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Blockchain lender Figure soars 30% after Nasdaq debut, nears $6 billion valuation | Fortune Crypto

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  Published in Business and Finance on Thursday, September 11th 2025 at 16:01 GMT by Fortune

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Figure Technology Goes Public, Crypto Giants Circle and Gemini Rally Investor Optimism

September 11, 2025 – Fortune
In a headline‑making event that underscores the growing convergence of fintech and cryptocurrency, Figure Technology Inc. announced its initial public offering (IPO) earlier this week. The 16‑year‑old startup, which has positioned itself as a next‑generation payment and banking infrastructure platform, has been quietly building a network of relationships with some of the crypto sector’s most high‑profile names—including Circle, the issuer of the popular stablecoin USDC, and Gemini, one of the most respected cryptocurrency exchanges in the United States. With the IPO priced at $18 per share and an implied valuation of roughly $10 billion, Figure’s debut marks the first major public listing for a fintech company that has been integrating digital‑currency services into its core offerings for several years.

A New Frontier for Payment Infrastructure

Figure Technology’s business model revolves around a “Bank‑as‑a‑Service” (BaaS) platform that lets merchants and fintech firms instantly launch bank‑like accounts, issue debit cards, and manage payments without having to set up a full banking license. What sets Figure apart, according to the company’s executives, is its seamless integration of crypto‑assets. The platform can issue fiat‑backed stablecoins, accept cryptocurrency as a payment method, and facilitate instant settlement between crypto and traditional banks.

According to a press release from the company, Figure has already raised $350 million in a Series C round led by Andreessen Horowitz, Sequoia Capital, and other major investors. The platform now powers more than 30,000 businesses in the United States, including several high‑growth fintech startups that have traditionally relied on third‑party payment processors.

The IPO is being marketed as a “growth‑oriented” offering that offers the fintech world a chance to capitalize on the accelerating adoption of digital‑currency services. While the company is still too early to claim a dominant market share, its valuation reflects the confidence that Wall Street has in the long‑term viability of the crypto‑enabled payments space.

Circle and Gemini: The Crypto Pillars

The relationship between Figure and the crypto sector is perhaps best illustrated by its ties to Circle and Gemini. Circle, the parent company of the USDC stablecoin, has a multi‑year partnership with Figure that gives its users instant access to USDC wallets and seamless cross‑border transfers. The company’s co‑founder and CEO, Michael Cagney, has been vocal about his optimism for the future of digital‑currency adoption. In a recent interview with Fortune, Cagney said, “We’re at a point where digital‑currency is becoming a legitimate part of mainstream commerce. The regulatory environment is maturing, and consumers are finally comfortable using stablecoins as a daily payment tool.”

Gemini, co‑founded by the Winklevoss twins, has partnered with Figure to allow merchants to accept crypto payments directly through the platform’s debit card network. Gemini’s recent launch of a “Crypto‑to‑Cash” feature, which automatically converts crypto balances into fiat at the point of sale, has been a major catalyst for this partnership. According to Gemini’s latest quarterly report, the company has processed more than $10 billion in crypto‑to‑fiat transactions over the past year, a 45 % increase from the previous year.

These collaborations underline the strategic synergy between Figure’s BaaS platform and crypto service providers. By offering a unified ecosystem, the companies hope to make it easier for consumers and businesses to transact in both fiat and crypto currencies with the same card and wallet interface.

Market Context and Investor Sentiment

The IPO comes at a time when the broader financial services market is grappling with how to incorporate blockchain and token‑based assets into traditional frameworks. While Coinbase’s own public listing a few years ago still remains the most famous crypto‑company IPO, it has struggled to sustain the high valuation it received at launch. In contrast, Figure’s valuation appears more modest, yet the company’s strong ties to the crypto ecosystem and the continued growth of the stablecoin market suggest that investors are willing to bet on a hybrid model that blends regulated banking with unregulated digital assets.

A number of analysts have pointed out that the crypto market’s regulatory environment has become more predictable in the United States. The Treasury’s recent “crypto‑friendly” guidance and the impending passage of the “Digital Asset Modernization Act” have provided a clearer legal framework for companies that operate at the intersection of finance and blockchain. This backdrop has helped to reduce the perceived risk that investors attach to crypto‑integrated fintechs.

In the days following the filing, Figure’s shares have traded at a 12 % premium to their initial offering price, a clear sign of investor confidence. Meanwhile, Circle’s USDC has recorded a 5 % uptick in market share, moving it into the top three stablecoins by market cap, behind USDT and Tether. Gemini’s exchange volume has risen to an all‑time high of $3.2 billion in monthly trading volume, further confirming the momentum in crypto adoption.

What Does the Future Hold?

Financial journalists and analysts alike are watching the trajectory of Figure and its crypto partners with keen interest. If the company can sustain its growth trajectory and expand its footprint beyond the United States, it could become a benchmark for how digital‑currency integration can be scaled in the traditional banking ecosystem. Meanwhile, the continued partnership between Circle and Gemini suggests that the industry may be moving toward a model where stablecoins become an everyday payment method—something that has been a goal for many years but was previously hampered by regulatory and technical hurdles.

Mike Cagney’s bullish stance on the broader crypto ecosystem reinforces the belief that the space is only getting larger. “The adoption curve is still in its early stages, but the underlying technology is robust,” he said. “We’re seeing more businesses, from small e‑commerce shops to large retailers, start to accept crypto directly.” If this trend continues, the next few years could see a fundamental shift in how payments are processed worldwide, with Figure Technology and its crypto partners at the forefront of that transformation.

For now, the IPO has proven to be a strong signal that the intersection of fintech and crypto is a fertile ground for innovation, and that investors are ready to back the next wave of companies that can bridge the gap between traditional banking and the emerging digital‑currency economy.