Figure Technology Solutions (Nasdaq: FIGR) has successfully closed pricing for FGRD, marking the world's first public equity security to be issued, listed, traded, and settled entirely on blockchain infrastructure. Announced on February 18, 2026, this development represents a profound shift away from traditional market structures toward a more efficient, transparent, and accessible capital market system.
The offering was facilitated through Figure's On-Chain Public Equity Network (OPEN), which runs on the Provenance blockchain. The company utilized its own Alternative Trading System (ATS) to enable instantaneous settlement, eliminating the need for the traditional Depository Trust & Clearing Corporation (DTCC) and multi-day T+1 or T+2 settlement cycles that underpin Wall Street.
Executive Board Chair Mike Cagney described the transaction as an "important milestone," noting that the deal was upsized and heavily oversubscribed with participation from both retail and institutional investors. In a social media post, Cagney stated: "The @figure deal was upsized and oversubscribed with a good mix of retail and institutional," highlighting the strong demand that exceeded initial targets.
The FGRD shares represent actual company equity issued natively on the blockchain, not tokenized representations of off-chain assets. This native issuance eliminates legacy intermediaries, reduces operational friction, and unlocks real-time finality of trades. The shares support 24/7 trading on a limit-order book, peer-to-peer transfers, and seamless composability with decentralized finance (DeFi) protocols.
From day one, these blockchain-native equities can be programmed for advanced use cases—such as serving as collateral for lending, integration into yield-generating strategies, or automated compliance via smart contracts—capabilities impossible in traditional financial systems.
The launch occurs amid an upsized $150 million secondary public offering with participation from Pantera Capital, positioning Figure as a pioneer in re-architecting capital markets through Real World Assets (RWA). Figure, co-founded by fintech professional Mike Cagney (also a co-founder of SoFi), has previously originated more than $20 billion in loans directly on the Provenance blockchain.
Market observers see FGRD as a proof-of-concept with far-reaching implications. Instant settlement minimizes counterparty risk and frees up billions in tied-up capital currently held for margin and clearing purposes. Continuous trading democratizes access for global investors operating across time zones, while native composability positions blockchain equities to integrate directly with the rapidly expanding DeFi ecosystem.
The announcement also teased imminent secondary market trading, promising even greater liquidity as investors gain the ability to buy and sell FGRD shares fluidly on the open market. Figure itself plans to migrate aspects of its own equity structure onto the network in coming phases, and the OPEN network now reportedly allows any issuer to bypass traditional custodians and clearinghouses, lowering costs while enhancing liquidity and global accessibility.
