Figure Technology Solutions is formalizing a deeper operational role with the Provenance Blockchain Foundation, strengthening its support for the Layer 1 network that powers the company’s on-chain credit and equity initiatives. The move reflects Figure’s growing reliance on Provenance as core infrastructure, while keeping governance firmly in the hands of the community.
Under the updated structure, Figure will provide technical, operational, and administrative resources to the Foundation. Governance authority, however, will continue to rest with HASH token holders through onchain voting. Figure said it will abstain from voting with any HASH tokens controlled by the Foundation, reinforcing the network’s community-led model.
The Provenance Blockchain Foundation will remain an independent entity. June Ou will continue as director, now backed by additional resources from Figure. According to the company, Figure’s role is to execute at the direction of the community rather than shape protocol governance.
Figure CEO Michael Tannenbaum said the arrangement aligns with the network’s decentralized design. He added that with community support, Figure is well positioned not only to maintain the existing protocol but also to help expand third-party adoption across the Provenance ecosystem beyond Figure’s own products.
Alongside the operational update, changes to HASH token economics are expected. The Foundation is preparing to introduce network fees that would compensate validators and delegators, marking a shift from the protocol’s historical reliance on token issuance to incentivize participation. The goal is to better align rewards with actual usage of the chain.
Figure co-founder and executive chairman Mike Cagney recently described the transition as a move away from inflation-driven rewards toward fee-based economics. In his view, transaction fees provide a more sustainable foundation for yield and governance than metrics such as total value locked, with utility and governance reinforcing long-term token value.
Crypto tokens have three primary drivers for value: yield, utility and governance.
— Mike Cagney 🇺🇸 (@mcagney) January 3, 2026
Yield – what does the token pay you to hold it? Yield is derived from gas and other fees on the blockchain.
Utility – what benefits to I get holding the token? Do I pay reduced fees, get better…
Figure currently holds about 25% of the outstanding HASH supply. The company said it does not expect the new structure to lead to meaningful increases in operating expenses.
The update comes as Figure continues to expand its onchain strategy. Last week, the firm introduced the On-Chain Public Equity Network, or OPEN, a platform designed to issue and trade equities natively on Provenance rather than as tokenized versions of traditional shares. The system aims to handle settlement and, eventually, stock lending directly onchain.
Figure has said it plans to be the first issuer on OPEN, with blockchain-native shares exchangeable with its Nasdaq-listed stock. Beyond equities, Provenance already supports Figure’s private credit marketplace and real-world asset tokenization efforts, which analysts see as the company’s primary near-term revenue driver.
In a recent research note, Bernstein characterized tokenized equities as a longer-term opportunity, while pointing to continued growth in Figure’s core credit business as the main driver of near-term performance.
As Provenance evolves, Figure’s expanded operational role underscores a broader trend in blockchain networks: balancing strong institutional support with community-led governance. For users and builders, the changes signal a push toward more sustainable economics and deeper real-world adoption of onchain financial infrastructure.
