. Why we built it, how it works, where it's available, and what's coming next. Read it below:

BREAKING: Armstrong just called out banks directly. Not diplomatic language this time. "Entrenched incumbents who don't want competition from crypto companies that would provide better financial services." "There are people out there actively fighting against this. Actively lobbying against it, trying to kill it." Named Warren specifically as part of the resistance. This isn't a new fight for Armstrong. He pulled Coinbase's support entirely back in January, calling the draft "poisoned" by bank lobbying. "We'd rather have no bill than a bad bill." Even faced pushback from his own side. Bank of America's Moynihan told him directly: if Coinbase wants to do banking, "be a bank." Citron Research accused Armstrong of protecting Coinbase's own stablecoin yield business, not principle. Here's the core dispute underneath all the rhetoric. Banks warn yield-paying stablecoins could pull $6,000,000,000,000 from deposits. Armstrong's counter: that's not consumer protection, it's incumbents blocking better rates through regulation instead of competition. 11 months of negotiation. Same fight, different month. Banks protecting deposits. Crypto firms calling it regulatory capture. Neither side has moved an inch

Your assets can do more than remain idle. Infinite Cards introduces a collateral-backed credit layer that connects onchain assets to everyday spending. Deposit supported assets, unlock spending power, and use your card without selling the assets behind it. The goal is simple: turn onchain value into usable financial power.

The Agentic Credit Layer One of the most underpriced opportunities on Robinhood Chain is how uniquely suited its asset environment is for AI agents. As equities, RWAs, stablecoins and crypto-native assets increasingly live within the same programmable ecosystem, the number of decisions around collateral, liquidity, leverage and yield grows exponentially. That complexity is exactly where agents become most powerful. Arrow will be the agentic lending layer for RHC, powered by @ProjectVEXai. Through our integration with Vex, agents will be able to use Arrow as a native credit primitive, accessing liquidity against supported assets and continuously managing those positions as market conditions and opportunities change. Instead of a user manually depositing collateral, borrowing, monitoring LTV and deciding where to deploy capital, Vex-powered agents can eventually: - borrow against supported RHC assets - continuously monitor collateral health - repay, refinance or rebalance debt - optimize borrowing across different collateral types - deploy borrowed liquidity into opportunities across RHC - manage leverage within user-defined risk parameters The opportunity compounds as the asset universe expands. A market containing tokenized stocks, productive RWAs, stablecoins and crypto-native assets creates thousands of possible relationships between collateral, credit and liquidity. Humans can’t continuously evaluate all of them. Agents can. Vex provides the intelligence and execution layer. Arrow provides the credit layer. We believe the agentic opportunity on Robinhood Chain is still dramatically underpriced. Arrow is building the lending infrastructure for that economy.

HINC is now live within @Loopscale's onchain credit markets on @solana. Eligible users can put their HINC holdings to work as collateral to borrow USDG, accessing liquidity while continuing to hold their HINC position.

This is an interesting new DeFi primitive. 3Jane earns yield by lending capital via credit facilities to fintech firms. But the issue is that 3Jane lends this capital only when these firms need it, and keeping money idle in the meantime is not capital efficient. Its new Levered Callable Capital (LCC) mechanism solves this by turning a small margin into a much larger capital commitment. Here’s how it works: • An USDC holder deposits a small amount of margin into 3Jane and commits to provide a much larger amount of capital if needed (e.g. a $75K margin can back a $1M commitment) • The margin provided earns a 20% yield while the capital commitment is not needed • If 3Jane needs additional capital to fund an eligible deployment, it issues a capital call • The USDC holder then has a defined window to provide their committed USDC, on which he will earn an 8% USD3 yield plus a funding bonus • If they fail to fund the call, their margin can be slashed and auctioned to backstop bidders who fill the shortfall This makes a lot of sense for 3Jane because it provides funding certainty without requiring the protocol to keep capital idle for every potential future credit deployment. Instead of $1M sitting idle to guarantee $1M of future funding, 3Jane can secure that $1M commitment with a fraction of that capital. I think this is a really interesting idea for on-chain credit. Note: I collaborated with 3Jane on this post. I don’t often do content partnerships, but I’ve been using 3Jane for several months, so I was happy to work with them when they approached me.

One year of pioneering tokenized stocks. Today marks one year of Ondo Stocks. Since launch, the tokenized stock market has grown nearly 23x, from roughly $100M to almost $3B. Ondo Stocks did more than participate in that growth. It defined the category: → First to bring TradFi liquidity onchain → First to reach $1B in tokenized stock TVL → First to bring deep liquidity to 24/7 trading Year one proved tokenized stocks can scale. The next chapter is about the new products and markets tokenization makes possible. Billions today. Trillions tomorrow.

A few thoughts from this week's @rwasummit: - Lack of newsworthy progress. There were no major announcements at this summit. Conversations revolve around the same topics from early 2020s: random fund tokenization, vaults, "How does DeFi meet TradFi?"... boring. We just launched ATPs with @Bitwise last week, so it was too close to have a session about this new innovation. The one area of development is tokenized equities, which leads me into: - Hate for the wrapper model of tokenized equities. Continued propaganda from @DinariGlobal, @Securitize, @NYSE and others. They come up with ridiculous reasons why permissionless stocks are not the future: "own the real thing", "what about dividends and voting rights" (both of which are already solved by @Ondo and others), "they are doing illicit things." All bullshit. It was great to see @RobinhoodCrypto's @NicolaWhite444 push back. Good luck outcompeting @coinbase @RobinhoodCrypto @Ondo @binance @xStocksFi and more. My bet is with them (and they're already winning). - Demand is a problem. @DigitalAssets's Cynthia Lo Bessette raised a good point that "No one has ever called Fidelity asking for the tokenized version of a product." That's fair, but tokenization is not the end goal: it's margin, collateral, 24/7 liquidity, leverage, and overall better capital efficiency. Tokenizing a fund alone is lame. Allowing people to borrow against or use it as collateral on a perps exchange is not. btw ATPs plug into all of this DeFi composability. - A handful of new, random, sketchy faces. While there were plenty of reputable names and companies backed by real VCs (like @glider__), there were random folks mixed in to panels. These folks detract from the credibility of onchain finance and all that we've built. We must fight to keep them away. Many of them will not be here a year from now. Pay-for-play bites the sanctity of a good conference. - Didn't see @CantonNetwork. Thank god. - Vaults are about to get regulated hard. This is a good thing for consumer protections. However, institutions still do not want to touch vaults because of smart contract risk, speed to get to market, and oracles. Lots of questions about discretion, fund managers, etc. This is the reason ATPs are a better solution for institutions--it solves all of the above. - Institutions who take risks and use new technology will reap the benefits. I was surprised to hear so much negativity around institutional adoption from the institutions themselves. Are their compliance counterparts beating down innovation? If anyone is going to drive it, it has to be the folks rooting for it from the inside. On the other hand, there are institutions doing great here: @Bitwise @vaneck_us @FTDA_US etc. More exciting institutional launches coming from @glider__ soon. More tokenized assets and composability means more opportunities. We are still so early.