Blockchain-based financial services firm Figure Technology has filed for a second public offering, aiming to issue native equity directly on the Solana blockchain. This strategic move, following the company's recent Nasdaq listing, is designed to unlock new decentralized finance (DeFi) use cases by enabling on-chain trading and financial utility beyond traditional stock markets.
A New Paradigm for Equity Issuance
At the Solana Breakpoint conference, Figure's executive chairman, Mike Cagney, announced the filing with the US Securities and Exchange Commission (SEC). He described the initiative as launching "a new version of Figure equity on a public blockchain." This blockchain-native equity will not trade on traditional exchanges like Nasdaq or rely on conventional brokers.
"Instead, the security would be issued and traded natively onchain via Figure’s alternative trading system, which he characterized as 'effectively a decentralized exchange.'"
Unlocking DeFi Utility for Tokenized Securities
The core innovation lies in the integration with DeFi. By issuing equity directly on Solana, the tokenized security can be utilized within various DeFi protocols. Cagney explained that investors could use these digital assets as collateral to borrow against or lend out, creating new financial opportunities.
Figure's vision extends beyond its own shares. The company plans to support native equity issuance for other firms directly within the Solana ecosystem, potentially transforming how companies access capital markets.
Solana's Rise as a Tokenization Hub
Solana, already a leading public blockchain by activity, is rapidly becoming a central hub for tokenized assets and real-world assets (RWAs). Its market share in the RWA sector has grown consistently.
- High-Performance Infrastructure: Experts like Matt Hougan, CIO of Bitwise, note that as Wall Street assesses tokenization, networks offering high speed, throughput, and fast finality—areas where Solana excels—will gain favor.
- Competitive Challenger: Research from RedStone identifies Solana as a "high-performance challenger" in RWA markets, particularly for tokenized US Treasuries, positioning it as a future leader for stablecoins and digital assets.
This move by Figure Technology represents a significant step toward merging traditional equity markets with the efficiency and programmability of blockchain technology, with Solana poised to be a key infrastructure provider.
Key Takeaways
- Figure Technology has filed for a second IPO to issue native, tokenized equity directly on the Solana blockchain.
- The equity will trade on Figure's on-chain alternative trading system, not traditional stock exchanges, enabling direct DeFi integration.
- This allows the tokenized security to be used as collateral for loans or lending within DeFi protocols.
- Figure aims to build infrastructure for other companies to issue native equity on Solana.
- Solana's high performance is making it a preferred network for tokenized real-world assets (RWAs) and stablecoins.
