Figure Unveils Onchain Equity Network to Redefine Stock Trading and Lending

Figure Technology Solutions (NASDAQ: FIGR) has launched the On-Chain Public Equity Network (OPEN), a blockchain-based system for issuing and trading public equities. OPEN allows companies to register and trade shares directly on the blockchain, eliminating the need for intermediaries in the traditional equity market structure according to The Block. The platform aims to streamline equity issuance, settlement, and lending by leveraging blockchain technology to reduce costs and complexity as reported by Globenewswire.

Figure plans to be the first issuer on the platform, having filed a secondary equity offering registration in November 2025. The blockchain-native shares will be exchangeable with its Nasdaq-listed stock, allowing for liquidity between both markets according to Bloomberg. This move aligns with Figure's broader goal to transition traditional financial infrastructure to blockchain-based solutions. The platform operates through Figure's Provenance blockchain and Alternative Trading System (ATS) as detailed by Cointelegraph.

The OPEN network supports continuous trading on a limit order book and enables shareholders to lend or borrow shares directly via the Democratized Prime protocol. Unlike traditional stock lending, which relies on prime brokers and opaque pricing, OPEN facilitates real-time settlement and collateralization. This transparency is expected to shift more of the economics of stock lending back to shareholders as reported by Globenewswire.

Why Did This Happen?

Figure's co-founder and executive chairman, Mike Cagney, emphasized the platform's potential to disrupt traditional equity trading. He highlighted the removal of intermediaries such as central securities depositories, custodial brokers, and exchanges as stated by StockTitan. By doing so, OPEN reduces the reliance on legacy infrastructure and offers a more cost-effective and efficient solution for both issuers and investors according to QuiverQuant.

The platform also introduces portfolio margining and cross-collateralization capabilities through DeFi protocols. This allows for better asset management and potentially higher advance rates compared to traditional lending models as noted by TradingView.

How Did Markets React?

Figure's stock price has shown strong performance since its public offering in September 2025. As of January 14, 2026, the stock traded near $57, roughly 5% below its recent high of $60 according to The Block. Analysts at Bernstein raised their price target for Figure to $72, implying nearly 30% potential upside and naming the stock their 'best idea' for 2026 as reported by Investing.com. The firm cited Figure's rapid adoption of its tokenized credit marketplace and improving operating leverage as key factors supporting this bullish outlook according to Investing.com.

The broader tokenized equity market is also showing signs of growth. Bitget, a major exchange, reported capturing 89% of tokenized stock market share in December 2025. The platform extended its zero-fee trading campaign through April 2026, signaling continued momentum in the sector .

What Are Analysts Watching Next?

Analysts are focusing on how the OPEN network might impact Figure's near-term revenue and long-term market expansion. While tokenized equities are seen as a longer-term opportunity, Bernstein noted that Figure's core onchain credit business is already tracking ahead of expectations . The firm forecasts Figure's net revenue to rise from $511 million in 2025 to $945 million by 2027, with adjusted EBITDA margins expanding to about 60% .

Market participants are also watching for further developments in regulatory frameworks. Figure's OPEN network is designed to comply with existing regulations while offering a blockchain-native alternative to traditional markets. The platform's ability to navigate regulatory scrutiny will be a key factor in its adoption .

Partnerships with Jump Trading and BitGo are expected to play a significant role in the platform's scalability. Jump Trading is preparing to provide liquidity on the blockchain, while BitGo will offer qualified custody services to eligible participants . These collaborations signal confidence in the platform's potential to attract both institutional and retail investors.

Figure's entry into tokenized equities aligns with broader trends in blockchain finance. The total value of tokenized stocks reached $1.2 billion by late December 2025, with monthly trading volumes climbing to about $800 million . As the market continues to expand, platforms like OPEN could redefine how investors access and trade traditional equities through decentralized systems.