Figure Technology Solutions (FIGR), the blockchain company led by former SoFi CEO Mike Cagney, is debuting a new, tokenized class of its stock that trades exclusively on blockchain rails that cut out traditional middlemen on Thursday, the firm told CoinDesk.
The equity token, called FGRD, will be available on Figures Onchain Public Equity Network (OPEN), where it is issued, traded and settled without relying on the traditional clearing and custody systems that underpin most of Wall Street.
Instead, FGRD transactions are recorded and completed directly on a blockchain, allowing for faster execution and programmable compliance, the company said.
Investors can access the asset through the Figure Markets app and self-deposit integrated with the network. Investors will also be able to use their equity tokens for lending or borrowing through Figure’s decentralized finance protocol Democratized Prime.
Figure operates a blockchain-native capital markets platform that connects loan origination, financing and secondary trading. The company has originated over $22 billion in home loans and offers digital asset custodial tools, tokenization and onchain dividend products. Its infrastructure is used by banks, credit unions and fintechs to bring traditional assets to public blockchains.
Tokenized stocks – digital versions of traditional stocks that trade on blockchain rails – have recently drawn attention for their potential to reduce settlement risk, improve transparency and increase market access. Most are backed by offchain assets and rely on intermediaries to reflect ownership in the real world. FGRD differs in that it is issued natively on-chain, representing actual equity rather than a derivative or proxy.
“Public equity is still running on decades-old market plumbing, and it just doesn’t make sense anymore,” said Mike Cagney, executive chairman of Figure.
“By issuing FGRD natively on-chain, we are re-architecting the core capital markets infrastructure to be real-time, transparent and programmable, while removing layers of intermediaries that add cost, risk and friction,” he added.
Figure’s tokenized stock debut comes amid the company’s secondary public offering, which was raised to $150 million. Venture firm Pantera Capital participated in the deal. The firm also said it would buy back $10 million of its common stock from existing shareholders.
The figure was published in September, with its shares erasing gains over the past month as crypto prices fell.
