Kleinops

Head of Institutional Partnerships @FigureMarkets | Prev. @Galaxyhq | 2x @Galaxyhq PortCo | Super Dad 2x & Husband | Views are my own and not legal advice

[Mike Cagney 🇺🇸 @mcagney]

Pumped to see @HastraFi launching on @ethereum, powered by @Figure's Democratized Prime. $FIGR is leading the way in RWA DeFi yield!

[Mike Cagney 🇺🇸 @mcagney]

I like prediction markets more than perps...

[Mike Cagney 🇺🇸 @mcagney]

As we’re thinking about the evolution of blockchain, we need to ask the question: “Why is blockchain better than the status quo?” Too often, the answer is a lot of handwaving. Saying things like “reduced back-office cost” and “better liquidity” without being able to back it up.

We launched the On-chain Public Equity Network (OPEN) with a clear blockchain value proposition. The current centralized markets like the NYSE, HKEX, etc. all work today. Allowing 24x7 trading isn’t the panacea here. But there are ways OPEN meaningfully moves the needle for the better.

First, the centralized exchanges have gatekeepers – the introducing brokers – who control access. Want to trade on the Nasdaq? Get a brokerage account. On OPEN, stocks trade on a self-custody, self-settle limit order book marketplace. Show up with a compatible crypto wallet, get onboarded, and trade. OPEN isn’t part of a super-app – it’s the beginning of global wallet-centric finance where users are in control.

Second, collateral for margin is generally narrowly limited to equities. With OPEN, users can stand up a collateral pool on Figure’s DeFi protocol Democratized Prime that includes any digital asset, including crypto. Again, wallet-centric where users are in control.

Third, the stock loan process is obfuscated by the locate process. Lenders don’t know what borrowers are actually paying – and what the prime brokers are keeping for themselves. With OPEN, stock loan is done through a public order book on Democratized Prime, directly connecting borrowers and lenders. Again, wallet centric, user control.

Finally, the current process involves costs, capital and limitations, like DTCC capital requirements. OPEN supports real time netting, giving users the same trading volume DTCC affords with the capital required for end of day netting.

I’m excited Figure is partnering with BitGo to offer qualified custodial services and excited that Jump Trading is onboarding to support liquidity in what I think is an equity capital market that offers enough advantages to use instead of the old CEXs. A marketplace that is built around wallets with user control.

[Mike Cagney 🇺🇸 @mcagney]

With all this drama around stablecoins and yield, I think it's worth pointing out that @Figure has a stablecoin that yields today. $YLDS.

It's native on @provenancefdn, @solana, @SuiNetwork and other L1s soon. It pays interest, can move peer to peer, is programmable and has future-proof fiat on/off rails. And it's a registered public security.

Banks can use $YLDS to compete against rival coin offerings - pay interest and retain the deposit. Builders can use $YLDS to build yielding payment rails. Exchanges and market makers can use $YLDS to have yielding collateral with 24x7 mobility.

Reach out to me if you want to talk about $YLDS.

[Mike Cagney 🇺🇸 @mcagney]

Very excited to have the big stage at @SolanaConf this week. I got to talk about $YLDS and @HastraFi on Solana - and still got to plug @provenancefdn! So many cool things happening in the blockchain space.

[Mike Cagney 🇺🇸 @mcagney]

Excited to be minting $YLDS on @SuiNetwork! This is the beginning of moving @Figure assets to other L1s to support DeFi, fiat rails and more while continuing to leverage @provenancefdn - in this case as the TA ledger for the security. More to come!

https://t.co/DPWV3mBvNS

[Pantera Capital @PanteraCapital]

We’re proud to back @Figure from the start – now live on @Nasdaq as $FIGR

$17bn loans originated
$50bn onchain transactions
#1 in RWA tokenization

Congrats @mcagney, Michael, and the team!

@dan_pantera and @Ryan__Barney reflect on our early involvement: https://t.co/PN5gHZtFCE

[Austin Federa | 🇺🇸 @Austin_Federa]

imho @FigureMarkets is low-key the most interesting crypto x tradfi thing happening at the moment.

HELOC origination and liquidity on chain
Bitcoin loans with multi party custody
lots of cool stuff happening

[Miso @therealmiso2049]

Seeing a lot of FUD on the timeline with the market bloodbath.

While crypto may swing wildly, Real World Assets march to a different beat. Value prop doesn't disappear with market sentiment.

Unlike pure speculation plays, RWAs deliver genuine utility by tokenizing tangible value—real estate, commodities, infrastructure—that generates returns regardless of market cycle.

In a bear market, investors seek stability and actual yield. RWAs deliver both. And @provenancefdn is building the future.

[Mike Cagney 🇺🇸 @mcagney]

Thanks NYSE for giving a nod to YLDS today!

[Mike Cagney 🇺🇸 @mcagney]

There is $8.2 trillion in USD money funds (per EPFR). For context, there is around $200B in stable coins across L1s.

