Figure launches OPEN to enable blockchain-based direct stock lending
Nasdaq-listed company Figure Technology Solutions is launching a direct equity lending platform that allows investors to lend shares to one another without relying on traditional securities intermediaries.
According to Bloomberg, blockchain-focused Figure Technology Solutions has launched the On-Chain Public Equity Network (OPEN), a platform that enables companies to issue real shares directly on Figure’s Provenance blockchain.
Unlike some tokenized equity offerings that typically mirror existing shares through synthetic instruments, shares issued via OPEN represent actual ownership. According to Figure CEO Mike Cagney, these shares can be lent or pledged directly on-chain, bypassing intermediaries such as custodians, exchanges, and brokers.
Market explores the innovation
In practice, the system allows investors to lend their shares directly on the blockchain rather than through traditional securities lending markets. Proponents argue that this approach could simplify settlement processes and increase transparency around ownership and lending activity.
Mike Cagney said that several companies have already expressed interest in issuing shares through OPEN, including firms involved in digital asset management.
Tokenized equities are gaining increased attention, with some industry participants describing the segment as entering a “stablecoin moment,” referring to the early growth phase that stablecoins experienced around 2020.
According to Cointelegraph, citing Token Terminal, the total value of tokenized equities reached $1.2 billion by the end of December. Separate estimates suggest that monthly on-chain equity trading volumes have grown to approximately $800 million.
As we wrote, Circle, Ripple and Figure drive record $6.2B funding boom
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