Key Takeaways
- • Figure Technologies launched the On-Chain Public Equity Network (OPEN) on January 14, 2026, enabling companies to list equity natively on blockchain, with Figure's own stock (NASDAQ: FIGR) as the first public equity trading on the platform following its September 2025 IPO.
- • OPEN equities are blockchain-registered securities rather than synthetic tokenized versions of DTCC-held stock, eliminating traditional clearinghouse intermediaries and reducing settlement costs and capital requirements for listed companies.
- • The platform integrates a self-custody, self-settle Alternative Trading System (ATS) with a limit order book for continuous trading, supported by strategic partners BitGo and Jump Trading Group, and enables DeFi-based stock lending through Figure's Democratized Prime protocol.
- • OPEN's structural advantages include elimination of prime broker intermediation for stock lending, transparent limit order books that return stock loan economics directly to shareholders, and portfolio margining capabilities that support higher advance rates and cross-collateralization across crypto and traditional assets.
- • The platform addresses a significant market opportunity, built on Figure's track record of originating over $20 billion in loans on public blockchain and positioning the company at the forefront of the real-world asset tokenization investment theme that emerged prominently in 2025.
Summary
Figure Technologies launched the On-Chain Public Equity Network (OPEN) in January 2026, establishing the first blockchain-native public equity trading system. Figure's own stock became the inaugural security to trade natively on the platform, representing a structural departure from traditional equity markets. The platform operates on Provenance Blockchain and received support from institutional-grade infrastructure providers BitGo and Jump Trading Group, signaling confidence in the technical and operational architecture.
The OPEN platform fundamentally restructures equity issuance and trading by registering securities directly on blockchain rather than creating tokenized versions of DTCC-custodied stock. This distinction is material: companies listing on OPEN bypass the Depository Trust and Clearing Corporation entirely, reducing regulatory friction and capital requirements associated with traditional market infrastructure. The platform features a self-custody, self-settle Alternative Trading System with a limit order book architecture, enabling continuous trading without custodial broker intermediation and radically democratizing access to equity market participation.
The economic model embedded in OPEN directly addresses inefficiencies in current equity capital markets. The platform integrates Figure's Democratized Prime protocol, a decentralized finance application that allows shareholders to borrow against and lend out their holdings. This replaces the traditional prime brokerage model, directing stock lending economics back to shareholders rather than intermediaries. Additionally, the transparent limit order book for stock borrow transactions replaces the opaque locate process, creating price discovery mechanisms previously unavailable to retail and institutional investors.
According to Mike Cagney, Figure's Executive Chairman, "OPEN reinvents equity trading," highlighting that the structural benefits create dual incentives for both companies seeking listings and investors demanding access. The platform's portfolio margining capabilities through DeFi integration enable higher advance rates and cross-collateralization across asset classes including cryptocurrencies, a feature unavailable in traditional margin lending arrangements.
This launch positions Figure at the center of the real-world asset tokenization investment theme that gained substantial traction in 2025. The company's prior track record—originating over $20 billion in loans on public blockchain—demonstrates operational maturity and market validation. As U.S. regulatory frameworks continue to evolve around tokenized securities, OPEN represents a significant test case for blockchain-native public equity infrastructure at scale.
The OPEN platform fundamentally restructures equity issuance and trading by registering securities directly on blockchain rather than creating tokenized versions of DTCC-custodied stock. This distinction is material: companies listing on OPEN bypass the Depository Trust and Clearing Corporation entirely, reducing regulatory friction and capital requirements associated with traditional market infrastructure. The platform features a self-custody, self-settle Alternative Trading System with a limit order book architecture, enabling continuous trading without custodial broker intermediation and radically democratizing access to equity market participation.
The economic model embedded in OPEN directly addresses inefficiencies in current equity capital markets. The platform integrates Figure's Democratized Prime protocol, a decentralized finance application that allows shareholders to borrow against and lend out their holdings. This replaces the traditional prime brokerage model, directing stock lending economics back to shareholders rather than intermediaries. Additionally, the transparent limit order book for stock borrow transactions replaces the opaque locate process, creating price discovery mechanisms previously unavailable to retail and institutional investors.
According to Mike Cagney, Figure's Executive Chairman, "OPEN reinvents equity trading," highlighting that the structural benefits create dual incentives for both companies seeking listings and investors demanding access. The platform's portfolio margining capabilities through DeFi integration enable higher advance rates and cross-collateralization across asset classes including cryptocurrencies, a feature unavailable in traditional margin lending arrangements.
This launch positions Figure at the center of the real-world asset tokenization investment theme that gained substantial traction in 2025. The company's prior track record—originating over $20 billion in loans on public blockchain—demonstrates operational maturity and market validation. As U.S. regulatory frameworks continue to evolve around tokenized securities, OPEN represents a significant test case for blockchain-native public equity infrastructure at scale.
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