How Figure and Jump Hong Kong Are Reshaping the Stock Tokenization Landscape with Native Blockchain Issuance

Figure Technologies, the blockchain-focused fintech platform founded by SoFi creator Mike Cagney, has just accelerated its foray into one of crypto’s hottest trends: tokenized real-world assets. This week, the company unveiled OPEN (On-Chain Public Equity Network), a revolutionary trading and issuance platform built directly on the Provenance Blockchain. What makes this move particularly significant is the strategic backing from Jump Trading and BitGo, two heavyweight players reshaping global financial infrastructure. For investors and market participants, especially those in hubs like Hong Kong watching the intersection of traditional finance and blockchain, this represents a pivotal moment in how equities could be issued, traded, and custodied in the future.

OPEN Platform: Cutting Out the Middleman in Equity Trading

The OPEN platform fundamentally reimagines how public companies issue equity. Rather than relying on traditional infrastructure controlled by entities like the Depository Trust and Clearing Corporation (DTCC), companies can now issue shares natively on the blockchain. Figure has integrated this with its Alternative Trading System (ATS), creating a continuous trading environment powered by a limit order book model. This architecture directly addresses a critical inefficiency in legacy systems: the multiple layers of intermediaries that add cost, complexity, and counterparty risk. By sidestepping these gatekeepers, Figure claims it can significantly reduce friction costs that have long plagued the equity markets.

Jump Trading and BitGo: The Infrastructure Backbone

Jump Trading brings deep expertise in market-making and liquidity provision to the ecosystem, while BitGo provides institutional-grade custody solutions. This partnership is particularly noteworthy for operators across Asia-Pacific regions, including those operating from major financial centers like Hong Kong, where regulatory frameworks are increasingly receptive to blockchain innovation. Together, they create the operational foundation that institutional investors require to participate confidently in tokenized markets. Jump’s involvement signals that sophisticated trading firms are no longer viewing blockchain equities as a fringe experiment—they’re treating it as a material market opportunity worthy of serious capital and infrastructure investment.

Native Issuance vs. Token Wrappers: Understanding the Shift

Here’s a critical distinction often overlooked in tokenization discussions. Most existing tokenized stock offerings are essentially wrappers—digital representations of existing shares issued through traditional channels. OPEN enables something fundamentally different: truly native equity issuance directly on blockchain rails. This matters because it eliminates the reconciliation burden between off-chain and on-chain representations, reduces settlement times, and creates a cleaner technological foundation for future innovations like DeFi integration. Investors will eventually be able to lend against or borrow using their tokenized holdings through decentralized finance protocols, removing dependency on prime brokers altogether.

Figure Leads by Example

Figure plans to become the first company to list equity through OPEN, making it a genuine test case for this technology. The company filed for a secondary share offering and intends to make its Nasdaq-listed shares interchangeable with blockchain-registered equity on OPEN. This dual-listing approach matters—it validates the platform while providing a real-world proving ground for institutional comfort with tokenized securities.

The Broader RWA Market Explosion

The tokenized securities market currently stands at roughly $870 million with monthly trading volumes exceeding $2 billion, according to RWA.xyz data. While these numbers might seem modest compared to traditional equity markets, the trajectory is compelling. Market analysts project rapid growth supported by increasingly favorable regulatory signals. SEC Chair Paul Atkins recently stated that tokenization could “reshape the financial system” within the coming years, citing benefits like enhanced transparency and reduced settlement risk. For market participants monitoring regulatory evolution—whether in Hong Kong, Singapore, or other financial hubs—this commentary signals that blockchain-based equity infrastructure is transitioning from speculative to strategic.

The convergence of Figure’s technical innovation, Jump Trading’s market infrastructure, and BitGo’s custody expertise suggests the tokenized equities market has matured beyond theoretical frameworks into genuine operational readiness. For investors and institutions eyeing the future of capital markets, particularly those in forward-thinking jurisdictions exploring blockchain finance, this development signals that native tokenized equities are no longer a distant possibility—they’re emerging as an operational reality in 2026.