Figure's credit business soared to $4.3 billion: quarterly review of crypto industry leaders
Figure: dominance in on-chain lending
The lending blockchain platform Figure posted impressive results for the second quarter of 2026. Consumer lending volume reached $4.26 billion, up 132% year-over-year and 47% from the previous quarter. The company significantly exceeded its own forecast of $3.8–4.1 billion, signaling rapid adoption of on-chain infrastructure by the traditional financial sector.
This metric includes both loans issued through Figure's infrastructure and loans from third-party organizations traded on the Figure Connect marketplace. In June, the platform processed $1.52 billion — 155% more than a year earlier. The company's net profit nearly tripled, reaching $58 million versus $19.9 million last year.
However, not all indicators show uniform growth. The volume of the tokenized YLDS product in circulation fell 7% to $556 million. At the same time, the on-chain lending service Democratized Prime saw the value of concluded deals rise 6% to $392 million, while borrower demand grew 10% to $414 million.
Bullish: diversification as a survival strategy
The crypto exchange Bullish faced the opposite dynamic. Net loss in the second quarter widened to $280 million, or $1.78 per share, versus $108.3 million a year earlier. The main factor was fluctuations in the fair value of crypto assets on the company's balance sheet.
At the same time, adjusted revenue increased 62% to $92.6 million, beating the analyst consensus forecast of $87.4 million. Subscriptions and services brought in a record $62.7 million. Digital asset sales volume, by contrast, fell 44% — from $58.6 billion to $32.6 billion. The company is actively expanding its revenue sources: in May, it announced the acquisition of transfer agent Equiniti for $4.2 billion, which will enable the creation of infrastructure for tokenized securities.
Gemini: cautious optimism amid narrowing losses
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 37% to $45.5 million. CEO Tyler Winklevoss noted consistent efforts to reduce operating expenses and diversify revenue.
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 drop in trading volumes from $11.3 billion to $3.8 billion. Gemini's prediction market generated $500,000 in revenue with the number of traded contracts up 93%.
Securitize: market reckoning for weak results
The RWA platform Securitize posted a net loss of $21.7 million versus $6.1 million a year earlier, while revenue fell 5% to $14.4 million. The result came in below the Wall Street consensus forecast of $20.6 million, triggering a 27% drop in shares to $5.7. Average tokenized assets under management reached a record $4.3 billion, up 16% year-over-year.
My analysis: the quarterly reports clearly demonstrate a fundamental shift in the crypto industry — from speculative trading to institutional financial products. Figure and Gemini show that diversification into lending and non-exchange services is becoming a key factor in resilience. At the same time, Securitize's decline underscores that the tokenization market is growing, but monetization still lags investor expectations. In the coming quarters, we will likely see further consolidation and a growing role for on-chain infrastructure in traditional finance.