Figure Heloc's Clean Float Has No Deep Venue
1. Figure Heloc has no supply overhang: essentially all tokens circulate and fully diluted valuation matches market cap. The constraint is venue quality—turnover is under $10M and there is no Binance spot depth, so the quote is thin rather than broadly bid.
2. The macro mix is mixed for HELOC-linked exposure: the 10-year Treasury yield easing 17 basis points is a modest tailwind, but DefiLlama shows stablecoin supply down $2.04B over the past week and DEX volume off 17.9%, a liquidity headwind that amplifies the thin-venue problem.
$figr_heloc
1. Figure Heloc has no supply overhang: essentially all tokens circulate and fully diluted valuation matches market cap. The constraint is venue quality—turnover is under $10M and there is no Binance spot depth, so the quote is thin rather than broadly bid.
2. The macro mix is mixed for HELOC-linked exposure: the 10-year Treasury yield easing 17 basis points is a modest tailwind, but DefiLlama shows stablecoin supply down $2.04B over the past week and DEX volume off 17.9%, a liquidity headwind that amplifies the thin-venue problem.
$figr_heloc