Figure Cagney: Turn the blockchain into a new pipeline for Wall Street, tokenized stocks on-chain with the FGRD token

Figure Technology Solutions (FIGR) executive chairman Mike Cagney—former SoFi co-founder—is turning blockchain into a new “plumbing” system for Wall Street. According to CoinDesk’s May 3 report, Figure’s recent monthly loan origination and matching reached $1 billion, a key milestone in the multi-year push by Cagney to “separate the intermediary layer from the credit markets.” Figure’s on-chain product lineup includes tokenization of real-world assets (RWA), loan matching, and equity issuance—by early May, it had already moved its own stock, FGRD, directly on-chain.

Figure path: on-chain credit to tokenized equity

After leaving SoFi in 2018, Cagney founded Figure and focused on applying blockchain infrastructure to credit markets. Figure’s early business centered on home equity lines of credit (HELOCs), performing loan matching and registration via the Provenance blockchain, followed by subsequent asset securitization—substantially shortening processing times compared with traditional channels.

In February 2026, Figure raised $150 million in additional capital, and in May it officially launched tokenized shares of FGRD—marking the first time a listed company issued and traded its own stock directly on the blockchain in token form. In the announcement, Cagney said: “Public equity markets are still running on market pipelines from decades ago, and that no longer makes sense. By issuing FGRD directly on-chain, we are restructuring the core infrastructure of capital markets—making it immediate, transparent, and programmable, while removing the intermediary layer that adds costs and risks.”

Bernstein: Figure is the top pick for 2026; tokenized market growth exceeds expectations

Investment bank Bernstein lists Figure as its top stock pick for 2026. The rationale includes Figure’s tokenized market trading volume and loan activity outperforming expectations, as well as expanding revenue options through a new category of lending and stablecoin yield products (already adjusted under the CLARITY Act agreement). Bernstein’s view reflects concrete validation by institutional investors of Cagney’s path—gradually migrating traditional Wall Street businesses such as loans, equity, and settlement onto the blockchain, not as a concept proof, but as actual revenue.

Next watch: FGRD liquidity, other companies following, regulatory response

The next watch point is the liquidity performance after the tokenized FGRD stock goes live—24-hour trading volume, market maker depth, and the price spread versus traditional Nasdaq-listed stocks. Another watch point is whether other listed companies will follow the “stock directly on-chain” model, especially mid-cap growth stocks or companies with high turnover rates. A third watch point is the SEC’s regulatory stance toward tokenized stocks—Figure has obtained issuance authorization through a registered offering route, but the broader tokenized equity ecosystem still needs its regulatory framework to take shape.

This article Figure Cagney: building blockchain into Wall Street’s new pipeline, FGRD tokenized shares go on-chain first appeared on Chain News ABMedia.