Figure Technology Solutions has announced the launch of the On-Chain Public Equity Network (OPEN), a blockchain-native platform designed to enable companies to list and trade public equity directly on-chain. The initiative marks a major step toward reimagining traditional equity markets using decentralized infrastructure.
According to a press release issued on January 14, Figure’s OPEN network allows equities to be registered directly on a public blockchain rather than tokenized representations of securities held within the Depository Trust and Clearing Corporation (DTCC) framework. The platform runs on the Provenance Blockchain and aims to reduce costs, increase transparency, and remove several intermediaries from the equity trading process.
Key Features and Benefits of OPEN
Equities listed on OPEN will trade through Figure’s Alternative Trading System (ATS) 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 (DeFi) system that removes the traditional role of prime brokers.
Figure highlighted several advantages of the OPEN model, including lower capital and compliance costs by bypassing DTCC infrastructure, self-custody and self-settlement for investors, and portfolio margining across asset classes such as equities and cryptocurrencies. The platform also introduces a transparent on-chain stock lending mechanism designed to return lending economics directly to shareholders.
Industry Reaction and Future Plans
“OPEN reinvents equity trading,” said Mike Cagney, Figure’s Executive Chairman. He noted that after originating more than $20 billion in loans on public blockchain, the company is now expanding its on-chain model to public equities.
Figure plans to be the first issuer on the network, having filed a public registration statement in November 2025 for a non-dilutive secondary equity offering using OPEN. The company also intends to support two-way exchangeability between OPEN-listed shares and its Nasdaq-listed equity to maintain consistent liquidity across markets.
Market participants, including Jump Trading Group and digital asset custodian BitGo, have signed on to support the network. BitGo will provide qualified custodial services for eligible shareholders who require custody solutions.
Figure said it is building a dedicated business development team to drive adoption and has already secured its first commitment for a future on-chain issuance, signaling growing interest in blockchain-native equity markets.