Figure Technology is shaking up the traditional stock lending world with a bold move into blockchain, and Wall Street is paying close attention.
Quick Summary – TLDR:
- Figure launched the On-Chain Public Equity Network (OPEN) for direct stock lending on blockchain.
- Shares issued on OPEN represent actual equity, not synthetic assets.
- The platform bypasses traditional middlemen like brokers and custodians.
- Wall Street analysts named Figure a top investment pick for 2026.
What Happened?
Figure Technology Solutions has launched OPEN, a new blockchain-based platform for direct stock lending that removes traditional intermediaries from the equation. The platform is seen as a major step toward modernizing how equities are issued and traded.
Since its IPO in September 2025, Figure’s stock has soared, and now leading analysts are calling it one of the most promising investment opportunities in 2026.
We’re officially announcing OPEN (On-chain Public Equity Network), running on @provenancefdn , which will enable companies to list public equity natively on blockchain, not as tokenized DTCC securities.
— Figure (@Figure) January 14, 2026
OPEN brings issuance, trading, and financing of public equities fully… pic.twitter.com/XRdPE3lG4G
Figure’s OPEN Platform: What It Does?
The On-Chain Public Equity Network, or OPEN, lets companies issue real equity directly on Figure’s Provenance blockchain. Unlike tokenized stocks that mimic existing shares, equity issued through OPEN represents true ownership. This allows investors to lend, pledge, or transfer their shares natively on the blockchain without needing brokers, custodians, or exchanges.
According to CEO Mike Cagney, several companies are already interested in issuing shares on OPEN, especially digital asset treasury firms. These firms face unique risks due to high exposure to crypto prices and concentrated asset holdings, making the added transparency and efficiency of OPEN particularly appealing.
OPEN is not just a theoretical innovation. It’s already attracting attention from the market for its ability to:
- Streamline settlements.
- Improve transparency in lending activity.
- Cut out costly middlemen from the securities lending process.
Tokenized Stocks Gain Momentum
Figure’s move comes during a growing wave of interest in tokenized real-world assets, especially in equities. After gaining traction in private credit and government debt in 2025, tokenized stocks are becoming a key area of focus in 2026.
By the end of last year:
- Tokenized equities hit a market cap of $1.2 billion, per Token Terminal.
- Monthly trading volumes rose to $800 million.
New players like Backed Finance, Securitize, Coinbase, and Ondo Finance are all diving into the tokenized equities space, showing the sector is heating up fast.
Some analysts even described this shift as the “stablecoin moment” for equities, referencing the early growth boom seen by stablecoins around 2020.
Wall Street Loves the Blockchain Pivot
Figure’s innovative leap has not gone unnoticed. Bernstein, a leading Wall Street brokerage, named Figure its top stock pick for 2026, praising the company for moving traditional banking infrastructure onto blockchain rails.
Bernstein analysts led by Gautam Chhugani noted, “Figure upgrades legacy banking ledgers to the blockchain ledger,” and highlighted how its business model is quickly evolving beyond its roots in home equity lending.
Key projections from Bernstein:
- 2025 net revenue estimate: $511 million
- 2027 forecast: $945 million
- New price target: $72, up from $54
- Stock rating: Outperform
Other analysts are also bullish. Piper Sandler holds the highest target on the stock at $75, signaling strong confidence in the company’s blockchain vision.
Since its IPO at $25 per share, Figure has seen its stock trade as high as $59, reflecting investor excitement despite broader market fluctuations.
SQ Magazine’s Takeaway
I love seeing a company like Figure throw out the rulebook and go full tilt into on-chain innovation. They’re not just digitizing old systems. They’re replacing them with something better. Stock lending has been a black box for years, filled with layers of middlemen. What Figure is doing could cut through that noise and actually let people see and control their own assets. That’s a big deal for anyone who invests, not just crypto diehards.
