Analysts at Bernstein Research launched coverage of Figure Technologies (NASDAQ: FIGR), a blockchain-based lending platform, with an “Outperform” rating and a $54 price target. This implies approximately 35% upside potential from the stock’s closing price of $40 on Friday, October 3, 2025

Following the note, FIGR shares rose about 6% in early trading on Monday, reaching around $42.76. Bernstein positions Figure as a pioneering force in tokenizing real-world assets (RWAs), particularly in the credit markets, drawing parallels to how stablecoins revolutionized payments.

The firm argues that blockchain tokenization will “digitize and disintermediate” the $2 trillion+ U.S. consumer lending market by enabling faster, more efficient transactions without heavy reliance on intermediaries

Figure holds ~75% share of the $17 billion tokenized private credit market, making it the dominant player. Overall, ~$33 billion in RWAs excluding stablecoins are currently tokenized on blockchains, with private credit leading the charge.

Figure’s Provenance blockchain and Connect marketplace transform traditional “balance-sheet heavy” lending into a “capital-light” model. This reduces operating costs by over 90% and loan turnaround times by ~75%, allowing investors direct access to tokenized consumer loans.

Bernstein forecasts 30% annual revenue growth, from $341 million in 2024 to $754 million by 2027. Earnings are expected to quadruple to $427 million, with margins expanding from 30% to 57%

Founded in 2018 by former SoFi CEO Mike Cagney, Figure originated $5.1 billion in home equity line of credit (HELOC) loans in 2024, capturing 13% of the non-bank market. Analysts predict this share will grow to 25% by 2027, with tokenization extending to equities and other assets

At current levels, FIGR trades at ~19x EV/2027 EBITDA and 30x P/E—a premium multiple justified by its first-mover advantage, profitability, and exposure to the booming RWA tokenization trend. The $54 target suggests a ~$11.5 billion market cap

Figure went public in early September 2025, pricing its IPO at $25 per share and raising nearly $788 million at a $787.5 million valuation. Shares have since surged ~75%, reflecting strong market enthusiasm for blockchain’s role in traditional finance.

This coverage aligns with a wave of bullish initiations from firms like Goldman Sachs, Piper Sandler, and Mizuho, underscoring Figure’s potential as “the Nasdaq of blockchain-based lending.”

The $54 price target implies ~35% upside from the October 3, 2025, closing price of $40, signaling strong confidence in Figure’s growth. The 6% stock price increase to ~$42.76 on October 6 reflects immediate market enthusiasm.

Trading at ~19x EV/2027 EBITDA and 30x P/E, Figure commands a premium due to its first-mover advantage in tokenized lending. Investors may see this as validation of its high-growth potential, though some may question the rich valuation.

Combined with bullish coverage from firms like Goldman Sachs and Piper Sandler, Bernstein’s note could attract more institutional and retail investors, potentially driving further stock gains.

Bernstein’s framing of Figure as a leader in tokenizing real-world assets (RWAs) underscores blockchain’s growing role in transforming the $2 trillion+ U.S. consumer lending market. This could accelerate institutional adoption of blockchain for credit products.

Figure’s Provenance blockchain and Connect marketplace reduce reliance on traditional intermediaries, cutting costs by over 90% and loan turnaround times by ~75%. This efficiency could pressure legacy lenders to adopt similar technologies or lose market share.

With ~$33 billion in tokenized RWAs excluding stablecoins and Figure’s 75% share of the $17 billion tokenized private credit market, the firm is well-positioned to capture growth as tokenization extends to equities and other assets.

Bernstein’s forecast of 30% annual revenue growth from $341M in 2024 to $754M by 2027 and earnings quadrupling to $427M with 57% margins highlights Figure’s scalable, capital-light model. This could make FIGR a compelling growth stock.

Figure’s 13% share of the non-bank HELOC market in 2024, projected to reach 25% by 2027, positions it as a leader in a high-demand segment, especially as home equity lending grows amid high interest rates.

Figure’s dominance in tokenized private credit gives it a head start, but competitors may emerge as blockchain adoption grows. Established fintechs or banks could challenge Figure if they invest heavily in similar platforms.

While blockchain offers efficiency, regulatory scrutiny of tokenized assets and decentralized finance (DeFi) could pose challenges. Figure’s ability to navigate regulations will be critical to maintaining its edge.

Figure’s success could inspire other fintechs to integrate blockchain, accelerating the convergence of traditional finance and DeFi. This may lead to new business models and investment opportunities.

Bernstein’s view of Figure as “the Nasdaq of blockchain-based lending” suggests tokenized platforms could redefine capital markets, making them more accessible, liquid, and efficient. This could attract significant capital inflows to blockchain-focused firms.

The projected growth of tokenized RWAs could shift investor attention toward companies like Figure, driving capital toward blockchain innovators and potentially creating a new asset class.

Achieving 30% revenue growth and 25% HELOC market share requires flawless execution, including technological reliability and customer adoption. High interest rates or economic slowdowns could dampen demand for HELOCs, impacting Figure’s growth trajectory.

Bernstein’s bullish outlook reinforces Figure’s position as a trailblazer in blockchain-based lending, with significant implications for its stock performance, the adoption of tokenized assets, and the evolution of credit markets. Investors may see FIGR as a high-growth opportunity, but risks like regulation and competition warrant caution.

