Figure Technology Solutions has launched a new blockchain-based platform designed to bring public company shares directly on-chain, marking a deeper move into equity markets built without traditional intermediaries. The company announced the debut of the On-Chain Public Equity Network, known as OPEN, on Jan. 14, through a GlobeNewswire release.
OPEN allows companies to issue equity that is registered natively on blockchain rather than represented through tokenized versions of traditional securities. The platform operates on the Provenance Blockchain and integrates with Figure’s Alternative Trading System, which supports continuous trading through a limit order book.
Equity issuance without DTCC infrastructure
Unlike many existing tokenized stock products, OPEN does not mirror shares held at the Depository Trust and Clearing Corporation. Instead, equities issued on the network register directly on-chain. This structure reduces capital and compliance costs associated with DTCC infrastructure and removes the need for custodial brokers.
Trading takes place through Figure’s ATS, which allows self-custody and self-settlement. This approach expands access to trading while lowering operational friction for issuers and investors.
“OPEN reinvents equity trading,” said Mike Cagney, Figure’s executive chairman, in the statement.
He said the company plans to bring public equity to the Provenance Blockchain after originating more than $20 billion in on-chain credit.
DeFi-based stock lending and margin features
OPEN also introduces decentralized finance tools into public equity markets. Shareholders can borrow against or lend their stock through Figure’s Democratized Prime protocol. This structure removes the role that prime brokers traditionally play in securities lending.
The system replaces the standard stock borrow locate process with a transparent limit order book. The company stated that this change directs stock lending economics back to shareholders rather than intermediaries.
Portfolio margin features allow cross-collateralization across asset classes, including crypto. These tools support higher advance rates and improved capital efficiency for participants who meet eligibility requirements.
Figure plans first on-chain public issuance
Figure intends to act as the first issuer on OPEN. The company filed a public registration statement in November 2025 for a non-dilutive secondary equity offering that will use the new network. According to the company, OPEN-listed shares will remain exchangeable with Figure’s Nasdaq-listed equity.
By allowing two-way exchange between on-chain and traditional listings, Figure said liquidity will remain consistent across both marketplaces. This design addresses early concerns that on-chain equities could fragment liquidity or isolate investors.
Market participants have begun preparations to support the network. Jump Trading has started onboarding to provide market-making services. BitGo will provide qualified custodial and signing services for eligible shareholders who require custody support.
“We’re seeing growing momentum across the industry toward more transparent, blockchain-native market structures,” said Mike Belshe, CEO and co-founder of BitGo.
He said Figure’s OPEN offerings represent the next evolution of digital asset markets.
Early hurdles in tokenized equity markets
Tokenized equities remain a small segment of the broader capital markets. RWA.xyz data shows tokenized stocks represent a market of about $877 million, with monthly trading volume above $2.5 billion. Most current products rely on token wrappers rather than native issuance, which limits flexibility and creates dependence on legacy infrastructure.
Regulatory clarity, liquidity depth, and operational trust are early challenges. Figure’s approach addresses some of these constraints through native registration and regulated trading venues, though adoption remains in early stages.
Bloomberg reported that Figure has received interest from digital asset treasury companies. These firms expanded rapidly over the past year but carry balance sheet risk due to asset concentration and price volatility.
Tokenization trend gains momentum
The launch of OPEN aligns with a broader shift toward tokenization of real-world assets. Activity during 2025 focused largely on private credit and government debt. Public equities have begun to draw increased attention.
By late December, tokenized stocks reached about $1.2 billion in total value, according to CoinMarketCap data. Monthly trading volume approached $800 million, based on separate estimates.
Other firms have entered the space. Backed Finance offers tokenized equity exposure through its xStocks products. Securitize, Coinbase, and Ondo Finance have also announced initiatives tied to on-chain equity markets.
SEC Chairman Paul Atkins said last month that tokenization could reshape the financial system by improving transparency and reducing risk gaps, according to Fox Business.
Figure expands blockchain capital market footprint
Figure Technology Solutions operates a blockchain-native capital marketplace that connects origination, funding, and secondary trading. More than 200 partners use its platform. The company and its partners have originated over $21 billion in home equity products.
Figure also operates DART for digital asset custody, Democratized Prime for on-chain lending, and an SEC-registered yield-bearing stablecoin structured as a tokenized money market fund.
With OPEN, Figure extends its blockchain strategy into public equities. The company said it has formed a dedicated business development team and secured its first commitment for a future on-chain issuance.
Gunel Ismayilova
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