Figure Technology Solutions (Nasdaq: FIGR) has closed pricing for FGRD, the world’s first public equity security to be issued, listed, traded, and settled entirely on blockchain infrastructure. Announced on February 18, 2026, this development signals a profound shift away from centuries-old market structures toward a more efficient, transparent, and accessible capital market system.
The offering, facilitated through Figure‘s On-Chain Public Equity Network (OPEN) running on the Provenance blockchain, utilized the company’s own Alternative Trading System (ATS) to enable instantaneous settlement.
Important milestone. The @figure deal was upsized and oversubscribed with a good mix of retail and institutional. https://t.co/pxE4Hg4aIH
— Mike Cagney 🇺🇸 (@mcagney) February 18, 2026
Unlike conventional equities that rely on the Depository Trust & Clearing Corporation (DTCC) and multi-day T+1 or T+2 settlement cycles, FGRD exists natively on-chain from inception.
This eliminates legacy intermediaries, reduces operational friction, and unlocks real-time finality of trades.
Executive Board Chair Mike Cagney described the transaction as an “important milestone,” noting that the deal was upsized and heavily oversubscribed.
It drew participation from both retail and institutional investors, underscoring broad market confidence in the new model.
“The @figure deal was upsized and oversubscribed with a good mix of retail and institutional,” Cagney posted, highlighting the healthy demand that exceeded initial targets.
OPEN represents a complete reinvention of public equity markets. Shares issued under the network are not tokenized representations of off-chain assets but true blockchain-native securities.
They support 24/7 trading on a limit-order book, peer-to-peer transfers, and seamless composability with decentralized finance (DeFi) protocols.
From day one, these equities can be programmed for advanced use cases—such as serving as collateral for lending, integration into yield-generating strategies, or automated compliance via smart contracts—capabilities impossible in traditional systems.
Figure, co-founded by fintech professionals Mike Cagney (also a co-founder of SoFi), has built a track record of on-chain innovation.
The company previously originated more than $20 billion in loans directly on the Provenance blockchain.
With OPEN, launched earlier in January 2026, it now extends that expertise to public markets.
The network now reportedly allows any issuer to bypass traditional custodians and clearinghouses, lowering costs while enhancing liquidity and global accessibility.
Market observers see FGRD as a proof-of-concept with far-reaching implications.
Instant settlement minimizes counterparty risk and frees up billions in tied-up capital currently held for margin and clearing purposes.
Continuous trading democratizes access for global investors operating across time zones.
Most importantly, native composability positions blockchain equities to integrate directly with the rapidly expanding DeFi ecosystem, potentially unlocking trillions in new capital flows.
The announcement also teased imminent secondary market trading, promising even greater liquidity as investors gain the ability to buy and sell FGRD shares fluidly on the open market.
This paves the way for broader adoption, with Figure itself planning to migrate aspects of its own equity structure onto the network in coming phases.
As regulatory frameworks evolve and institutional comfort with blockchain grows, initiatives like OPEN could accelerate the modernization of capital markets.
By demonstrating that public equities can thrive entirely on-chain—secure, compliant, and infinitely more efficient—Figure has set a new standard.
The successful, oversubscribed launch of FGRD is not merely a technical milestone; it is a foundational step toward a future where finance operates at the speed of software, accessible to participants worldwide without the drag of outdated infrastructure.
This latest update arrives at a pivotal moment when blockchain technology is transitioning from experimental pilots to production-grade market infrastructure. With investor appetite seemingly validated, the path is clear for additional issuers to follow, potentially reshaping how companies raise capital and how investors participate in public markets for decades to come.
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