Blockchain-Native Equities: Figure's OPEN Platform and the Disruption of Traditional Capital Markets

The capital markets are on the brink of a seismic shift, driven by blockchain-native innovations that are redefining equity issuance, settlement, and liquidity. At the forefront of this transformation is Figure Technologies, whose OPEN platform is pioneering a decentralized approach to equity tokenization. By leveraging blockchain infrastructure to bypass traditional intermediaries, Figure is not only reducing friction in capital markets but also unlocking new avenues for institutional and retail participation. For investors, the question is no longer if blockchain will disrupt equities-it's how quickly and who will lead the charge.

The OPEN Platform: A Blockchain-Native Paradigm for Equities

Figure's On-Chain Public Equity Network (OPEN) represents a radical reimagining of equity trading. Unlike traditional systems reliant on the Depository Trust and Clearing Corporation (DTCC), OPEN enables companies to list equities directly on a blockchain, with shareholders trading via a limit order book on Figure's Alternative Trading System (ATS) as announced. This eliminates the need for prime brokers in many cases, as DeFi-based lending and borrowing protocols facilitate continuous trading. The platform's integration of portfolio margining through DeFi further enhances efficiency by enabling cross-collateralization across asset classes-a feature absent in legacy systems according to reports.

What makes OPEN particularly compelling is its two-way liquidity bridge with Nasdaq. Shareholders can seamlessly exchange OPEN-listed stock for Nasdaq equity and vice versa, ensuring price discovery and liquidity are preserved across both markets as detailed. This hybrid model bridges the gap between blockchain's speed and traditional finance's depth, addressing a critical barrier to adoption.

Financial Momentum and Strategic Execution

Figure's financial performance in 2025 underscores its strategic execution. For Q3 2025, the company reported a 70% year-over-year increase in consumer loan marketplace volume, reaching $2.5 billion, driven by its Figure Connect platform according to Q3 results. Adjusted Net Revenue surged 55% to $156 million, while Net Income grew 227% to $90 million, with an impressive 55% Adjusted EBITDA margin as reported. This momentum accelerated in Q4 2025, with December alone seeing a 134% year-over-year increase in consumer loan volume ($869 million) and full Q4 volume hitting $2.7 billion according to preliminary data.

Beyond financials, Figure's blockchain operations are gaining traction. The circulation of its yield-bearing token, $YLDS, rose 198% to $328 million since November 2025, while its Democratized Prime platform saw matched offers balance and borrower demand surge by 442% and 435%, respectively as revealed. These metrics highlight a growing ecosystem where tokenized assets are not just theoretical but actively driving capital formation.

A Catalyst for RWA Tokenization and Long-Term Value

Figure's innovations are accelerating the real-world asset (RWA) tokenization boom, a trend projected to reshape global finance. By tokenizing equities and securitizing them on-chain, Figure has already achieved a milestone: its most recent securitization received AAA ratings from S&P and Moody's, a testament to institutional trust in blockchain-based structures according to market reports. This credibility is critical for scaling RWA adoption, as it bridges the gap between decentralized protocols and traditional credit standards.

Moreover, Figure's first-mover advantage is reinforced by partnerships with key players. Market makers like Jump Trading LLC and custodians like BitGo are aligning with OPEN, signaling confidence in its scalability and regulatory compliance as announced. These alliances are not mere endorsements-they are infrastructure bets that position Figure as the backbone of a new capital market stack.

Why Invest Now? Strategic Momentum and Network Effects

For investors, the case for Figure is twofold: strategic momentum and network effects. The company's 2025 results demonstrate a scalable business model with high-margin blockchain operations, while its OPEN platform is attracting blockchain-native companies, institutional investors, and dealer communities according to company announcements. As more firms tokenize equities on-chain, the network's liquidity and utility will compound, creating a flywheel effect.

Additionally, Figure's non-dilutive secondary offering on OPEN-filed in November 2025-sets a precedent for on-chain capital raising as reported. This innovation could reduce reliance on traditional underwriters, democratizing access to capital and further entrenching Figure's role as an infrastructure leader.

Conclusion: A Defining Play in the Future of Finance

Figure Technologies is not merely a fintech company-it is a blockchain-native infrastructure play positioned to redefine equity markets. With its OPEN platform, Figure is addressing inefficiencies in settlement, liquidity, and access while aligning with the broader RWA tokenization trend. For investors seeking exposure to the next phase of financial innovation, the time to act is now. As the lines between traditional and decentralized finance blur, Figure's strategic momentum and proven execution make it a compelling long-term bet.