Figure Technology Solutions is launching FGRD, a new class of tokenized stock trading entirely on blockchain rails. This move by Mike Cagney's blockchain company bypasses traditional intermediaries for issuance, trading, and settlement.
The FGRD token operates on Figure's Onchain Public Equity Network (OPEN), enabling faster execution and programmable compliance. Investors can access the token via the Figure Markets app and self-custody wallets.
Figure's platform integrates loan origination, funding, and secondary trading, having already originated over $22 billion in home equity loans. The company's infrastructure supports banks and fintechs in bringing traditional assets onto public blockchains.
Unlike many tokenized equities backed by offchain assets, FGRD is issued natively onchain, representing direct equity. "Public equity still runs on decades-old market plumbing, and it simply doesn’t make sense anymore," stated Mike Cagney, executive chairman of Figure. He emphasized re-architecting capital markets for real-time, transparent, and programmable operations.
This debut coincides with Figure's upsized secondary public offering, now at $150 million, with venture firm Pantera Capital participating. The company also announced plans to repurchase $10 million of its common stock.