Figure releases On-chain Public Equity Network for direct stock lending
15 January 2026 US
Image: tippapatt/stock.adobe.com
Figure Technology Solutions, a blockchain-native capital marketplace, has launched the On-Chain Public Equity Network (OPEN), allowing companies to list their equity native on blockchain.
Unlike other tokenisation efforts, the firm says OPEN equities are blockchain registered, not a tokenised version of Depository Trust and Clearing Corporation (DTCC) securities.
Naming itself the 鈥渇irst鈥� public equity trading native on public blockchain, the firm explains that equities will trade on a limit order book using Figure鈥檚 alternative trading system (ATS), opening the door for continuous trading.
Shareholders will be able to use Figure鈥檚 Democratized Prime, a decentralised finance protocol to borrow against and lend out their stock, disintermediating the role prime brokers traditionally play.
Mike Cagney, executive chairman at Figure, says: 鈥淥PEN reinvents equity trading. The significant benefits over the centralised incumbent model incent companies to use OPEN and their investors to demand it.
鈥淎fter originating over US$20 billion in onchain credit, we鈥檙e now excited to bring public equity to Provenance Blockchain.鈥�
OPEN is designed to provide several advantages to both listing companies and shareholders over the current centralised equity capital market.
Blockchain registry reduces the cost and capital requirements mandated by DTCC, the firm explains, while self-custody, self-settle ATS eliminates the need for custodial brokers, therefore democratising access to trading and reducing costs.
Portfolio margining through DeFi supports the potential for higher advance rates and better cross-collateralisation across asset classes, including crypto.
In addition, replacing the existing stock borrow locate process with a transparent limit order book directs stock loan economics back to shareholders, not prime brokers.
Figure plans to be the first issuer to use OPEN, having filed a public registration statement in November 2025 for a non-dilutive, secondary equity offering using the OPEN network.
The firm also intends to support frictionless two-way exchange of OPEN stock for its Nasdaq equity, a capability every OPEN issuer will have. By making the securities exchangeable, liquidity is consistent across both marketplaces, it adds.
Market makers such as Jump Trading have begun preparations to be onboarded to the blockchain and enabled to provide market-making.
BitGo is to sign on to provide qualified custodial services to eligible OPEN shareholders who need it.
Mike Belshe, CEO and co-founder of BitGo, comments: 鈥淲e鈥檙e seeing growing momentum across the industry toward more transparent, blockchain-native market structures.
鈥淔igure鈥檚 OPEN onchain offerings represent the next evolution of digital asset markets, and BitGo is proud to support the infrastructure that enables them to operate securely and at scale.鈥�
In connection with the announcement, Figure is building out a dedicated business development effort to drive OPEN adoption, and already has its first commitment for the next onchain issuance.
Figure says it expects strong additional interest from digital asset treasuries (DATs) and blockchain native companies, as well as support from the dealer community and buy side pressure to drive growth in the OPEN network of listed companies.
Unlike other tokenisation efforts, the firm says OPEN equities are blockchain registered, not a tokenised version of Depository Trust and Clearing Corporation (DTCC) securities.
Naming itself the 鈥渇irst鈥� public equity trading native on public blockchain, the firm explains that equities will trade on a limit order book using Figure鈥檚 alternative trading system (ATS), opening the door for continuous trading.
Shareholders will be able to use Figure鈥檚 Democratized Prime, a decentralised finance protocol to borrow against and lend out their stock, disintermediating the role prime brokers traditionally play.
Mike Cagney, executive chairman at Figure, says: 鈥淥PEN reinvents equity trading. The significant benefits over the centralised incumbent model incent companies to use OPEN and their investors to demand it.
鈥淎fter originating over US$20 billion in onchain credit, we鈥檙e now excited to bring public equity to Provenance Blockchain.鈥�
OPEN is designed to provide several advantages to both listing companies and shareholders over the current centralised equity capital market.
Blockchain registry reduces the cost and capital requirements mandated by DTCC, the firm explains, while self-custody, self-settle ATS eliminates the need for custodial brokers, therefore democratising access to trading and reducing costs.
Portfolio margining through DeFi supports the potential for higher advance rates and better cross-collateralisation across asset classes, including crypto.
In addition, replacing the existing stock borrow locate process with a transparent limit order book directs stock loan economics back to shareholders, not prime brokers.
Figure plans to be the first issuer to use OPEN, having filed a public registration statement in November 2025 for a non-dilutive, secondary equity offering using the OPEN network.
The firm also intends to support frictionless two-way exchange of OPEN stock for its Nasdaq equity, a capability every OPEN issuer will have. By making the securities exchangeable, liquidity is consistent across both marketplaces, it adds.
Market makers such as Jump Trading have begun preparations to be onboarded to the blockchain and enabled to provide market-making.
BitGo is to sign on to provide qualified custodial services to eligible OPEN shareholders who need it.
Mike Belshe, CEO and co-founder of BitGo, comments: 鈥淲e鈥檙e seeing growing momentum across the industry toward more transparent, blockchain-native market structures.
鈥淔igure鈥檚 OPEN onchain offerings represent the next evolution of digital asset markets, and BitGo is proud to support the infrastructure that enables them to operate securely and at scale.鈥�
In connection with the announcement, Figure is building out a dedicated business development effort to drive OPEN adoption, and already has its first commitment for the next onchain issuance.
Figure says it expects strong additional interest from digital asset treasuries (DATs) and blockchain native companies, as well as support from the dealer community and buy side pressure to drive growth in the OPEN network of listed companies.
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