Figure Technology, a company specializing in blockchain-based financial services, is preparing to launch a second public offering focused on blockchain-native equity on Solana, facilitating on-chain trading and enhancing decentralized finance (DeFi) functionality.
At the forthcoming Solana Breakpoint conference, Figure’s executive chairman Mike Cagney announced that they have submitted a filing to the US Securities and Exchange Commission (SEC) for this innovative endeavor, proclaiming it as “a new variant of Figure equity on a public blockchain.”
Cagney emphasized that while the equity would operate within the Solana ecosystem, it would not be traded on traditional exchanges like the Nasdaq or the New York Stock Exchange, nor would it depend on intermediary brokers like Robinhood or major financial institutions like Goldman Sachs.
Instead, the equity will be issued and traded directly through Figure’s alternative trading system, viewed as a form of decentralized exchange. This model allows investors to utilize the tokenized equity in various DeFi protocols, granting them opportunities to lend or borrow against their assets.
Cagney further remarked on the company’s aspirations beyond merely tokenizing its shares, indicating intentions to facilitate native equity issuance for other companies within the Solana framework, saying:
“One of the focus points that we have is not only bringing that equity over to the Solana ecosystem but allowing for native Solana equity issuance as well.”
Tokenization Trends on Solana
Solana has increasingly solidified its position as a major public blockchain concerning activity and has been expanding its share within the real-world asset (RWA) market over the past year. Although Ethereum still leads in the tokenization space, Solana is anticipated to become the go-to network for stablecoins and tokenized assets in the financial sector over time, according to Matt Hougan, Chief Investment Officer at Bitwise.
As Wall Street examines the future potential of tokenized assets, interest is shifting to blockchains that promise high speed and effective transaction finality, qualities where Solana excels compared to competitors. Research conducted by RedStone identified Solana as a “high-performance challenger” in the tokenized US Treasury markets.
