Figure has submitted an application to the US SEC for the native issuance of stocks on Solana

BlockBeats News, December 12, Figure Executive Chairman of the Board Mike Cagney stated at the Solana Breakpoint conference, "About a week and a half ago, we announced another development—essentially conducting a second IPO, where we are natively issuing a new version of Figure equity on the public blockchain."

This issuance will not go through DTCC, nor will it be traded on Nasdaq or NYSE, and it will not rely on introducing brokers like Robinhood, nor depend on prime brokerage services from institutions such as Goldman Sachs.

This is a blockchain-native security, traded on Figure's own alternative trading system (ATS), which is essentially a decentralized trading platform: self-custody, self-execution, and self-operated market.

Investors will be able to bind these types of securities to an ATS wallet, instead of a traditional introducing broker account; then they can use this equity for collateralized lending, borrowing, and other operations in DeFi."