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Bernstein initiated coverage of Figure (FIGR) with an outperform rating and a $54 price target, calling it a leader in bringing blockchain to credit markets, the broker said in a Monday report.The stock was 2% higher in early trade, around $41.10.Bernstein said Figure is doing for lending what stablecoins did for payments, tokenizing traditional assets to make markets faster and more efficient.With roughly 75% of the $17 billion tokenized private credit market, Figure is the clear frontrunner, according to analysts led by Gautam Chhugani.Figure’s blockchain platform shifts lending from a balance-sheet-heavy model to a capital-light marketplace, giving investors direct access…