Figure Launches Tokenized Stock, Pioneering Blockchain-Based Equity Trading
Figure Technology Solutions (FIGR) has launched a tokenized version of its stock, FGRD, marking a significant step towards the integration of blockchain technology into traditional public equity markets. The move, announced on February 19, 2026, allows investors to trade and hold shares natively on the blockchain, bypassing conventional clearing systems and potentially unlocking new levels of efficiency and accessibility.
Onchain Public Equity Network (OPEN)
The FGRD token is available on Figure’s Onchain Public Equity Network (OPEN), a platform designed for the issuance, trading, and settlement of equity tokens. OPEN aims to remove reliance on intermediaries like the Depository Trust and Clearing Corporation (DTCC), reducing costs and increasing transparency . Transactions are recorded directly on a blockchain, enabling faster execution and programmable compliance.
Faster Settlement and DeFi Integration
Figure’s executive chairman, Mike Cagney, emphasized the need to modernize the public equity infrastructure, stating, “Public equity still runs on decades-old market plumbing, and it simply doesn’t make sense anymore.” . By issuing FGRD onchain, Figure aims to create a real-time, transparent, and programmable capital market.
Beyond trading, FGRD token holders will have the ability to lend or borrow against their holdings through Figure’s decentralized finance (DeFi) protocol, Democratized Prime .
$150 Million Offering and Investor Participation
The launch of the FGRD token coincides with an upsized $150 million secondary share offering, with participation from Pantera Capital . Figure initially launched OPEN last month and filed the public registration statement for this offering last fall .
Broader Tokenization Trends and Challenges
Figure’s move is part of a growing trend toward tokenizing real-world assets (RWAs). However, recent analysis suggests that liquidity remains a challenge in the tokenized RWA market. While the technology functions as expected, volumes are often thin and exits can be limited . Many top tokenized RWAs are commodity-backed stablecoins rather than the financial derivatives needed for market scalability.
Accessing FGRD
Investors can access the FGRD token through the Figure Markets app and self-custody wallets integrated with the OPEN network .
Figure filed a registration statement with the SEC for the secondary offering of blockchain-native equity (Series A Blockchain Stock). Investors are advised to read the prospectus at sec.gov before investing. Risks include loss of principal, blockchain/tech issues, and no guaranteed discount/yield .