Figure Launches OPEN to List and Trade Public Shares Directly on Blockchain

Figure says the design reduces intermediaries by pairing a blockchain share registry with its regulated trading system.

Overview

OPEN operates on the Provenance blockchain and routes orders through Figure’s FINRA/SIPC‑member ATS with a limit order book to enable continuous trading.
Shares issued on OPEN are recorded natively on-chain rather than as DTCC‑linked tokens, supporting self-custody and on-ledger settlement.
Investors can use Figure’s Democratized Prime DeFi protocol to borrow against or lend their OPEN shares, shifting stock‑lending economics toward shareholders.
Figure plans to be the first issuer, citing a November 2025 filing for a non‑dilutive secondary offering and a two‑way exchangeability feature with its Nasdaq‑listed equity to preserve liquidity.
Figure reports onboarding preparations by market maker Jump Trading and qualified custody from BitGo, with industry coverage noting rising tokenized‑equity activity.