Figure Technology, a blockchain-based financial services company focused on tokenized assets and lending, has filed for a second public offering with the goal of issuing domestic equity directly on the public blockchain. The move, which follows the company’s recent Nasdaq listing, is designed to expand Solana’s decentralized finance (DeFi) use cases.
Speaking at the Solana Breakpoint conference, Figure CEO Mike Cagney said the company has filed with the US Securities and Exchange Commission (SEC) to launch what he described as “a new version of Figure equity on the public blockchain,” specifically Solana.
Cagney said the blockchain-native stocks will not be traded on traditional exchanges like Nasdaq or the New York Stock Exchange, nor will they rely on introductory brokers like Robinhood or prime brokers like 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 take the tokenized security into DeFi protocols, where they could lend against it or borrow it, Cagney said.
He added that the company’s broader goal extends beyond tokenizing its own shares, with plans to support the issuance of seed capital for other companies directly within the Solana ecosystem:
“One of the points of our focus is not only to transfer that capital into the Solana ecosystem, but also to facilitate the original issuance of Solana shares.”
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Tokenization on Solana is gaining momentum
Already one of the largest public blockchains by activity, Solana is increasingly emerging as a hub for tokenized assets, with its real-world asset (RWA) market share steadily expanding over the past year.
While Ethereum still dominates tokenization today, Solana is likely to become the financial industry’s preferred network for stablecoins and tokenized assets over time, according to Matt Hougan, chief investment officer at Bitwise.
As Wall Street evaluates the long-term viability of tokenized assets, attention is expected to shift toward blockchains that offer high speed, throughput and rapid transaction finality, areas where Solana has a competitive advantage over many rival networks, Hougan said.
RedStone research identified Solana as a “high performing challenger” in the RWA space, particularly in the tokenized US Treasury bond markets.
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