Figure Technology Solutions (FIGR), the blockchain company led by former SoFi CEO Mike Cagney, will on Thursday introduce a new tokenized class of its shares that trades entirely on blockchain rails and eliminates traditional middlemen, the company told CoinDesk.
The equity token, called FGRD, will be available on Figure’s Onchain Public Equity Network (OPEN), where it is issued, traded and settled without relying on the traditional clearing and custody systems that underpin much of Wall Street.
Instead, FGRD transactions are recorded and finalized directly on a blockchain, allowing for faster execution and programmable fulfillment, the company said.
Investors can access the asset through the Figure Markets app and self-custody wallets integrated with the network. Investors will also be able to use their stock tokens to lend or borrow 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 more than $22 billion in home equity loans and offers tools for digital asset custody, tokenization, and on-chain yield 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 attracted attention for their potential to reduce liquidation risk, improve transparency, and increase market access. Most are backed by off-chain assets and rely on intermediaries to reflect real-world ownership. 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 systems, and it simply doesn’t make sense anymore,” said Figure CEO Mike Cagney.
“By issuing FGRD natively on-chain, we are redesigning the core infrastructure of capital markets to be real-time, transparent and programmable, while removing layers of intermediaries that add costs, risks and frictions,” he added.
The debut of Figure’s tokenized shares comes amid the company’s secondary public offering, which was raised to $150 million. Venture firm Pantera Capital participated in the deal. The company also said it will buy back $10 million of its common stock from existing shareholders.
Figure went public in September, and its shares erased last month’s gains as cryptocurrency prices fell.
