Figure issues first blockchain-native public equity shares

Figure Technology Solutions (NASDAQ: FIGR) issued FGRD shares directly on blockchain infrastructure through its On-chain Public Equity Network (OPEN), marking the first SEC-registered public equity to be natively issued and settled entirely on blockchain.

The shares trade on Figure's Alternative Trading System with instantaneous settlement capabilities. Users can buy, trade, lend and borrow FGRD shares through the Figure Markets app starting today.

OPEN enables equities to trade with near-instant settlement and real-time ownership verification, allowing shareholders to directly custody their shares and control on-chain stock lending and borrowing. The platform integrates with trading venues including Moomoo and supports self-custodied wallets.

"By issuing FGRD natively on-chain, we're re-architecting the core infrastructure of capital markets to be real-time, transparent, and programmable, while removing layers of intermediaries that add cost, risk, and friction," said Mike Cagney, Figure's Executive Chairman.

The blockchain-native approach bypasses traditional systems like DTCC, recording equities directly on a public blockchain with T+0 settlement and atomic exchange of funds and shares. This structure aims to reduce counterparty risk, reconciliation costs, and capital requirements.

Pantera Capital participated as one of the first institutions in the FGRD offering. Figure CEO Michael Tannenbaum stated the company plans to build the OPEN ecosystem using a similar approach to its previous marketplace launches.

Figure has originated over $22 billion in loans on public blockchains. The FGRD issuance represents the company's expansion from blockchain-based lending into public equity markets infrastructure.

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