Figure Technologies has launched a new platform called OPEN, designed to let companies issue and trade public shares directly on the blockchain.
The idea behind OPEN is simple but big. Instead of turning regular stocks into tokens that mirror traditional shares, OPEN allows equity to be created and registered natively on-chain from the start. That means the shares live on the blockchain, not in the old clearing systems.
Trading on OPEN happens through Figure’s own regulated trading system and runs continuously, not just during normal market hours. Investors can place limit orders just like in traditional markets, but without many of the usual middlemen.
Another key feature is lending. Shareholders can lend or borrow against their shares using Figure’s decentralized finance tools. This removes the need for prime brokers and is meant to lower costs while giving investors more control and better returns.
Figure says the platform cuts down on compliance and capital costs tied to legacy systems, allows users to hold and settle their own shares, and brings more transparency to stock lending. Instead of behind-the-scenes processes, lending happens through a visible order book, sending more value back to shareholders.
Figure plans to be the first company to use OPEN itself. It has already filed paperwork for a secondary offering that will run through the new network. Shares issued on OPEN will be exchangeable with Figure’s Nasdaq-listed stock, allowing trading activity to flow between both markets.
Major players are already getting involved. Jump Trading is coming on board to help with market liquidity, while BitGo will provide custody services for investors who need them.
Company leaders say this is a step toward rethinking how equity markets work. After building a large on-chain credit business, Figure now wants to bring the same blockchain efficiency to public stocks.
The OPEN launch fits into Figure’s broader push into blockchain-based finance. Over the past year, the company has worked on tokenized debt, a regulated yield-bearing stablecoin, and expanded its lending platforms. It says interest is already coming from crypto-native firms and traditional companies looking for faster, cheaper, and more transparent ways to issue and trade shares.
In short, OPEN is Figure’s bet that the future of public equity trading will live on the blockchain, not inside legacy systems built decades ago.