Over the next two years I expect a massive shift in balances from tradfi money funds AND stable coins to YIELDING, transferable securities on public blockchains.

The development of public fixed income securities with stable dollar price and continuous yield that are freely tradeable p2p (no ATS or NMS required) will cause a seismic shift in everything from collateral to cross border remit to payments. The latter has the opportunity to displace over $1 trillion in market cap currently held by Visa and Master Card.

Gloves are off - this is a new dawn for public blockchain to drive the disruption it was always capable of, but unable to execute on given the prior stance of US regulators.

[Mike Cagney 🇺🇸 @mcagney]

Back in late 2021 we were working with a group of banks to build a public blockchain tokenized deposit product called USDF. This had the potential to eliminate ACH, leapfrog FedNow and seriously challenge the interchange monopoly, while putting the US at the forefront of fintech.

The FDIC killed it.

Thank you @iampaulgrewal and the Coinbase team for pushing this effort to make these documents public. Gruenberg's war on public blockchain was bad for consumers and basically killed banking innovation over the last four years. Let's hope the next four are very different, @DavidSacks.

The USDF letters are documents 2 (I believe) and 3 (I know for certain, thanks to @john_iller.

https://t.co/yhyslL5wKO

[Mike Cagney 🇺🇸 @mcagney]

Looks like Ionic just lost two board members (Aidoo and Gardner). If you don't think your support is making a difference (both pledging support and being vocal about here) this should show you you are creating change. Let's get liquidity for those who want it, and value for those who want to stay in. Take back your company!

Pledge your support here: https://t.co/HV7MtJExdc

[Mike Cagney 🇺🇸 @mcagney]

You can fool around a lot with EBITDA. In capital intensive businesses like BTC mining, the D - depreciation - matters. That notwithstanding, given their public statement of being EBITDA positive, you'd think the board could have answered some of Tony's basic financial questions like, what is that EBITDA and what would it be ignoring the price appreciation of HODL'd BTC? Does your mining have positive unit economics at BTC prices of $70K? $80K? $100K?.

All he got were blank stares.

https://t.co/bx2Dn6iOC6

[Kleinops @KLEINOPS_]

Fight for what you believe in. Fight for what is right.

[Mike Cagney 🇺🇸 @mcagney]

We had so many people pledge their shares to force the Ionic board meeting it broke the form - sorry about that. It's fixed now.

To answer some questions... Our plan includes capital to buy shares day one if people don't want to wait for secondary - in USDC. Our plan will have secondary trading within 90 days in USD, USDC and USDT. Our plan replaces Hut8 at roughly 1/3 the cost. Our plan will build real value for shareholders - whether they want to sell immediately or stay for the ride.

You got screwed by Celsius, and now you're getting screwed by Ionic. Take back what's yours. Pledge your shares.

https://t.co/QRWNOnD4nI

We'll stand up a spaces next Monday to walk through the form and run an AMA. I'll tweet out a time/date under separate cover.

[Mike Cagney 🇺🇸 @mcagney]

We had so many people pledge their shares to force the Ionic board meeting it broke the form - sorry about that. It's fixed now.

To answer some questions... Our plan includes capital to buy shares day one if people don't want to wait for secondary - in USDC. Our plan will have secondary trading within 90 days in USD, USDC and USDT. Our plan replaces Hut8 at roughly 1/3 the cost. Our plan will build real value for shareholders - whether they want to sell immediately or stay for the ride.

You got screwed by Celsius, and now you're getting screwed by Ionic. Take back what's yours. Pledge your shares.

https://t.co/QRWNOnD4nI

We'll stand up a spaces next Monday to walk through the form and run an AMA. I'll tweet out a time/date under separate cover.

[⬡⬡⬡J11⬡⬡⬡ @LinkWarLord]

I just sold my FTX claim through @FigureMarkets and received 97.5% of the claim amount based on the date of Bankruptcy. Thanks @sunil_trades for the recommendation and everything you have done and continue to do for creditors. The process was quick and easy, if you want to do it yourself please use Sunils referral link below https://t.co/qdVqE64Rhz

[Lili Fee @booklilifee]

Already back in November @mcagney debunked what the @CelsiusNetwork UCC and debtors lawyers said in a court hearing. Funny enough that @IonicDigital is not complying with any reporting requirements of the SEC for "public stock" until today.

[Kleinops @KLEINOPS_]

@gvictor808 @dotkrueger Come speak to us @FigureMarkets

[Mike Cagney 🇺🇸 @mcagney]

I'm overhauling our crypto-backed loan program and want community input. We're going to expand our collateral to any asset on Figure Markets, not just BTC and ETH (and remember, BTC and ETH stay on BTC and Ethereum - we use the MPC wallet to trade). We're also going to move to decentralized MPC, not a centralized custodian. Take a look here and give me some feedback: https://t.co/AhDFpcRjQe