announced<\/a> on Jan. 14 that it has rolled out the On-Chain Public Equity Network, or OPEN, which allows companies to issue and trade equity that is registered natively on a blockchain rather than represented as tokenized versions of traditional securities.<\/p>\nA blockchain-native approach to public equity<\/h2>\n
According to Figure, OPEN differs from earlier tokenization efforts by registering equities directly on-chain instead of mirroring securities held at the Depository Trust and Clearing Corporation. Trading will take place through Figure\u2019s Alternative Trading System using a limit order book, enabling continuous trading rather than fixed market hours.<\/p>\n
Shareholders will also be able to borrow against or lend their shares through Figure\u2019s Democratized Prime protocol, a decentralized finance platform that removes the need for traditional prime brokers. The company said this approach is intended to lower costs, improve access, and return more value to investors.<\/p>\n
<\/p>\n
Figure said the network reduces capital and compliance costs tied to DTCC infrastructure, allows self-custody and self-settlement of trades, and introduces portfolio margining across asset classes, including crypto. <\/p>\n
The platform also replaces the standard stock loan locate process with a transparent order book, directing stock lending economics back to shareholders.<\/p>\n
\u201cOPEN reinvents equity trading,\u201d said Mike Cagney, Figure\u2019s executive chairman. He added that after originating more than $20 billion in on-chain credit, the company is now bringing public equity to the Provenance blockchain.<\/p>\n
First issuer and market support<\/h2>\n
Figure plans to be the first company to issue equity on OPEN. It filed a public registration statement in November 2025 for a non-dilutive secondary offering that will use the new network. The company said OPEN-listed shares will be exchangeable with its Nasdaq-listed equity, allowing liquidity to flow between both markets.<\/p>\n
Market participants are already preparing to support the platform. Jump Trading has begun onboarding to provide market-making services, while BitGo will offer qualified custody and signing services for eligible shareholders who require them.<\/p>\n
Mike Belshe, BitGo\u2019s chief executive, said the launch reflects growing industry interest in blockchain-native market structures and described OPEN as a step forward for digital asset and capital market infrastructure.<\/p>\n
Part of a broader blockchain strategy<\/h2>\n
The OPEN launch builds on Figure\u2019s recent activity across real-world assets and decentralized finance. Over the past year, the company has tokenized public debt, introduced a yield-bearing stablecoin registered with the SEC, and expanded its blockchain-based lending and credit platforms.<\/p>\n
Figure said it is assembling a dedicated business development team to support OPEN adoption and has already secured its first commitment for a future on-chain equity issuance. The company expects interest from blockchain-native firms, digital asset companies, and traditional market participants seeking more efficient equity market structures.<\/p>\n
Figure Technology Solutions is listed on Nasdaq and operates a blockchain-based capital marketplace used by more than 200 partners. Its subsidiaries include Figure Securities, which operates the firm\u2019s alternative trading system under FINRA and SIPC oversight.<\/p>\n
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