Figure Technology Solutions Inc recently launched an interesting concept—the OPEN network, which runs on their own developed Provenance blockchain. In simple terms, this system allows companies to directly convert real equity into on-chain tokens, enabling investors to borrow or lend stocks on the blockchain without relying on intermediaries like brokers or banks.

Figure clearly intends to serve as a pilot. They plan to first issue their own equity tokens through OPEN and then list them on their decentralized trading platform. As soon as this idea emerged, companies like DAT (Digital Asset Treasury) expressed interest in cooperation, which seems to have attracted quite a bit of attention.

From a certain perspective, this is an attempt to break the monopoly of traditional intermediaries in equity trading. On-chain equity, peer-to-peer trading, transparent settlement—if this combination truly takes off, it could be a significant disruption to the existing financial infrastructure. Of course, how regulators view this and whether liquidity can keep up remain to be seen.