Figure doubles credit portfolio to $4.3 billion: crypto lending shows explosive growth amid mixed sector results
The second quarter of 2026 was a landmark period for the blockchain platform Figure: the volume of consumer credit transactions reached $4.26 billion, up 132% year-over-year and 47% from the previous quarter. The company not only exceeded its own forecast of $3.8–4.1 billion but also confirmed its status as one of the key players in the on-chain lending segment. This metric includes both loans issued through Figure's infrastructure and loans from third-party organizations traded on the Figure Connect marketplace, which posted $1.52 billion in June—a 155% year-over-year increase.
The platform's net profit nearly tripled, reaching $58 million compared to $19.9 million a year earlier. However, the ecosystem shows uneven dynamics. The volume of the tokenized product YLDS in circulation declined by 7% to $556 million, while the on-chain service Democratized Prime showed growth: transaction volume increased by 6% to $392 million, borrower demand rose by 10% to $414 million, and lender supply grew by 15% to $522 million.
Bullish: losses grow, but diversification pays off
The crypto exchange Bullish, by contrast, faced the opposite trend. Its net loss in the second quarter widened to $280 million ($1.78 per share) versus $108.3 million a year earlier, driven by fluctuations in the fair value of crypto assets on its balance sheet. Nevertheless, adjusted revenue increased by 62% to $92.6 million, beating the analyst consensus forecast of $87.4 million. Subscriptions and services brought in a record $62.7 million—nearly double the figure from a year ago.
The core exchange business is showing a decline: digital asset sales volume fell 44% year-over-year—from $58.6 billion to $32.6 billion. In response, Bullish is actively diversifying: in May, the company agreed to acquire transfer agent Equiniti for $4.2 billion, planning to create a unified infrastructure for issuing, listing, and trading tokenized securities. This is a strategically sound move given the pressure on net trading activity.
Gemini narrows losses but loses trading volumes
The Gemini exchange ended the quarter with a net loss of $107.7 million, 19% better than last year's $133.2 million. Revenue grew by 37% to $45.5 million, driven by non-trading income and cost reductions following restructuring. CEO Tyler Winklevoss emphasizes consistent efforts to lower operating expenses. The credit card brought in $16.2 million (+231%), and staking—$4 million (+50%). However, exchange revenue fell 38% to $12.5 million amid a collapse in trading volumes from $11.3 billion to $3.8 billion year-over-year. Gemini's prediction market is still generating only $500,000, although the number of contracts grew 93% compared to the first quarter.
Securitize: shares plunge on weak results
The RWA platform Securitize found itself among the laggards: its net loss widened to $21.7 million versus $6.1 million a year earlier, and revenue declined 5% to $14.4 million, falling short of Wall Street's expectations of $20.6 million. The company's shares dropped 27% to $5.7 after the report was published. Tokenization revenue fell 12% to $7.8 million, but the average volume of tokenized assets under management reached a record $4.3 billion (+16% year-over-year).
This quarter clearly demonstrates a market divide: platforms focused on lending and revenue diversification are winning, while pure trading venues are stagnating. Overall, the sector is moving toward hybrid models where tokenization and non-trading services become the foundation of sustainable growth. I expect this trend to strengthen by the end of the year, especially amid infrastructure consolidation.