Resolve (FIGR), a financial skills company simplest identified for onchain lending and led by SoFi founder Mike Cagney, is pushing deeper into the crimson-hot tokenization vogue with a sleek stock trading and issuance network built entirely on the blockchain.
Dubbed On-Chain Public Equity Network (OPEN) and unveiled on Wednesday, the platform lets companies divulge equity straight in the course of the Provenance Blockchain, sidestepping faded intermediaries cherish the Depository Belief and Clearing Company (DTCC). The machine integrates with Resolve’s More than just a few Trading System (ATS), enabling continuous trading through a restrict grunt ebook, in step with the press liberate.
Investors, the company stated, will moreover be in a situation to lend or borrow in opposition to their holdings the use of decentralized finance (DeFi) rails, casting off the need for prime brokers.
Resolve stated it ought to be the first firm to list its possess stock the use of OPEN. It filed for a secondary fragment offering in November and plans to invent its Nasdaq-listed shares interchangeable with the sleek blockchain-registered equity.
The rollout is a portion of the broader push to rewire how public equities are issued, traded and custodied the use of blockchain plumbing, a vogue moreover identified is tokenization of right-world sources (RWA). Tokenized stocks are currently a $870 million market with over $2 billion in month-to-month trading volume, RWA.xyz data exhibits. Alternatively, most choices are token wrappers of present shares, no longer natively issued equity on blockchain rails.
The market is projected to develop mercurial, supported by regulatory tailwinds. SEC Chairman Paul Atkins stated final month that tokenization can also “reshape the financial machine” over the next couple of years, bringing advantages cherish bigger transparency and lowered risks and trade gaps.
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