Figure (FIGR) is debuting its tokenized stock following upsized $150 million offering

CoinDesk

by Krisztian Sandor

February 19, 2026

AI-Generated Deep Dive Summary

Figure Technology Solutions (FIGR), led by former SoFi CEO Mike Cagney, is introducing its tokenized stock, FGRD, marking a significant step in blockchain-based financial innovation. Unlike traditional stocks that rely on outdated systems and intermediaries, FGRD operates entirely on blockchain rails, enabling instant settlement and programmable compliance. This new asset class represents Figure's commitment to modernizing capital markets by cutting out layers of inefficiency. The FGRD token offers investors a direct stake in Figure’s equity, issued natively onchain through its Onchain Public Equity Network (OPEN). Available via the Figure Markets app and self-custody wallets, FGRD allows for seamless trading and programmable functionality. Investors can also use their tokens as collateral for lending or borrowing through Figure's decentralized finance protocol, Democratized Prime. This integration underscores the potential of blockchain to enhance asset utility and accessibility. Tokenized equities have gained traction for their ability to reduce settlement risk, improve transparency, and broaden market participation. While most tokenized stocks rely on off-chain systems, FGRD stands out as a native onchain offering, reflecting true equity ownership without derivatives or proxies. This distinction positions FGRD as a pioneering product in the evolving landscape of blockchain-based financial services. Mike Cagney emphasizes the need for reimagining outdated market infrastructure, highlighting how blockchain can eliminate intermediaries and streamline processes. By issuing FGRD natively onchain, Figure aims to create a more efficient, transparent, and real-time capital markets system. This shift aligns with broader trends in crypto and decentralized finance, where removing centralized chokepoints is seen as critical for innovation. Figure's debut of FGRD coincides with its upsized $150 million secondary public offering, reflecting strong investor interest. Venture firm Pantera Capital has participated in the deal, underscoring institutional confidence in Figure’s vision. The company’s infrastructure already supports over $22 billion in home equity loans and provides tools for digital asset custody, tokenization, and onchain yield products. Its platform is utilized by banks, credit unions, and fintechs to bring traditional assets onto blockchains. This

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Originally published on CoinDesk on 2/19/2026