Figure Technology Debuts FGRD: The First Natively Tokenized Stock on Blockchain Rails

In a bold move that could reshape the very infrastructure of Wall Street, Figure Technology Solutions (FIGR) is unveiling FGRD—the first-ever tokenized stock issued natively on blockchain, cutting out traditional intermediaries and ushering in a new era of real-time, transparent capital markets.

Led by ex-SoFi CEO Mike Cagney, Figure is launching FGRD on its proprietary Onchain Public Equity Network (OPEN), a platform that allows the stock to be issued, traded, and settled entirely on blockchain rails. This eliminates the need for legacy clearinghouses and custody systems, promising faster execution, reduced settlement risk, and programmable compliance.

What Makes FGRD Different?

Unlike most tokenized equities, which are merely digital representations of off-chain assets, FGRD is the actual equity itself—issued natively on-chain. This distinction is crucial. While other tokenized stocks rely on intermediaries to mirror real-world ownership, FGRD exists as the direct, blockchain-native representation of Figure’s stock.

“Public equity still runs on decades-old market plumbing, and it simply doesn’t make sense anymore,” said Mike Cagney, executive chairman of Figure. “By issuing FGRD natively on-chain, we’re re-architecting the core infrastructure of capital markets to be real-time, transparent, and programmable, while removing layers of intermediaries that add cost, risk, and friction.”

How It Works

Investors can access FGRD through the Figure Markets app or self-custody wallets integrated with the OPEN network. The tokenized stock isn’t just for trading—it can also be used for lending or borrowing via Figure’s decentralized finance protocol, Democratized Prime. This opens up new possibilities for liquidity and financial innovation, allowing investors to leverage their holdings in ways traditional markets don’t permit.

Figure’s blockchain-native capital markets platform has already facilitated over $22 billion in home equity loans and offers tools for digital asset custody, tokenization, and on-chain yield products. Its infrastructure is used by banks, credit unions, and fintechs to bring traditional assets onto public blockchains.

The Bigger Picture

The debut of FGRD comes at a time when tokenized equities are gaining traction for their potential to reduce settlement risk, improve transparency, and increase market access. However, most tokenized stocks are still backed by off-chain assets and depend on intermediaries to reflect real-world ownership. FGRD’s native on-chain issuance sets it apart, representing a true leap forward in the evolution of capital markets.

Figure’s move also coincides with its secondary public offering, which was upsized to $150 million, with venture firm Pantera Capital participating. The company also announced a $10 million repurchase of its common stock from existing shareholders.

Despite going public in September, Figure’s shares have faced headwinds, erasing gains over the past month as crypto prices tumbled. However, the launch of FGRD signals Figure’s commitment to pushing the boundaries of blockchain innovation, even in a challenging market environment.

The Future of Finance

The introduction of FGRD is more than just a technological milestone—it’s a statement about the future of finance. By leveraging blockchain to eliminate intermediaries, reduce costs, and increase transparency, Figure is paving the way for a more efficient, accessible, and programmable financial system.

As Cagney puts it, “We’re not just tokenizing stock; we’re re-architecting the entire capital markets infrastructure.” And with FGRD, Figure is proving that the future of finance is already here—it’s just waiting for the rest of Wall Street to catch up.

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