Figure’s Blockchain Stock Offering Sets New Industry Standard: Fully Decentralized Trading, Stablecoin Settlement, and Direct Governance

Main Innovation: Blockchain Stock Delivers Direct Ownership and 24/7 Market Access

Figure Technology Solutions (NASDAQ: FIGR) just made public the registration statement for what could become the first fully tradeable, blockchain-native public equity security. Dubbed 'Blockchain Stock,' this Series A Common Stock would not only be issued directly on the Provenance Blockchain but would trade continuously, 24/7, through Figure’s proprietary alternative trading system (ATS). Instead of traditional centralized systems like the DTCC and custodians, everything from issuance and settlement to governance would take place on-chain. Holders interact with their shares through blockchain wallets, enabling real self-custody and immediate settlement.

Transparency and Efficiency: Cost Advantages, Stablecoin-Only Settlement, and Decentralized Lending

What makes this proposed offering a true departure from the norm? All trades and settlements will use $YLDS—the first SEC-registered yield-bearing stablecoin. Figure expects blockchain infrastructure to lower operational costs, offer greater transparency in the lending market, and allow real-time cross-asset margining and collateralization via Democratized Prime, its blockchain DeFi protocol. Unlike legacy stock lending—which relies on opaque, broker-mediated systems—Blockchain Stock holders can lend shares transparently, directly benefiting when borrowing demand surges.

Investor Takeaway: Industry Firsts and Non-Dilutive Structure

This move is significant not just for its technological innovations, but for the new capital market standards it sets. Figure’s Blockchain Stock would be:

• The first public equity to exist solely on a blockchain, with its own CUSIP and fully on-chain trading and settlement.
• Subject to fully decentralized governance—investors vote and verify holdings directly through the blockchain, eliminating proxies and reducing friction.
• Non-dilutive to existing FIGR shareholders, as the company will buy and hold a corresponding number of Class A shares to facilitate conversions.
• Facilitated by active, blockchain-based market makers, supporting liquidity from the outset.

Broader Impact: Could Blockchain-Native Stocks Change Market Infrastructure?

If successful, this approach could dramatically alter public equity markets, shifting trading and governance away from intermediaries and opening the door to new forms of collateral, lending, and cross-asset strategies. While final terms and offering details (including share count and pricing) remain pending, this initiative from Figure sets a clear industry precedent for what blockchain finance can achieve—faster settlement, direct control, and potentially reduced costs for both issuers and investors.

Next Steps: Key Dates and Investor Access

Investors can learn more about the proposed offering, ask questions during Figure’s webcast and conference call on November 18, and access SEC filings for detailed documentation. As always, potential investors should carefully review all available disclosures and assess their own risk before considering any new technology-driven market structure.

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