This Week in Fintech's Podcast Figure's Blockchain and the Impact on Capital Markets
Oct 1, 2025
In a riveting chat, Mike Cagney, the co-founder and CEO of Figure, shares insights on the rapid evolution of blockchain in finance. He discusses Figure's recent IPO and introduces Democratized Prime, a revolutionary lending model that eliminates prime brokers. Cagney explains the significance of the Genius Act and how decentralized finance (DeFi) can upend traditional banking practices. With an eye on the future, he outlines the potential of stablecoins and the necessity for banks to adapt to these transformative technologies.
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Goldman Event Reaction
- Mike Cagney described pitching Democratize Prime at a Goldman event where few understood blockchain use cases.
- David Solomon worried it might destroy prime brokerage, illustrating incumbent fear.
Why Figure Reorganized
- Mike explains splitting Figure to separate blockchain risk and later recombining after regulatory shifts.
- He moved to executive chair to focus on product while hiring Michael Tannenbaum as CEO.
Blockchain Displaces Trust With Truth
- Blockchain replaces trust with verifiable truth, enabling direct source-use capital links.
- This changes trading and financing by making assets natively digital and bilaterally tradable.