A new initiative is emerging that seeks to rebuild public equity markets directly on blockchain infrastructure, moving beyond tokenized or wrapped versions of traditional stocks. The approach aims to place equity issuance, ownership, and settlement entirely on-chain, potentially reshaping how public shares are created, traded, and financed.
Figure Technology Solutions is preparing to launch the On-Chain Public Equity Network (OPEN), a platform where companies issue shares natively on a blockchain rather than through legacy exchanges and clearing systems. The shares issued on OPEN are not digital representations of existing securities. They are the equity itself, recorded and managed on-chain via Figure’s Provenance blockchain. Investors would hold these shares directly in digital wallets, with ownership and transfers settled at the protocol level.
Figure’s move builds on its background in blockchain-based lending and regulated financial products. Founded in 2018, the firm has experience operating within capital markets after raising nearly $800 million and navigating public-market regulation. Rather than removing institutions entirely, OPEN could reposition them to build services such as lending and cross-collateralization on top of on-chain equity rails.
OPEN remains in early stages, and adoption is uncertain. However, the initiative reflects a broader shift toward treating blockchain as core market infrastructure rather than an add-on. If the model gains traction, public equities could begin to function more like programmable financial assets, signaling a structural change in how capital markets operate.
Source: Company disclosures and blockchain market analysis
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