Figure Launches On-Chain Platform for Stock Issuance and Lending in 2026: A Game-Changer for Capital Markets

• What Is Figure’s OPEN Platform?
• How Does OPEN Disrupt Traditional Stock Markets?
• Why Are DATs Excited About OPEN?
• What’s Next for Figure and OPEN?
• FAQs: Figure’s OPEN Platform Explained

In a bold MOVE that could reshape traditional finance, Figure has unveiled its On-Chain Public Equity Network (OPEN), a blockchain-based platform enabling companies to issue and trade stocks directly on-chain while allowing peer-to-peer stock lending—bypassing brokers, clearinghouses, and other intermediaries. This 2026 innovation leverages Provenance Blockchain to tokenize real equity ownership, with Figure itself becoming the first adopter. Here’s why Wall Street and crypto investors are watching closely.

What Is Figure’s OPEN Platform?

OPEN is a decentralized ecosystem where companies can issue stocks as blockchain tokens, representing actual equity—not synthetic derivatives or placeholders. Investors trade these tokens on Figure’s built-in decentralized exchange (DEX) and use them as collateral for loans. "We’re stripping out the entire middle layer," says Mike Cagney, Figure’s co-founder and executive chairman, referring to the elimination of centralized depositories, retail brokers, and stock exchanges. The platform runs on Provenance Blockchain, known for its scalability in financial applications.

How Does OPEN Disrupt Traditional Stock Markets?

Traditional stock issuance involves underwriters, custodians, and brokers—adding cost and latency. OPEN cuts this chain by:

• Direct Issuance: Companies mint shares as tokens (e.g., a Solana-based digital asset trust could issue equity tokens backed by SOL holdings).
• Peer-to-Peer Lending: Investors lend/borrow stocks without prime brokers, using smart contracts for collateral management.
• 24/7 Trading: Unlike NYSE or NASDAQ, OPEN’s DEX operates round-the-clock.

Early adopters include Digital Asset Trusts (DATs), like Bitcoin-focused Strategy Inc., whose shares trade below NAV due to crypto market volatility. OPEN could narrow this gap by enabling direct crypto-to-equity swaps.

Why Are DATs Excited About OPEN?

DATs hold crypto reserves but struggle with stock valuations. For example, a DAT holding solana (SOL) could issue tokens tradable for SOL on OPEN—creating instant arbitrage opportunities. "Shareholders get a digital wallet to receive assets," notes Cagney. "This speeds up price corrections to NAV." TradingView data shows DAT stocks often lag crypto prices by 10-30%; OPEN’s liquidity might solve this.

What’s Next for Figure and OPEN?

After raising $787.5M in its 2025 IPO, Figure plans to migrate its own shares to OPEN. The platform may also attract:

• Crossover Services: Prime brokers could offer on-chain margin lending or custody.
• Regulatory Bridges: OPEN’s transparency might ease SEC compliance for tokenized stocks.

Industry analysts, including BTCC’s market strategist, suggest OPEN could capture 5-10% of equity lending volume by 2027 if adoption grows.

FAQs: Figure’s OPEN Platform Explained

How does OPEN differ from traditional stock exchanges?

OPEN removes intermediaries like clearinghouses and brokers, allowing direct issuer-to-investor transactions via blockchain tokens.

Can investors short stocks on OPEN?

Yes, through peer-to-peer lending—borrowers use tokens as collateral, similar to decentralized finance (DeFi) protocols.

Is OPEN live now?

As of January 2026, Figure is onboarding initial issuers, with full rollout expected by Q3.