Figure Technologies has launched OPEN, short for On-Chain Public Equity Network, a platform designed to let companies issue and trade public equity directly on blockchain rails. The company said the model is built around equity that is registered natively on-chain, rather than tokenized representations of conventional securities.
Direct on-chain registration instead of mirrored securities
Figure said OPEN departs from earlier tokenization structures by putting the equity itself on-chain instead of mirroring shares held through the Depository Trust and Clearing Corporation. Trading will run through Figure’s Alternative Trading System using a limit order book. That setup allows continuous trading, rather than restricting activity to standard market hours.
Shareholders will also be able to borrow against or lend their shares through Figure’s Democratized Prime protocol, a DeFi platform aimed at removing the need for traditional prime brokers. Figure said the structure is intended to reduce costs, widen access, and return more value to investors.
Self-custody, self-settlement, and transparent stock lending
According to the company, OPEN cuts capital and compliance costs tied to DTCC infrastructure and supports self-custody and self-settlement of trades. It also introduces portfolio margining across asset classes, including crypto. For stock lending, the platform replaces the standard locate process with a transparent order book, shifting lending economics back to shareholders.
Executive chairman Mike Cagney said OPEN “reinvents equity trading.” He added that after originating more than $20 billion in on-chain credit, Figure is now bringing public equity to the Provenance blockchain.
Figure plans to issue its own shares first
Figure said it plans to become the first issuer on OPEN. The company filed a public registration statement in November 2025 for a non-dilutive secondary offering that will use the new network. It also said shares listed on OPEN will be exchangeable with its Nasdaq-listed equity, allowing liquidity to move between the two markets.
Support from market participants is already forming. Jump Trading has started onboarding to provide market-making services, while BitGo will offer qualified custody and signing services for eligible shareholders that require them. BitGo chief executive Mike Belshe said the launch reflects rising interest in blockchain-native market structure and called OPEN a step forward for digital asset and capital market infrastructure.
Part of a wider push across tokenized assets and lending
Figure positioned the launch as part of a broader strategy. Over the past year, the company said it has tokenized public debt, introduced a yield-bearing stablecoin registered with the SEC, and expanded its blockchain-based lending and credit businesses. It is now building a dedicated business development team for OPEN and said it has already secured its first commitment for a future on-chain equity issuance.
Figure Technology Solutions is listed on Nasdaq and operates a blockchain-based capital marketplace used by more than 200 partners. Its subsidiary Figure Securities runs the firm’s alternative trading system under FINRA and SIPC oversight.