Figure Technology Solutions (FIGR), the blockchain company led by former SoFi CEO Mike Cagney, is launching a new tokenized stock class on Thursday that trades entirely on blockchain rails, eliminating traditional middlemen, the company told CoinDesk.
The equity token, dubbed FGRD, will be available on Figure’s Onchain Public Equity Network (OPEN), where it is issued, traded and settled without reliance 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 compliance, the company said.
Investors can access the asset through the Figure Markets app and in-network self-custodial wallets. 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 lending, financing and secondary trading. The company has originated over $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 integrate traditional assets on public blockchains.
Tokenized stocks – digital versions of traditional stocks that trade on blockchain – have recently attracted attention for their potential to reduce settlement risk, improve transparency and increase market access. Most are backed by off-chain assets and rely on intermediaries to reflect actual ownership. FGRD differs in that it is issued natively on-chain, representing actual equity rather than a derivative or proxy.
“Public stocks still operate under decades-old market rules, and it just doesn’t make sense anymore,” said Mike Cagney, executive chairman of Figure.
“By issuing FGRD natively on-chain, we are re-engineering 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 token stock debut comes amid the company’s secondary public offering, which was raised to $150 million. Venture capital firm Pantera Capital participated in the operation. The company also announced it would repurchase $10 million of its common stock from existing shareholders.
The figure was made public in September, with its shares erasing last month’s gains as crypto prices fell.
