Figure Technology, a blockchain-based financial services firm concentrating on tokenized assets and lending, has initiated a second public offering intending to issue native equity directly on a public blockchain. This initiative, which follows the company’s recent Nasdaq listing, aims to broaden decentralized finance (DeFi) applications on Solana.
During the Solana Breakpoint conference, Figure’s executive chairman Mike Cagney announced that the firm has filed with the US Securities and Exchange Commission (SEC) to introduce what he referred to as “a new version of Figure equity on a public blockchain,” specifically Solana.
Cagney mentioned that the blockchain-native equity would not be traded on traditional exchanges like Nasdaq or the New York Stock Exchange, nor would it depend on brokers like Robinhood or prime brokers such as Goldman Sachs.
Instead, the security would be issued and traded natively on-chain through Figure’s alternative trading system, which he described as “effectively a decentralized exchange.”
By issuing equity directly on Solana, investors would be able to utilize the tokenized security within DeFi protocols, allowing for borrowing or lending, according to Cagney.
He further expressed that the company’s broader ambition goes beyond tokenizing its own shares, with intentions to facilitate native equity issuance for other firms directly within the Solana ecosystem:
“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.”
Related: Figure Technology boosts IPO size, total deal could reach $800M
Tokenization on Solana is gaining momentum
As one of the largest public blockchains by activity, Solana is increasingly becoming a center for tokenized assets, steadily increasing its share of the real-world asset (RWA) market over the past year.
While Ethereum remains dominant in tokenization today, Solana is poised to become the financial sector’s preferred network for stablecoins and tokenized assets in the long run, as stated by Matt Hougan, chief investment officer at Bitwise.
As Wall Street examines the long-term potential of tokenized assets, focus is anticipated to shift toward blockchains that offer high speed, throughput, and rapid transaction finality—areas where Solana has a competitive edge over many rival networks, Hougan pointed out.
Research from RedStone highlighted Solana as a “high-performance challenger” in the RWA sector, especially in the tokenized US Treasury markets.
Related: Scaramucci predicts ‘exponential opportunity’ for crypto at LONGITUDE
