Figure Technology has filed what executives describe as a “second IPO” to issue company equity natively on the Solana blockchain, a move detailed in a recent SEC filing and public remarks.
Figure plans to tokenize its shares and list them for trading on an Alternative Trading System (ATS) that the company operates on-chain, according to its filing. Cagney called the initiative a “second IPO” that fundamentally bypasses intermediaries such as the DTCC, Nasdaq and NYSE. The ATS model emphasizes self-custody and self-execution, enabling investors to hold tokenized shares in a wallet and trade directly on the platform.
ATS here refers to a trading venue that operates outside traditional exchanges but routes orders and matches trades under regulatory oversight. This architecture would allow tokenized equity to be integrated into DeFi — for example, as collateral in lending protocols — effectively bridging traditional securities with on-chain markets.
Why Solana: throughput, cost and ecosystem fit
Figure selected Solana for its capacity to handle large transaction volumes and low fees, an essential prerequisite for public-market trading and frequent settlement. Solana’s technical profile — high transactions-per-second and low latency — is presented as the practical backbone for near-instant, atomic settlement that could replace multi-day processes.
The company also plans to bring its yield-bearing stablecoin, YLDS, to Solana; YLDS is a stablecoin designed to provide regulated fiat on/off-ramps and on-chain yield. Broader signs of institutional activity in the Solana ecosystem are noted in the filing, including third-party projects expanding stablecoin use and explorations of Web3 payment wallets, which Figure frames as complementary infrastructure for tokenized real-world assets (RWAs).
The SEC filing places regulatory compliance at the center of the plan: defining the legal status of on-chain shares, implementing AML/KYC controls in a decentralized environment and providing custody solutions acceptable to institutional actors. The filing and public statements treat approval as a potential watershed: regulatory clearance would validate a model for blockchain-native public offerings and could prompt similar filings from other issuers.
Figure ties the initiative to a broader RWA push and reports operational scale metrics supporting the move, citing over $19B in on-chain loan originations and company Q3 figures of $156.4M revenue and $89.6M net income as context for its strategy.
Figure’s application tests whether public capital markets can migrate core issuance and trading functions to a permissionless ledger while remaining within regulatory frameworks.