Streamex Corp. (NASDAQ: STEX), a vertically integrated commodity tokenization company, announced on October 6, 2025, an upcoming pre-sale for GLDY, its new institutional-grade gold-backed stablecoin.

This news triggered a sharp rally in STEX shares, which climbed more than 30% intraday on Monday before settling around 20-25% higher by close, reflecting strong market enthusiasm for the product.

The move aligns with growing interest in real-world asset (RWA) tokenization, particularly gold-linked digital assets that bridge traditional finance and blockchain. Up to $100 million USD, with potential expansion to $1 billion in the near term.

Yield: Up to 4.0% annualized, paid in physical ounces of gold via gold-leasing mechanisms—transforming non-yielding gold holdings into an income-generating asset. Pre-sale opens to qualified investors on or before November 10, 2025.

Reports indicate a $200,000 USD threshold for participation, emphasizing its institutional focus. The company plans to co-invest at least $5 million USD, signaling strong internal confidence and balance-sheet alignment.

GLDY is designed as a physically backed bullion token, offering the stability and capital preservation of gold alongside blockchain-enabled liquidity and yield. As CEO Henry McPhie noted, it addresses a key pain point for the $400+ billion gold ETF market: “Instead of paying to hold gold, investors can get paid to hold gold.”

This positions GLDY as a compliant, scalable alternative for portfolio managers seeking diversified commodity exposure without storage costs or illiquidity. STEX, which debuted via a reverse merger with BioSig Technologies in May 2025, has now gained over 60% since listing.

Retail sentiment on platforms like Stocktwits flipped to “bullish” with elevated chatter. On X discussions exploded post-announcement, with users highlighting the 4% yield and institutional targeting. Posts from influencers and news aggregators emphasized the “gold-backed revolution” and potential to disrupt traditional gold products.

This launch taps into the booming RWA sector, where tokenized commodities like gold are projected to grow amid economic uncertainty and rising crypto adoption. GLDY’s yield feature could attract yield-hungry institutions wary of fiat stables or zero-yield treasuries.

For STEX investors, it’s a validation of the company’s pivot to on-chain commodities, potentially fueling further upside if the pre-sale fills quickly. Qualified investors can register interest via Streamex’s site.

The announcement of Streamex’s $100M pre-sale for GLDY, a gold-backed stablecoin with a 4% yield, carries significant implications across multiple dimensions, from stock market dynamics to the broader adoption of tokenized real-world assets (RWAs).

The 20-25% surge in STEX shares reflects strong market confidence in GLDY’s potential to capture institutional demand. Successful pre-sale execution could drive further upside, especially if the $1B expansion target is met, signaling robust revenue potential.

High volatility is likely, as STEX’s recent reverse merger and pivot to blockchain-based commodities make it a speculative play. Regulatory scrutiny of tokenized assets or delays in GLDY’s rollout could pressure shares.

GLDY’s success could establish STEX as a leader in RWA tokenization, potentially attracting partnerships with major financial institutions or blockchain networks like Base and Solana, boosting its valuation.

GLDY’s 4% yield, paid in physical gold ounces, directly challenges the $400B+ gold ETF market, which typically charges storage fees and offers no yield. This could shift capital from traditional vehicles to tokenized alternatives.

The $200K minimum investment targets high-net-worth individuals and institutions, potentially accelerating mainstream acceptance of crypto-native assets in portfolios.

GLDY competes with existing gold-backed tokens like Tether’s XAUT and Paxos’ PAXG. Its yield feature and institutional focus could carve out a niche, but differentiation will hinge on custody transparency and blockchain reliability.

GLDY’s launch reinforces the trend of tokenizing real-world assets, which could drive broader blockchain adoption as investors seek stable, yield-generating alternatives to volatile cryptocurrencies.

By operating on scalable chains like Base and Solana, GLDY could enhance these networks’ visibility and transaction volumes, benefiting their ecosystems. A high-profile stablecoin like GLDY may attract increased scrutiny from regulators, especially regarding compliance, custody audits, and investor protections, potentially shaping future RWA frameworks.

Amid economic uncertainty, GLDY’s yield-bearing gold exposure could appeal to risk-averse investors, diverting capital from bonds or fiat stablecoins. GLDY’s institutional-grade design could accelerate the convergence of traditional finance and decentralized finance, encouraging banks and asset managers to explore blockchain-based products.

The pre-sale’s success depends on attracting sufficient institutional capital by November 10, 2025. Failure to meet the $100M target could dampen investor confidence. Established players in the gold-backed stablecoin space and traditional gold investment vehicles may limit GLDY’s market share.

A stronger dollar or declining gold prices could reduce demand for gold-linked assets, impacting GLDY’s appeal and STEX’s growth trajectory. For investors, GLDY represents a high-potential but speculative opportunity tied to STEX’s ability to execute and the broader RWA trend.

For the crypto ecosystem, it’s a step toward mainstreaming tokenized assets, potentially reshaping how commodities are held and traded. Keep an eye on pre-sale updates, institutional uptake, and regulatory developments, as these will dictate GLDY’s impact.