More than $7B of RTL volume and >$100M/month into Democratized Prime gives Figure Connect a recurring private-credit supply pipe with short-duration, house-backed collateral. Sixth Street keeps the off-chain credit machine institutional while Figure handles distribution, warehouse financing, and loan-data normalization. If Adaptor can turn messy originator files into standardized collateral faster than bespoke tape reviews, that is the moat DeFi credit protocols like Maple and Centrifuge have struggled to industrialize.

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