Figure Advances Blockchain-Native Stock Trading with OPEN Platform, Backed by BitGo and Jump

Figure, a blockchain-focused fintech company known for pioneering onchain lending solutions, is making a bold move to reshape public equity markets. The company has recently unveiled OPEN (On-Chain Public Equity Network), a trading and issuance platform built entirely on the Provenance Blockchain that fundamentally reimagines how shares are created, traded, and held. Led by Mike Cagney, the former founder of SoFi, Figure is positioning itself at the forefront of the stock tokenization revolution, with support from major crypto infrastructure players BitGo and Jump Trading.

Native Equity Issuance: Reimagining Public Markets on Blockchain

Traditional stock issuance relies on intermediaries and manual processes that add complexity, cost, and time delays. Figure’s OPEN platform eliminates these friction points by enabling companies to issue equity directly on the blockchain. Unlike most current tokenized stock offerings—which are essentially digital wrappers around existing shares—OPEN supports truly native equity issuance, where shares exist natively on blockchain rails from inception.

The platform operates through an integrated Alternative Trading System (ATS) that provides continuous trading capabilities via a limit order book, ensuring investors can transact fluidly. Figure itself will be the first company to list on OPEN, with plans to make its Nasdaq-listed shares interchangeable with blockchain-registered equity following a secondary offering filed in November.

Cutting Out DTCC and Prime Brokers: Transparency and Cost Efficiency

One of OPEN’s defining features is its ability to sidestep traditional market infrastructure, particularly the Depository Trust and Clearing Corporation (DTCC), which has long served as the central clearinghouse for U.S. equities. By removing this middleman layer, Figure aims to reduce settlement friction, lower costs, and introduce greater transparency into equity trading—benefits that blockchain proponents have long advocated for.

Beyond eliminating brokers from settlement, the platform enables investors to leverage their holdings through decentralized finance (DeFi) mechanisms, effectively replacing the need for traditional prime brokers. This DeFi integration allows users to lend or borrow against their equity positions directly, opening new possibilities for capital efficiency.

Custody and Liquidity Support from Industry Leaders

BitGo and Jump Trading will serve as key infrastructure partners for OPEN. BitGo, a leading provider of digital asset custody solutions, will handle secure asset storage, while Jump Trading, a prominent cryptocurrency trading and market-making firm, will provide liquidity support to ensure smooth order execution and market depth.

Figure Sets the Template: Listing Its Own Shares on OPEN

Figure’s decision to become the inaugural issuer on OPEN underscores the company’s confidence in the platform’s viability. By converting its own Nasdaq-listed equity into blockchain-native shares on OPEN, Figure is creating a practical template that other corporations can follow—effectively de-risking the adoption pathway for future issuers.

The Broader Tokenization Boom and Regulatory Tailwinds

Figure’s move arrives as the tokenization of real-world assets (RWA) is gaining significant momentum. The current market for tokenized stocks stands at approximately $870 million with over $2 billion in monthly trading volume, according to RWA.xyz data. Most offerings today remain token wrappers of existing shares, making OPEN’s native issuance model a distinctive differentiator.

The regulatory environment is increasingly favorable. SEC Chairman Paul Atkins stated last month that tokenization could “reshape the financial system” in coming years, citing potential benefits including enhanced transparency, reduced settlement risk, and narrower bid-ask spreads. This sentiment reflects a broader shift toward blockchain-based financial infrastructure at the regulatory level.

Figure’s introduction of OPEN demonstrates how the intersection of blockchain technology, regulatory progress, and institutional adoption is creating opportunities to fundamentally restructure capital markets infrastructure. Whether through direct participation or by inspiring similar initiatives, the platform’s success could accelerate the timeline for broader tokenized equity adoption across the industry.