New York-based Figure Technology Solutions on Feb. 19 launched FGRD, its common stock issued natively onchain through the Onchain Public Equity Network, or OPEN.

The company told Bitcoin.com News that FGRD is the first SEC-registered public equity issued, traded, and settled entirely on blockchain rails, using its Alternative Trading System, known as Figure ATS, for near-instant execution and T+0 settlement. That means trades are finalized the same day, with atomic exchange of cash and shares rather than the traditional T+2 cycle.

Unlike tokenized mirrors of traditional stocks, FGRD represents the company’s actual common equity recorded directly on a public blockchain. Figure explained that this structure bypasses legacy infrastructure such as DTCC, enabling real-time ownership tracking, transfer, and settlement. Shareholders can directly custody their shares and manage onchain lending and borrowing.

Through OPEN and its Democratized Prime marketplace, users can buy, trade, lend and borrow FGRD in the Figure Markets app. Integrations with platforms including Moomoo and Keplr allow trading on regulated venues or in self-custodied wallets, according to the company.

“Public equity still runs on decades-old market plumbing,” Executive Chairman Mike Cagney said, arguing that blockchain infrastructure can reduce intermediaries, reconciliation costs and counterparty risk. CEO Michael Tannenbaum described the launch as the first step in building out the OPEN ecosystem.

Institutional investor Pantera Capital participated in the FGRD offering. Figure further disclosed it has originated more than $22 billion in loans on public blockchains and views FGRD as validation of its broader push to move core capital markets functions onchain.

Whether OPEN becomes a blueprint for other issuers remains to be seen, but FGRD plants a clear flag: public equity, settled in real time, without the usual back-office choreography.

• What is FGRD?
  FGRD is Figure’s SEC-registered common stock issued and settled natively onchain.
• What makes it different from tokenized stocks?
  FGRD represents actual issued equity recorded directly on a blockchain, not a synthetic or mirrored token.
• What does T+0 settlement mean?
  T+0 means trades settle the same day with immediate finality.
• Who participated in the offering?
  Pantera Capital was among the early institutional participants.

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