Figure Technology Unveils Blockchain Platform for Direct Stock Lending

Figure Technology has introduced a blockchain platform designed to streamline direct stock lending and enhance transparency for market participants. The platform aims to facilitate more efficient collateral management and reduce counterparty risk by leveraging distributed ledger technology. The initiative aligns with growing interest in blockchain applications for financial infrastructure.

Meanwhile, Nasdaq saw increased investor optimism as Clear Street raised its price target for the exchange to $113 from $108, citing strong trading revenue and improved visibility into index growth and capital return strategies. The firm also increased its fiscal year 2026 and 2027 earnings estimates.

In a broader market move, Walmart announced it will replace AstraZeneca in the Nasdaq-100 Index on January 20, 2026, as part of its transition from the New York Stock Exchange to Nasdaq. This shift reflects a strategic alignment with Nasdaq's technology and investor base.

What Are the Implications of Singapore's New Dual-Listing Rules?

Singapore's central bank launched a public consultation on proposed changes to securities laws to facilitate dual listings on the Singapore Exchange and Nasdaq. The proposed amendments include allowing a single prospectus for cross-border listings and aligning IPO timelines with U.S. standards. These changes aim to attract more international companies by reducing procedural costs and complexity.

The Singapore Exchange also plans to introduce a Global Listing Board, designed to make the local bourse more competitive in attracting foreign issuers. The proposed rules include minimum retail allocation requirements and timely disclosure standards for U.S. filings.

How Are Tokenized Equities Reshaping Trading Platforms?

Tokenized equities are gaining traction among major exchanges and crypto platforms. Bitget captured 89% of the tokenized stock market share on Ondo in December 2025, extending its zero-fee trading campaign for tokenized stocks through April 2026. The platform now offers over 200 tokenized stocks and ETFs, including major global companies like Apple and Tesla.

Coinbase CEO also highlighted the potential of tokenized stocks to transform global markets, though he noted the need for clearer regulations and investor education. The total value of tokenized equity transfers reached $2.46 billion in December.

What Does the Future Hold for IPO Activity and Market Trends?

Analysts are closely watching for signs of a 2026 IPO surge, with companies like OpenAI, SpaceX, and Anthropic among potential candidates. The Renaissance IPO ETF (IPO) has returned 9.4% year-to-date, despite lagging the S&P 500. The ETF's strategy includes quarterly rebalancing and caps on individual stock weightings to manage risk.

Private equity deal value grew 43% in 2025, with the U.S. and Canada leading in transaction volume. Middle-market deals became more prevalent as investors sought manageable valuations and operational improvement opportunities. Singapore's Equity Market Development Program is expected to further support late-stage deal activity in 2026.

HTX reported robust trading volume growth in 2025, with cumulative spot trading volume exceeding 1.9 trillion USDT. The exchange emphasized the role of smart trading tools, including spot trading bots, which contributed to a 97% year-on-year increase in generated trading volume.