Figure Technology: A Blockchain-Driven Lending Revolution and Top 2026 Buy

The financial infrastructure landscape is undergoing a seismic shift, driven by blockchain technology's ability to tokenize assets, automate processes, and eliminate intermediaries. At the forefront of this transformation is Figure Technology (FIGR), a blockchain-native lender leveraging decentralized systems to modernize credit markets. With Bernstein's recent upgrade of its price target to $72 and a bold $945 million 2027 revenue forecast, Figure has emerged as a compelling case study in blockchain-enabled scalability and innovation.

Bernstein's Bold Upgrade: A Vote of Confidence

Designated as "Top Pick Stock" for 2026, Bernstein's designation underscores the firm's conviction in the company's ability to disrupt traditional lending. The upgrade from a $54 to $72 price target-a 38% increase from the stock's December 2025 closing price of $52.23- reflects Figure's accelerating growth in tokenized credit volumes and its strategic pivot toward blockchain-based infrastructure. Bernstein now forecasts net revenue to surge from $511 million in 2025 to $945 million by 2027, a trajectory fueled by Figure's capital-light business model and expanding fee-based revenue streams.

Tokenized Marketplace Growth: Surpassing Expectations

Figure's tokenized marketplace has become a cornerstone of its success. In Q4 2025 alone, the platform processed $2.7 billion in loan volumes, exceeding estimates by 40%. This growth is driven by Figure Connect, its blockchain-enabled credit infrastructure, which accounted for 46% of total credit volumes in Q3 2025. By tokenizing loans and automating settlement via smart contracts, Figure reduces operational costs while increasing liquidity-a critical advantage in a market where legacy banks struggle with outdated systems.

Diversifying Lending Categories: A Path to Scalability

Figure's expansion into non-traditional lending verticals further strengthens its long-term potential. The company has aggressively entered markets such as DSCR (Debt Service Coverage Ratio) loans, small business loans, and crypto-backed lending, all of which benefit from blockchain's transparency. These categories not only diversify Figure's revenue base but also position it to capture underserved segments of the credit market. For instance, its yield-bearing stablecoin YLDS grew from $21 million to $328 million in a single quarter, demonstrating the platform's ability to generate ancillary income through tokenized yield products.

Revenue Model: Fee-Based, High-Margin, and Scalable

Unlike traditional lenders reliant on interest rate spreads, Figure's revenue model is increasingly capital-light and fee-driven. Bernstein highlights the company's ability to monetize through marketplace transaction fees, lending spreads, and yield-related products. This structure allows Figure to scale rapidly without proportional increases in overhead, a critical factor in achieving its 2027 revenue target. The firm's blockchain infrastructure also enables real-time settlement and reduced counterparty risk, further enhancing margins.

The $72 Price Target: Justified by Market Adoption

Bernstein's $72 price target is not merely speculative-it is rooted in Figure's execution velocity and the broader adoption of blockchain in credit infrastructure. The firm notes that Figure's tokenized loans now represent a significant portion of total credit volumes, with its platform acting as a bridge between legacy institutions and decentralized systems. As more banks and fintechs adopt Figure's blockchain solutions to streamline operations, the company's network effects will compound, driving both revenue and valuation growth.

Conclusion: A 2026 Buy with Long-Term Potential

Figure Technology's ascent is a testament to blockchain's power to redefine financial infrastructure. With Bernstein's upgraded forecast, robust tokenized marketplace growth, and a scalable revenue model, FIGR presents a rare combination of near-term momentum and long-term vision. At current levels, the stock offers a compelling entry point for investors seeking exposure to the next phase of the blockchain revolution.