TLDR
Figure Technology’s OPEN platform enables direct blockchain-based stock issuance and trading on Provenance blockchain
Platform eliminates need for DTCC, custodians, and traditional brokers in equity transactions
Figure will list its own Nasdaq shares on OPEN, with BitGo and Jump Trading providing infrastructure support
Tokenized stock market hit $1.2 billion value with monthly trading volumes reaching $800 million
System allows investors to lend and borrow shares using decentralized finance without prime brokers
Figure Technology Solutions rolled out its blockchain-based stock trading network on Wednesday. The platform represents a different approach to equity issuance and trading.
Figure Technology Solutions, Inc. Class A Common Stock, FIGR
The On-Chain Public Equity Network runs entirely on Figure’s Provenance blockchain. Companies can issue shares directly without traditional securities infrastructure.
CEO Mike Cagney said the system lets investors lend shares to each other onchain. Custodians, exchanges, and brokers aren’t needed for these transactions.
This isn’t another tokenized stock wrapper. The equity issued through OPEN represents actual ownership interests rather than synthetic mirrors of existing shares.
Figure plans to be the first company using the platform. The firm filed for a secondary offering in November and will make its Nasdaq shares work with blockchain-registered equity.
How the Platform Works
OPEN connects to Figure’s Alternative Trading System. Trading happens continuously through a limit order book.
Investors can lend or borrow against holdings using DeFi infrastructure. Prime brokers won’t be required for these operations.
BitGo signed on for custody services. Jump Trading will handle liquidity provision.
The platform bypasses the Depository Trust and Clearing Corporation entirely. This could reduce costs and increase transparency in equity markets.
Figure raised nearly $800 million when it went public in September. The stock price has more than doubled since then, pushing market cap close to $12 billion.
Cagney told Bloomberg that several companies want to issue shares on OPEN. Digital asset treasury companies are particularly interested in the platform.
Market Growth and Competition
The tokenized stock market grew to $1.2 billion by late December. Monthly trading volumes reached approximately $800 million.
Some analysts compare current tokenized equity growth to stablecoins in 2020. The sector appears to be hitting an inflection point.
Other platforms are launching similar services. Backed Finance operates xStocks, offering tokenized equities on Kraken and Bybit.
Securitize plans to support onchain public stock trading. Coinbase and Ondo Finance are developing comparable systems.
SEC Chairman Paul Atkins commented on tokenization last month. He said the technology could transform financial infrastructure over the next few years.
Real-world asset tokenization was a major blockchain theme in 2025. Most activity concentrated on private credit and government debt.
Figure’s approach differs from existing tokenized stock products. Most current offerings wrap existing shares rather than issuing native blockchain equity.
The company will make its Nasdaq-listed shares interchangeable with OPEN equity. BitGo and Jump Trading provide custody and liquidity infrastructure for the platform.
