Figure Pushes Beyond Wrappers With Blockchain-Native Tokenized Equity Vision

Quick Breakdown

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  Figure proposes blockchain-native equities that trade and settle fully on-chain without traditional custodians or clearing houses.
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  The model enables 24/7 trading, on-chain governance, and direct lending or borrowing against equity holdings via DeFi protocols.
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  The approach could expand retail access and improve capital efficiency through cross-collateralization with other on-chain assets.

Figure has outlined a new approach to tokenized equities, arguing that much of today’s tokenization activity fails to deliver real structural change. While banks and asset managers increasingly promote blockchain-based versions of traditional assets, Figure says most tokenized equities remain digital replicas tied to legacy custodians, clearing houses, and intermediaries, limiting the true benefits of decentralization.

According to the company, features such as fractional ownership and extended trading hours improve efficiency but do not fundamentally alter how equity markets function. The core promise of blockchain, disintermediation, is largely absent from current models.

Figure Introduces a Blockchain-Native Equity Structure

Figure’s response is the launch of a blockchain-native share class, its Series A Blockchain Common Stock, issued directly on the Provenance Blockchain. Unlike tokenized wrappers, this equity is designed to operate fully on-chain, without reliance on the Depository Trust & Clearing Corporation, traditional exchanges, or prime brokers. Trading will take place on Figure’s non-custodial alternative trading system, with settlement occurring directly in self-custodied wallets.

The structure is intended to allow equity holders to interact directly with decentralized finance protocols. Through Democratized Prime, a blockchain-based prime brokerage protocol, investors would be able to borrow against or lend their shares on-chain, capturing stock-lending yields that are typically absorbed by intermediaries.

Implications for Market Structure and Retail Access

Figure argues that blockchain-native equities could reshape market dynamics by increasing transparency, enabling cross-collateralization with other on-chain assets, and supporting continuous 24/7 trading and on-chain governance. The company also sees this model as a potential shift for retail participation, allowing verified wallet holders to access equity offerings more directly while remaining compliant with regulations.

The initiative builds on Figure’s earlier work; the organization increased the size of its initial public offering, setting a new price range of $20 to $22 per share, higher than its earlier $18 to $20 range. Proceeds are earmarked for expanding Figure’s blockchain infrastructure, including its loan origination platform.