USDC vs Figure Heloc

USDC and Figure Heloc (FIGR_HELOC) both bring traditional financial value on-chain, but they tokenize different things. USDC, issued by Circle, is a fully collateralized U.S. dollar stablecoin — each token is a claim on dollar reserves, designed to hold a stable one-dollar value. FIGR_HELOC is a tokenized real-world asset representing home equity lines of credit, standardized into composable on-chain formats through Figure's platform on the Provenance blockchain.

Neither token has its own consensus mechanism. USDC is issued natively across a very large number of networks — Ethereum, Solana, Base, Arbitrum, Stellar, and dozens more — with a circulating supply of roughly 72 billion that tracks issuance and redemption. FIGR_HELOC lives on Provenance, with about 21 billion tokens outstanding reflecting the pool of tokenized loans rather than cash reserves.

Regulatory positioning distinguishes USDC: it is categorized as MiCA-compliant and GENIUS Act-compliant, aligning it with regulated stablecoin frameworks in Europe and the United States. FIGR_HELOC operates in the tokenized private credit space, where Figure Connect serves as a primary market for originating debt and Figure Markets provides 24/7 secondary trading with decentralized custody.

The practical contrast is cash versus credit: USDC is a stable payment and settlement instrument used across exchanges and DeFi, while FIGR_HELOC is an investment-style exposure to consumer lending — a yield-bearing debt asset rather than a medium of exchange.