Figure’s blockchain stock launch as tokenization milestone for capital markets
Figure Technology Solutions launched a proposed secondary offering of 4.23 million shares of Series A Blockchain Common Stock on February 13, 2026, marking the first major test of blockchain-native equity trading. The offering bypasses traditional clearing systems by issuing shares directly on Provenance Blockchain, settling in self-custody wallets, and trading on Figure’s alternative trading system (ATS).
Figure filed SEC registration in November 2025 for the blockchain-native offering. Shares trade on the firm’s On-chain Public Equity Network (OPEN), launched in January 2026, which enables 24/7 equity trading without legacy intermediaries. The platform represents a fundamental infrastructure shift from traditional securities settlement systems.
Figure’s consumer loan marketplace volume hit $2.7 billion in Q4 2025, surging 131% year-over-year. Full-year 2025 volume reached $8.4 billion, up 63%. The company has originated over $20 billion in on-chain credit since inception.
“This is a new capital markets infrastructure moment for efficiency and risk management — a huge leap forward from the legacy securities market infrastructure, and the start of a world that no longer needs it.”
— Mike Cagney, Executive Chairman at Figure
Cagney frames this as an infrastructure replacement, not an enhancement—signaling blockchain’s potential to eliminate, rather than supplement, traditional clearing systems. This positions Figure as a direct challenge to DTCC-style settlement architecture.
Why this matters
Figure’s launch validates blockchain’s capacity to handle regulated public equity markets, creating a precedent for 24/7 trading, instant settlement, and reduced counterparty risk. For MENA fintech hubs, this aligns with UAE’s blockchain leadership strategy and regulatory frameworks supporting asset tokenization. Dubai and Abu Dhabi exchanges have explored digital securities infrastructure, making Figure’s model a potential blueprint for regional capital markets modernization.
The timing intersects with MENA’s IPO resurgence—Q4 2025 saw $1.7 billion in regional offerings. As GCC markets digitize under Vision 2030 and D33 initiatives, blockchain-native equity trading could accelerate capital formation while attracting global fintech investment to the region.
What to watch next
Monitor MENA regulatory sandboxes for tokenized equity pilots. Track whether Abu Dhabi Global Market or Dubai Financial Services Authority issue guidance on blockchain-native securities. Watch for MENA exchanges partnering with blockchain infrastructure providers.
Conclusion
Figure’s offering tests whether blockchain can replace, not just augment, traditional equity infrastructure. As MENA regulators advance digital asset frameworks, the region may leapfrog legacy systems entirely—positioning Gulf markets as tokenization laboratories for emerging economies.
Sources: PYMNTS, MENA Fintech Association, LinkedIn, EY
