Blockchain-Native Equity and the Emergence of On-Chain Stock Markets

The financial landscape is undergoing a seismic shift as blockchain technology redefines traditional equity markets. At the forefront of this transformation are platforms like Figure's OPEN Platform and Solana's on-chain stock initiatives, which are dismantling legacy infrastructure and integrating decentralized finance (DeFi) into core capital markets. By leveraging blockchain-native equity, these innovations are enhancing liquidity, democratizing access, and enabling real-time, transparent financial interactions. This analysis explores how Figure and Solana are reshaping equity markets and what this means for investors navigating the next era of finance.

Figure's OPEN Platform: A New Paradigm for Equity Liquidity

Figure's OPEN Platform is pioneering blockchain-native equity through its Series A Blockchain Common Stock, issued and traded on the Provenance Blockchain. This approach bypasses traditional clearinghouses like the DTCC, enabling direct ownership in self-custodial wallets and 24/7 trading via Figure's non-custodial alternative trading system. The platform's integration of DeFi protocols, such as Democratized Prime, allows shareholders to lend or borrow against their stock without intermediaries, creating a decentralized liquidity layer.

A critical feature of Figure's model is cross-collateralization, where blockchain assets can be used as collateral for loans or yield-generating activities. This is facilitated by Figure's SEC-registered stablecoin, $YLDS, which ensures seamless transaction settlements and reduces counterparty risk. Additionally, on-chain governance enables shareholders to vote directly on corporate matters, eliminating reliance on proxy firms and enhancing transparency. These innovations are not just theoretical-they are already driving a premium for blockchain-native securities over traditional counterparts, as liquidity and utility converge.

Solana's 2025 IPO: Scaling On-Chain Equity Markets

While Figure's OPEN Platform focuses on institutional-grade blockchain infrastructure, Solana is emerging as the backbone of on-chain stock markets. In 2025, Figure filed a second IPO with the SEC, this time issuing equity natively on Solana's blockchain. This offering allows investors to choose between Nasdaq-listed shares and tokenized Solana-based equity, with real-time settlements and DeFi integration. Solana's high-speed, low-cost infrastructure- processing thousands of transactions per second-makes it ideal for tokenized real-world assets (RWAs) and institutional-grade financial instruments.

Solana's ecosystem is rapidly becoming a hub for tokenized equities and RWAs. For instance, J.P. Morgan executed a commercial paper issuance for Galaxy Digital on Solana, while State Street plans to launch the first tokenized money market fund on the network in 2026. These developments underscore Solana's role as a scalable settlement layer for institutional capital. Meanwhile, Figure's RWA Consortium, built on Solana, is bridging DeFi and traditional finance by enabling everyday users to access institutional-grade yields from tokenized loans and HELOCs. Partners like Raydium and Kamino are further enhancing liquidity through concentrated pools and efficient price discovery.

Convergence of Liquidity, Access, and DeFi

Both Figure and Solana are redefining liquidity by eliminating intermediaries and enabling continuous trading. Figure's OPEN Platform allows shares to settle directly into wallets, while Solana's infrastructure supports instant settlements for tokenized equities. This 24/7 liquidity model contrasts sharply with traditional markets, where trading hours and settlement delays limit efficiency.

Access is another key differentiator. By tokenizing assets and integrating DeFi protocols, both platforms democratize participation. For example, Figure's RWA Consortium allows retail investors to lend against tokenized loans via Democratized Prime, earning yields comparable to institutional-grade instruments. Similarly, Solana's low fees and high throughput make it accessible for small and large players alike, fostering a more inclusive financial ecosystem.

DeFi integration is the linchpin of these innovations. Figure's Democratized Prime protocol and Solana's RWA ecosystem enable tokenized assets to be used as collateral, voted on, or traded across multiple chains. This creates a self-sustaining cycle of liquidity and utility, where assets are not just held but actively leveraged.

Implications for the Future of Equity Markets

The convergence of blockchain-native equity and on-chain stock markets signals a broader shift toward decentralized, transparent finance. Traditional gatekeepers-clearinghouses, prime brokers, and proxy firms-are being replaced by protocols that automate and democratize financial interactions. For investors, this means:
- Enhanced Liquidity: Continuous trading and cross-collateralization reduce illiquidity premiums.
- Lower Costs: Bypassing intermediaries cuts fees and settlement times.
- New Yield Opportunities: Tokenized assets can be lent, borrowed, or staked across DeFi ecosystems.

However, challenges remain. Regulatory frameworks must adapt to tokenized securities, and interoperability between chains like Provenance and Solana will be critical for scalability. Nonetheless, the momentum is undeniable: tokenized RWAs on Solana grew significantly in 2025, and Figure's initiatives are setting precedents for future on-chain issuances.

Conclusion

Blockchain-native equity and on-chain stock markets are no longer speculative-they are operational, scalable, and reshaping capital markets. Figure's OPEN Platform and Solana's IPO initiatives exemplify how blockchain can enhance liquidity, democratize access, and integrate DeFi into core financial systems. For investors, the key takeaway is clear: the future of equity markets is decentralized, and those who embrace this shift will be positioned to capitalize on the next wave of financial innovation.