figUSDC

USD-denominated, fixed-yield institutional credit product.

figUSDC turns USDC into institutional-grade yield at a target 10% APY, sourced from US residential HELOCs underwritten to Figure Markets’ unified credit standard. Figure is a NYSE-listed US fintech and the builder of the Provenance blockchain. figUSDC is Exceed’s flagship single-strategy vault — focused on one anchor counterparty rather than blended across strategies.

Key Facts

How Yield Is Generated

figUSDC funds short-duration warehouse exposure to Figure Markets’ Democratized Prime, the on-chain access point to the same loan pool that backs Figure’s institutional warehouse facilities at Goldman Sachs and Jefferies.

• HELOCs are originated through Figure’s 300+ partner network — super-prime borrowers, weighted FICO 754, secured by home equity
• Loans are funded by Figure’s warehouse under a single unified credit standard
• Performing loans cycle through the warehouse with an average duration of ~42 days before exiting into senior securitization tranches that carry S&P AAA ratings
• Non-performing loans are swapped out of the pool before holders are exposed to default risk
• Democratized Prime has had zero realized losses since launch

A bilateral credit facility with a top-tier US prime broker provides the leverage layer at institutional terms. The facility is bilateral and is not subject to on-chain liquidation mechanics.

Net of facility cost, performance fee, and operational costs: 10% target APY to LPs, without reliance on DeFi lending markets or oracle-driven liquidations.

Liquidity Architecture

figUSDC maintains a 10–15% liquidity buffer in instantly-redeemable PRIME positions. Standard withdrawals (within buffer capacity) clear in the 24–48 hour window. In extreme redemption scenarios where the buffer would be drained, the leveraged portion of the vault unwinds proportionally, extending the redemption timeline.

This architecture is disclosed transparently because figUSDC is a credit-exposure product, not a money-market product. Suitable for institutional capital with ~3 month or longer horizons.

Withdrawal Process

1. Request — Submit anytime before midnight UTC
2. Lock-in — Midnight UTC, request becomes irrevocable
3. Delivery — Funds delivered within 24 hours after lock-in (in normal conditions)
4. Fee — 0.20% withdrawal fee

Total time from request to receipt: 24 hours (minimum) to 48 hours (maximum) under normal conditions. Extended timelines apply only when buffer capacity is fully drawn.

Risks