Figure Technologies launches OPEN network for native on-chain stock issuance

Figure Technologies has launched the OPEN network, a blockchain-native platform that allows companies to issue and trade public equity directly on-chain.

Summary

• Figure launched the OPEN network to let companies issue and trade equity natively on blockchain infrastructure.
• OPEN equities trade on Figure’s ATS with continuous trading and can be used in DeFi lending without prime brokers.
• Figure plans to be the first issuer on OPEN and make its on-chain shares exchangeable with its Nasdaq-listed stock.

Figure Technologies has launched a new blockchain-based platform designed to bring public company shares directly on-chain, marking a fresh push into equity markets built without traditional intermediaries.

The company announced on Jan. 14 that it has rolled out the On-Chain Public Equity Network, or OPEN, which allows companies to issue and trade equity that is registered natively on a blockchain rather than represented as tokenized versions of traditional securities.

A blockchain-native approach to public equity

According to Figure, OPEN differs from earlier tokenization efforts by registering equities directly on-chain instead of mirroring securities held at the Depository Trust and Clearing Corporation. Trading will take place through Figure’s Alternative Trading System using a limit order book, enabling continuous trading rather than fixed market hours.

Shareholders will also be able to borrow against or lend their shares through Figure’s Democratized Prime protocol, a decentralized finance platform that removes the need for traditional prime brokers. The company said this approach is intended to lower costs, improve access, and return more value to investors.

Figure said the network reduces capital and compliance costs tied to DTCC infrastructure, allows self-custody and self-settlement of trades, and introduces portfolio margining across asset classes, including crypto.

The platform also replaces the standard stock loan locate process with a transparent order book, directing stock lending economics back to shareholders.

“OPEN reinvents equity trading,” said Mike Cagney, Figure’s executive chairman. He added that after originating more than $20 billion in on-chain credit, the company is now bringing public equity to the Provenance blockchain.

First issuer and market support

Figure plans to be the first company to issue equity on OPEN. It filed a public registration statement in November 2025 for a non-dilutive secondary offering that will use the new network. The company said OPEN-listed shares will be exchangeable with its Nasdaq-listed equity, allowing liquidity to flow between both markets.

Market participants are already preparing to support the platform. Jump Trading has begun onboarding to provide market-making services, while BitGo will offer qualified custody and signing services for eligible shareholders who require them.

Mike Belshe, BitGo’s chief executive, said the launch reflects growing industry interest in blockchain-native market structures and described OPEN as a step forward for digital asset and capital market infrastructure.

Part of a broader blockchain strategy

The OPEN launch builds on Figure’s recent activity across real-world assets and decentralized finance. Over the past year, the company has tokenized public debt, introduced a yield-bearing stablecoin registered with the SEC, and expanded its blockchain-based lending and credit platforms.

Figure said it is assembling a dedicated business development team to support OPEN adoption and has already secured its first commitment for a future on-chain equity issuance. The company expects interest from blockchain-native firms, digital asset companies, and traditional market participants seeking more efficient equity market structures.

Figure Technology Solutions is listed on Nasdaq and operates a blockchain-based capital marketplace used by more than 200 partners. Its subsidiaries include Figure Securities, which operates the firm’s alternative trading system under FINRA and SIPC oversight.