What Is Figure Launching With OPEN?

Figure Technology Solutions is expanding its blockchain strategy into public equities with the launch of the On-Chain Public Equity Network, known as OPEN. The system allows companies to issue real public shares directly on Figure’s Provenance blockchain and enables investors to lend or pledge those shares on-chain without relying on traditional securities intermediaries. According to Bloomberg, the network supports native equity issuance rather than tokenized representations tied to off-chain custodians. Shares issued through OPEN reflect actual ownership and are recorded directly on the blockchain. Those shares can then be lent, borrowed, or used as collateral through on-chain mechanisms, removing the need for brokers, custodians, or centralized securities lending desks. Figure Chief Executive Mike Cagney told Bloomberg that the aim is to let investors lend shares directly to one another. In contrast to conventional securities lending, which relies on layered intermediaries and delayed settlement, the on-chain model keeps ownership records and lending activity visible on a shared ledger.

Investor Takeaway

OPEN targets one of the most opaque corners of equity markets: stock lending. Moving lending on-chain could appeal to funds seeking clearer ownership records and faster settlement.

How Does This Differ From Existing Tokenized Stocks?

Most tokenized stock products today mirror existing shares through derivatives, depositary receipts, or offshore vehicles. While those structures offer price exposure, they do not issue equity on-chain and often depend on custodians or special-purpose entities holding the underlying shares. Figure’s approach takes a different route. Shares issued on OPEN are created directly on the Provenance blockchain and represent the legally recognized equity itself. Lending and pledging happen at the share level rather than through contracts layered on top of traditional market infrastructure. The system integrates with Figure’s Alternative Trading System, allowing trading through a continuous limit order book. When markets are open, trading follows existing securities rules, while settlement occurs directly on-chain. Figure says this structure reduces operational costs and shortens settlement timelines compared with legacy clearing systems. BitGo and Jump Trading are supporting custody and liquidity on the network, according to the company. Figure plans to be the first issuer on OPEN by listing its own shares, following a secondary offering filed in November. The firm intends to make its Nasdaq-listed stock interchangeable with the blockchain-issued version.

Why Is Stock Lending a Focus Area?

Securities lending plays a central role in equity markets, supporting short selling, hedging, and liquidity. Yet the process remains fragmented, with limited transparency around who owns what shares and how often they are rehypothecated. Settlement delays and manual reconciliation remain common. By shifting lending activity on-chain, Figure is betting that direct peer-to-peer lending can reduce frictions while offering clearer records of ownership and outstanding loans. Investors would be able to see when shares are lent, pledged, or returned without relying on broker reports. Cagney said several companies have already shown interest in issuing equity on OPEN, including digital asset treasury firms. These companies, which hold large crypto balances on their balance sheets, have grown quickly since last year but also face added volatility tied to digital asset prices.

Investor Takeaway

Native on-chain lending could shift revenue and control away from prime brokers, but adoption depends on whether issuers and funds accept blockchain-based share records.

Why Are Tokenized Stocks Drawing Attention Now?

Tokenization of real-world assets gained traction in 2025, though most activity focused on private credit and government debt. Public equities lagged due to regulatory complexity and reliance on legacy market plumbing. Interest has picked up over the past year. By late December, tokenized stocks reached about $1.2 billion in total value, according to Token Terminal data, with monthly trading volumes near $800 million. Some market participants have compared the phase to the early growth of stablecoins, when usage expanded rapidly after initial experimentation. Several firms are moving into the space. Backed Finance offers tokenized equity exposure through its xStocks products, traded on venues such as Kraken and Bybit. Securitize has announced plans to support on-chain trading of public stocks, while Coinbase and Ondo Finance are exploring related initiatives. Figure’s network stands out by focusing on native issuance and lending rather than wrappers around existing shares. The company argues that removing reliance on the Depository Trust and Clearing Corporation and prime brokers could lower costs and make equity markets easier to audit.

What Comes Next for Figure and OPEN?

Figure went public on Nasdaq in September, raising nearly $800 million. Its shares have more than doubled since the offering, giving the firm a market capitalization close to $12 billion. That performance provides both capital and incentive to expand into new market infrastructure. The rollout of OPEN will test whether public companies and institutional investors are ready to accept blockchain as the primary record for equity ownership. Regulatory treatment, issuer participation, and liquidity depth will shape how quickly the network grows. If companies begin issuing shares natively on-chain and investors adopt direct lending models, the structure of securities markets could change in ways that go beyond tokenized exposure. For now, Figure’s launch places it at the center of a renewed push to bring public equities onto blockchain rails.