Figure Technology Solutions said its On-Chain Public Equity Network (OPEN) is meant to let companies issue equity directly on the Provenance blockchain, with shares recorded natively onchain rather than as synthetic tokens backed by DTCC-held securities. The company says trading would run through its alternative trading system with a limit order book, enabling continuous or T+0-style settlement, while programmable compliance, self-custody, and onchain lending/borrowing are built into the market structure. The immediate context is Figure’s push to extend the blockchain-based infrastructure it has already used for lending into public equity markets. Figure said it planned to be the first issuer on OPEN after filing a public registration statement in November 2025 for a non-dilutive secondary offering, and it has also said the system is designed to let shareholders lend stock directly, reduce reliance on prime brokers and custodial intermediaries, and support exchangeability between OPEN shares and Figure’s Nasdaq-listed equity. The story matters because it is a concrete attempt to move parts of public-market issuance, settlement, and securities lending from legacy clearing and custody rails into a blockchain-native framework, which could alter how equity markets handle ownership records, settlement speed, and financing mechanics.

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