Figure's HELOC token ($20.1B) is the largest RWA onchain, but represents illiquid value; only $6.93B of tokenized credit actually trades, highlighting the distinction between represented and distributed RWA assets.
RWA & Tokenization ·
Figure's HELOC token, valued at $20.1B and deployed on the Provenance blockchain, currently represents the largest real-world asset tokenized onchain. However, this figure captures represented value rather than actively traded liquidity. The tokenized credit category as a whole shows only $6.93B in assets that actually trade on secondary markets, a substantial gap that underscores the distinction between the notional value of onchain RWA records and the subset available for distribution and exchange.
This discrepancy has prompted analytics platforms to separate RWA metrics into two categories: distributed assets (those with actual trading volume) and represented assets (recorded value without active liquidity). The Figure HELOC token exemplifies why this distinction matters—a single position accounts for more than two-thirds of the sector's nominal onchain value while comprising a fraction of its tradeable supply. The token sits on Figure's permissioned infrastructure rather than public blockchain networks, which may further constrain its liquidity profile.
The gap between $20.1B in represented value and $6.93B in traded credit assets raises questions about which RWA metrics best reflect market depth and actual investor exposure. It remains unclear how much of the represented value could realistically transition to active trading, and whether Figure intends to increase secondary-market accessibility for the HELOC token.