Figure's Home Equity Line of Credit token, known as Figure Heloc, has surged to become the 10th-largest crypto token, with a market value exceeding $15 billion. This growth has sparked debate over its classification, as critics argue it lacks onchain use and liquidity compared to other tokens like Cardano's ADA and Dogecoin. Concerns have been raised about the token's trading volume and the control of assets by the issuing entity. Figure CEO Mike Cagney defends the token, asserting it should be classified as a blockchain-based real-world asset, as it is traded daily on the Provenance blockchain and used as collateral in Figure Markets. The rise of Figure Heloc coincides with increased interest in tokenizing traditional financial assets, with over $17 billion in real-world assets now on blockchains, according to DefiLlama. In response to the controversy, data providers like RWA.xyz have adjusted their classification methods, distinguishing between assets that are tradable and those used for recordkeeping. Figure Heloc is categorized as a "represented" asset, highlighting the need for nuanced metrics in the evolving crypto landscape.