Figure Unveils Blockchain-Based Network for Issuing and Trading Tokenized Public Stocks

Figure (FIGR), a financial technology company widely recognized for its on-chain lending products and led by SoFi founder Mike Cagney, is making a major push into the rapidly growing tokenization market with the launch of a new blockchain-based stock issuance and trading platform. The company announced its On-Chain Public Equity Network, known as OPEN, positioning it as a next-generation system designed to modernize how public equities are issued, traded, and managed.

OPEN is built entirely on the Provenance Blockchain and allows companies to issue equity directly on-chain, bypassing traditional financial infrastructure such as the Depository Trust and Clearing Corporation (DTCC). By removing legacy intermediaries, the platform aims to streamline settlement, enhance transparency, and reduce operational costs that have long been associated with public equity markets. The network is integrated with Figure’s existing Alternative Trading System (ATS), enabling continuous trading through a blockchain-based limit order book rather than restricted market hours.

In addition to on-chain stock issuance and trading, OPEN introduces decentralized finance functionality to public equities. Investors using the platform will be able to lend or borrow against their equity holdings through DeFi mechanisms, eliminating reliance on prime brokers and creating new liquidity and yield opportunities. This combination of tokenized stocks and decentralized financial services reflects a broader shift toward blockchain-native capital markets.

Figure plans to be the first company to list its own stock on the OPEN network. The firm filed for a secondary share offering in November and intends to make its Nasdaq-listed shares interchangeable with blockchain-registered equity, a move that could serve as a proof of concept for other public companies considering tokenization.

The launch comes amid growing interest in tokenized real-world assets. While the tokenized stock market currently stands at approximately $870 million with more than $2 billion in monthly trading volume, most existing products are synthetic or wrapped versions of traditional shares. Native on-chain equity issuance remains rare, making Figure’s initiative a notable development. Regulatory momentum is also building, with policymakers signaling that tokenization could play a transformative role in the future of global financial markets.