- Figure Technology has filed with the U.S. SEC to launch blockchain-native equity on Solana, following its Nasdaq listing.
- The equity will trade natively on Solana via an alternative trading system, avoiding traditional exchanges and intermediaries.
- This initiative aims to integrate tokenized shares within decentralized finance (DeFi) protocols for lending and borrowing.
- Figure plans to enable other companies to issue native equity directly on Solana.
- Solana is gaining prominence as a platform for tokenized assets and real-world asset markets due to its high speed and transaction finality.
Figure Technology, a blockchain-based financial services firm, has filed a second public offering with the U.S. Securities and Exchange Commission (SEC) to issue equity directly on the Solana Blockchain. This move follows the company’s recent listing on Nasdaq and aims to expand decentralized finance (DeFi) applications on Solana.
At the Solana Breakpoint conference, Figure’s executive chairman, Mike Cagney, explained the new equity offering would be native to the blockchain and not available on traditional stock exchanges such as Nasdaq or the New York Stock Exchange. The shares will also bypass brokers like Robinhood and prime brokers such as Goldman Sachs. Instead, the securities will be issued and traded on Solana through Figure’s alternative trading system, described by Cagney as “effectively a decentralized exchange.”
This blockchain-native equity would allow investors to use tokenized securities within DeFi protocols for borrowing or lending purposes. Cagney also emphasized that beyond tokenizing Figure’s own shares, the company intends to support native equity issuance for other firms within the Solana ecosystem, stating, “One of the focus points that we have is not only bringing that equity over to the Solana ecosystem but allowing for native Solana equity issuance as well.”
Solana, known for its high throughput and fast transaction finality, is becoming a leading platform for tokenized assets and real-world asset (RWA) markets. While Ethereum currently dominates tokenization, experts including Matt Hougan, chief investment officer at Bitwise, suggest Solana is poised to become the preferred network for stablecoins and tokenized assets over time.
Research from RedStone highlights Solana as a “high-performance challenger” in tokenized US Treasury markets. Data on Solana’s tokenized asset activity can be found at RWA.xyz.
For further context on the company’s financial activities, see the related information on Figure Technology’s IPO size increasing, potentially reaching $800 million.
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