Wednesday's launch of the On-Chain Public Equity Network (OPEN) from Figure Technology Solutions allows peer-to-peer share lending on blockchain systems, eliminating traditional securities intermediaries. Actual equity issues are directly on the Provenance blockchain through the Nasdaq-listed company's OPEN platform.
CEO Mike Cagney explained to Bloomberg that the architecture supports native on-chain lending instead of traditional routing through brokers, exchanges, and custodians. Real ownership distinguishes OPEN equity from synthetic tokenized offerings. Direct blockchain lending or pledging of shares bypasses conventional securities lending infrastructure.
Figure's Financial Standing and Market Interest
September's initial public offering raised nearly $800 million for Figure. The FIGR stock price has more than doubled from IPO levels, supporting a market capitalization approaching $12 billion. Multiple companies have shown interest in OPEN share issuance, particularly digital asset treasury operations.
Benefits and Industry Comparisons
Balance sheet concentration in single volatile assets creates heightened risk for digital asset treasury companies, Cagney observed. Blockchain methodology could enhance settlement efficiency and ownership transparency alongside lending activity visibility, supporters argue. Intermediary elimination characterizes the system's peer-to-peer share lending design.
Industry observers compare current tokenized equity development to the growth phase stablecoins experienced circa 2020. Token Terminal recorded $1.2 billion in total tokenized stock value by late December. Approximately $800 million in monthly on-chain equity trading volume was reported.
Broader Market Trends in Tokenized Equities
Kraken and Bybit exchanges list dozens of tokenized equities through Backed Finance's xStocks platform. On-chain public stock trading support was announced by Securitize alongside comparable programs from Ondo Finance and Coinbase. Real-world asset tokenization has emerged as blockchain's leading investment narrative.
Private credit and U.S. government debt dominated 2025 activity. Public equity infrastructure maturation is driving growing attention. Actual share ownership through OPEN differs from derivative instruments that track existing securities.