Figure HELOC
KLEAR3 ResearchPublished 2026-08-25Updated
FIGR_HELOCFigure HELOC holds the ninth capitalisation on this list, 21,752,562,379 of it, and it is the entry we could open the least. There is no public repository, no GitHub organisation we could find, and we did not reach its chain. This page is mostly a list of what we could not verify.
What does Figure HELOC actually do?
It is a token representing private credit, home equity lines, put on a chain. The token moves; the loans, the borrowers and the valuation live entirely off-chain. Everything that determines what it is worth sits outside anything a chain can show you.
The category is worth naming plainly: tokenised real-world assets. The chain is a register of who owns a claim, not a record of the thing being claimed, and no amount of reading a ledger closes that distance.
It shares that structure with a dollar token, with one important difference. A dollar claim is simple to state and its backing is a single instrument. A pool of credit lines has a quality, a duration and a default rate, and none of those three are visible from here.
We did not examine the underlying: what the loans are, who holds them, how they are valued, or under which regulatory regime. Four open questions, all of them the ones that matter.
Source CoinGecko https://api.coingecko.com/api/v3/coins/figure-heloc, read 2026-08-25
Is the code actually open?
No. We found no public repository and no GitHub organisation for it, which means there is nothing to read, nothing to audit and nothing to compare. On this list, only one other entry comes close, and even that one publishes a distribution image, which is already something.
This is a different situation from a stale or misdirected link. Elsewhere on this list the code exists and the pointer is wrong; here there is no pointer because there is nothing to point at.
The nearest comparison is an entry whose repository holds a container file and no protocol source. Both cases produce the same practical result for a reader: no independent party can check what the software does.
Source CoinGecko + GitHub API https://api.github.com/orgs/figure-technologies, read 2026-08-25
No audit report is published, and with no repository there is no directory in which one could be. That is worth stating carefully: the absence of an audit here is a consequence of the absence of code, not evidence about the quality of anything.
Source 20 index publics de cabinets https://api.github.com/repos/{20 dépôts}/git/trees/HEAD?recursive=1, read 2026-08-26
Is anyone still working on it?
We cannot answer that, and saying so is the honest result. With no repository there is no commit history, no release schedule and no contributor count. The only thing we could date on this entry is our own reading of an aggregator.
Every other profile here answers this question with a measurement. This one cannot, and the difference is worth sitting with: an asset of this size whose development is entirely unobservable is a fact about the asset, not a gap in our method.
It also means the usual warning signs do not apply. A frozen repository, a shrinking bench, a client that stopped shipping releases: none of those can appear, because none of them are visible in the first place.
Source CoinGecko https://api.coingecko.com/api/v3/coins/markets?vs_currency=usd&order=market_cap_desc, read 2026-08-25
- We read the aggregator entry
Where does it actually run?
On Provenance, according to the aggregator, under a scope identifier rather than a contract address. We did not reach that chain, so unlike every other entry on this list, we cannot confirm from our own measurement that the network responds at all.
The identifier format itself is unusual and worth noting: a scope rather than a contract. We report it as it was given to us, and we did not verify that it resolves.
Compare that with a chain we could query directly, where a public node returned a block height in seconds. The difference between those two states is exactly what the marks on this page are for.
Source CoinGecko https://api.coingecko.com/api/v3/coins/figure-heloc, read 2026-08-25
Network verified by reading its current block height on a public node.
What the token actually does
It represents a share of a credit pool. Supply and circulating supply are identical at 21 752 562 379, with no cap, and both figures come from an aggregator rather than from a chain we read ourselves, which is unusual on this site.
Total and circulating being equal is not itself remarkable, but the source is. Every number on this page is reported to us, where most other profiles here carry at least one figure we measured directly.
Against an asset whose entire issuance can be recomputed from published code, this entry sits at the opposite end of what verification can mean. One can be checked by anyone with a laptop; the other requires trusting a series of intermediaries.
- What the token is forThird-party supported
- How many existThird-party supported
- Which contract is the official oneThird-party supported
- How new ones appearNot verified
- Who can change the rulesNot verified
KLEAR3 rating
We only rate what we have measured. On this project too few axes rest on a sourced fact, so no overall score comes out — a number built on gaps would read as a verdict on the protocol when it is a verdict on our own research.
Nothing measured yet on Open code · Business model · Maturity
- Open codenot measured
What holds it back no public repository established · licence unresolved: readable but not reusable · no published release · no activity in 90 days
- Audits0
absence searched for: 20 firm indexes swept, 3,573 reports, none commissioned by the project
What holds it back no report in our registry · no report opened: we do not know what they found
- Business modelnot measured
What holds it back business model not established from a primary source
- Governance2
decided by decision-de-l-emetteur, with no vote
What holds it back no public proposal process among its 58 open repositories
- Token alignment1
supply measured, with no cap: nothing bounds issuance · circulating share known
What holds it back emission schedule unknown
- Maturitynot measured
What holds it back date the code went public unknown · no deployment verified at the source
We rate the protocol: how it is built, how much of it can be checked, how its token lines up. Never an investment. A high score is not advice to buy, and a low one is not advice to sell.
What we could not establish
The underlying loans, who holds them, how they are valued, the regulatory regime, the code, the audits, the governance, and whether the chain responds. This is the shortest verified profile on this list, and the longest list of gaps, by a wide margin.
It is worth being blunt about what that means for a reader. We are not saying this asset is bad; we are saying we could not check it, which is a different statement and a more useful one.
Anyone considering it would need documents rather than a chain explorer: loan tape, servicing arrangements, valuation methodology, and the legal wrapper. None of those are within the scope of this campaign.
Frequently asked questions
Why does a top-ten asset have no public code?
We do not know, and this page does not speculate. What we can report is the measurement: no repository listed, no GitHub organisation found, and therefore no source, no releases and no commit history to examine. Every other profile here answers this question from a measurement, and this one cannot answer it.
One structural explanation is available without guessing at intent. This is not a chain or a protocol; it is a financial instrument that has been put on a chain, and financial instruments are not usually shipped as source code.
That explanation does not make the gap disappear. Whatever moves the token is software, and if it cannot be read, no independent party can say what it does or under what conditions it stops. Size does not change that. A large position only means more people rely on the part nobody can read.
What is actually backing it?
Home equity credit lines, according to the classification. We did not examine what those loans are, who holds them, how they are valued or under what regime, so this page reports the label and not the substance behind it. For credit, the substance is the whole question: quality, duration and default rate decide the value, and none of the three appears on a chain, an aggregator, or this page.
The distinction between label and substance is the whole point for an asset like this. A category tells you what kind of thing to ask about, never what the answers are.
For credit specifically, the questions that decide value are quality, duration and default rate. None of the three is visible from a chain, an aggregator, or this page. A reader who wants them has to ask the issuer, then judge what that answer is worth.
Is this the same kind of thing as a stablecoin?
Structurally similar, economically not. Both are claims on something off-chain. But a dollar claim is worth a dollar or it fails, whereas a claim on a credit pool is worth what the pool is worth, which changes with the loans in it, quietly, and only documents show it.
That difference matters most when things go wrong. A stablecoin breaks visibly, at a single number everyone watches, while a credit pool degrades quietly, in a way that only shows up in documents.
It also changes who the buyer is. One is used to move money and to wait; the other is an investment with a yield and a risk profile, and it should be read with the instruments it resembles rather than with the tokens it sits next to on a ranking page.
Next: our Tether profile shows another entry whose reserves we did not examine, and our XRP profile one where a third of the supply sits somewhere we could not identify.
Ask an assistant to summarise it and check what it claims.