Blockchain lender Figure Technology Solutions is taking a new step toward reshaping equity markets with the launch of a platform that allows shares to be issued and lent directly on a blockchain.
We’re officially announcing OPEN (On-chain Public Equity Network), running on @provenancefdn , which will enable companies to list public equity natively on blockchain, not as tokenized DTCC securities.
— Figure (@Figure) January 14, 2026
OPEN brings issuance, trading, and financing of public equities fully… pic.twitter.com/XRdPE3lG4G
The new system, called the On-Chain Public Equity Network, or OPEN, enables companies to issue equity natively on Figure’s Provenance blockchain. Unlike many tokenization initiatives, the shares created on OPEN are not digital stand-ins or synthetic products. Instead, they represent actual ownership in a company, with shareholders able to lend or borrow against those shares directly, without relying on traditional intermediaries.
Figure plans to be the first company to issue its own equity through the platform. Once issued, the blockchain-based shares will be tradable on Figure’s decentralized marketplace. The goal, according to co-founder and executive chairman Mike Cagney, is to streamline equity markets by reducing the need for central securities depositories, stock exchanges, and retail brokers.
Founded in 2018, Figure focuses on blockchain-powered lending products, including home equity lines of credit. The company went public in September, raising nearly $788 million in its initial public offering. Cagney previously led digital banking firm SoFi Technologies before starting Figure.
Beyond simplifying ownership and trading, the platform could also change how stock lending works. By allowing shares to move directly between investors, OPEN may reduce costs and settlement friction, while still creating new opportunities for prime brokers through services such as cross-collateralization.
Figure says it has already attracted interest from companies known as digital-asset treasury firms. These businesses raise capital to hold cryptocurrencies on their balance sheets and have faced pressure recently as share prices fell below the value of their underlying crypto holdings. OPEN could help address that gap by letting investors buy shares directly using digital assets.
