Figure Technology, a blockchain-based financial services company focused on tokenized assets and loans, has filed for a second public offering geared toward issuing native equity directly on a public blockchain. The move follows the corporate's recent listing on Nasdaq and goals to expand decentralized finance (DeFi) use cases on Solana.
Figure CEO Mike Cagney said on the Solana Breakpoint conference that the corporate has filed an application with the U.S. Securities and Exchange Commission (SEC) to launch what he described as a “new edition of Figure Equity on a public blockchain,” specifically Solana.
Cagney said the blockchain-native stocks wouldn’t trade on traditional exchanges just like the Nasdaq or New York Stock Exchange, nor would they depend on introduction brokers like Robinhood or top-tier brokers like Goldman Sachs.
Source: Solana
Instead, the safety could be issued and traded natively on-chain through Figure’s alternative trading system, which he described as “effectively a decentralized exchange.”
By issuing equity directly on Solana, investors could take the tokenized security into DeFi protocols where it might be borrowed or borrowed, Cagney said.
He added that the corporate's broader goal goes beyond tokenizing its own shares and plans to support the issuance of native shares for other corporations directly throughout the Solana ecosystem:
“One of our focuses is just not only to transfer this equity into the Solana ecosystem, but in addition to enable the issuance of native Solana shares.”
Tokenization on Solana is gaining momentum
Already one in all the most important public blockchains by activity, Solana is increasingly becoming a hub for tokenized assets, with its share of the real-world asset (RWA) market growing steadily over the past yr.
While Ethereum continues to dominate tokenization today, Solana is prone to develop into the financial industry's network of selection for stablecoins and tokenized assets over time, in response to Matt Hougan, chief investment officer at Bitwise.
As Wall Street assesses the long-term viability of tokenized assets, attention is anticipated to shift to blockchains that supply high speed, throughput and fast transaction finality – areas where Solana has a competitive advantage over many rival networks, Hougan said.
RedStone research identified Solana as a “high-performance challenger” within the RWA space, particularly within the tokenized US Treasury markets.
Solana's RWA metrics, excluding stablecoins. Source: RWA.xyz
