Figure unveils onchain equity network aimed at remaking stock trading and lending
Figure launched the On-Chain Public Equity Network (OPEN) to trade and lend actual ownership shares natively on its Provenance blockchain.Summary
Figure Technology Solutions has introduced the On-Chain Public Equity Network (OPEN), built on its Provenance blockchain, aiming to revolutionize stock trading and lending by recording equity ownership directly on-chain, rather than using tokenized replicas.
Unlike synthetic offerings, OPEN equities represent actual ownership and will be tradable through Figure’s regulated alternative trading system. Figure plans to be the first issuer, with its blockchain-native shares exchangeable with its Nasdaq-listed stock. Co-founder Mike Cagney stated the goal is to reduce costs and complexity by cutting out intermediaries like central securities depositories and custodial brokers.
Furthermore, OPEN will facilitate direct onchain stock lending via the Democratized Prime protocol, promising real-time settlement and collateralization, redirecting more economics to shareholders. Market makers like Jump Trading Group are preparing liquidity, and BitGo will offer custody. While Bernstein analysts view tokenized equities as long-term optionality, they raised Figure's price target, citing strong performance in the firm's existing tokenized credit business.
(Source：The Block)