Figure Technology (FIGR) Stock: Launches Blockchain Platform for Direct Stock Trading and Lending

TLDR

• Figure Technology launched OPEN (On-Chain Public Equity Network), a blockchain platform for issuing and trading real equity shares directly on Provenance blockchain
• The system bypasses traditional intermediaries like DTCC, custodians, and brokers, allowing investors to lend shares directly to one another
• Figure will be the first company to list on OPEN, making its Nasdaq shares interchangeable with blockchain-registered equity
• BitGo and Jump Trading will provide custody and liquidity support for the platform
• Tokenized stock market reached $1.2 billion in value with $800 million in monthly trading volumes by late December 2025

Figure Technology Solutions is taking stock trading onchain. The company unveiled its On-Chain Public Equity Network on Wednesday, marking a new chapter in how public equities can be issued and traded.

Figure Technology Solutions, Inc. Class A Common Stock, FIGR

The platform, known as OPEN, runs on Figure’s Provenance blockchain. It lets companies issue equity directly without using traditional securities infrastructure.

Figure CEO Mike Cagney explained the system allows investors to lend shares natively onchain. This removes the need for custodians, exchanges, and brokers that typically handle these transactions.

The equity issued through OPEN represents direct ownership interests. This differs from most tokenized stock offerings, which use synthetic instruments to mirror existing shares.

Figure plans to list its own stock on OPEN first. The company filed for a secondary share offering in November and will make its Nasdaq-listed shares interchangeable with blockchain-registered equity.

Cutting Out the Middlemen

The platform integrates with Figure’s Alternative Trading System. This enables continuous trading through a limit order book.

Investors can lend or borrow against their holdings using decentralized finance rails. Prime brokers won’t be necessary for these transactions.

BitGo and Jump Trading signed on to support the platform. BitGo will handle custody while Jump Trading provides liquidity.

Figure went public on Nasdaq in September, raising nearly $800 million. The stock has more than doubled since its IPO price, giving the company a market cap near $12 billion.

Several companies have expressed interest in issuing shares on OPEN. Digital asset treasury companies are among those considering the platform, according to Cagney.

Growing Market for Tokenized Stocks

The tokenized stock market reached $1.2 billion in total value by late December. Monthly trading volumes climbed to about $800 million.

Industry observers are comparing tokenized equities to stablecoins around 2020. The segment appears to be entering an early growth phase.

Other companies are entering the space too. Backed Finance offers xStocks, providing exposure to dozens of tokenized equities traded on Kraken and Bybit.

Securitize announced plans to support onchain trading of public stocks. Coinbase and Ondo Finance are working on similar initiatives.

SEC Chairman Paul Atkins said last month that tokenization could reshape the financial system. He cited benefits like greater transparency and reduced risks.

The tokenization of real-world assets was a dominant blockchain investment theme in 2025. Activity focused mainly on private credit and US government debt.

Figure’s system bypasses the Depository Trust and Clearing Corporation. This could cut costs and add transparency to equity transactions.

BitGo and Jump Trading will support custody and liquidity for the OPEN platform.

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