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The FGRD token symbolizes the common shares of the company issued directly on the blockchain, enabling immediate settlement and incorporating built-in lending features.
Figure executive chairman Mike Cagney (Figure)
Key Points:
- Figure will launch on Thursday a tokenized version of its stock directly on blockchain technology, avoiding traditional clearing mechanisms.
- Holders of stock tokens will have the ability to lend or borrow through Figure’s decentralized finance marketplace.
- This listing coincides with Figure’s $150 million secondary share offering, which includes participation from Pantera Capital.
Figure Technology Solutions (FIGR), a blockchain firm led by former SoFi CEO Mike Cagney, is set to introduce on Thursday a new tokenized category of its stock that operates entirely on blockchain infrastructure, eliminating the need for conventional intermediaries, as reported to CoinDesk.
The tokenized stock, identified as FGRD, will be accessible on Figure’s Onchain Public Equity Network (OPEN), where it will be issued, traded, and settled independently of the traditional clearing and custody frameworks that support the majority of Wall Street.
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Instead, transactions involving FGRD are documented and completed directly on a blockchain, facilitating quicker execution and programmable compliance, according to the company.
Investors can access this asset via the Figure Markets app and self-custody wallets associated with the network. Additionally, they will be able to utilize their stock tokens for lending or borrowing via Figure’s decentralized finance platform, Democratized Prime.
Figure operates a blockchain-centric capital markets platform that integrates loan origination, funding, and secondary trading. The company has facilitated over $22 billion in home equity loans and provides tools for digital asset custody, tokenization, and on-chain yield products. Its infrastructure is utilized by banks, credit unions, and fintech companies to transition traditional assets onto public blockchains.
Tokenized equities—digital representations of conventional stocks that trade on blockchain technology—have garnered attention lately for their ability to lower settlement risk, enhance transparency, and broaden market access. Most of these are supported by off-chain assets and rely on intermediaries to demonstrate real-world ownership. FGRD stands apart as it is issued natively on-chain, representing actual equity rather than a derivative or proxy.
"Public equity still operates on outdated market systems, which is no longer logical," stated Mike Cagney, executive chairman of Figure.
"By issuing FGRD natively on the blockchain, we are fundamentally restructuring the essential infrastructure of capital markets to be real-time, transparent, and programmable, while eliminating layers of intermediaries that incur costs, risks, and inefficiencies," he added.
Figure’s launch of its tokenized stock occurs in the context of the company’s secondary public offering, which has been increased to $150 million. The venture firm Pantera Capital is involved in this offering. The company also announced plans to buy back $10 million of its common stock from current shareholders.
Figure went public in September, with its stock price reducing gains over the past month as cryptocurrency values fell.
