Jacob Zawada

I’ve spent the last fifteen years moving lending from paper to digital to blockchain. SoFi proved borrowers didn’t need banks. Figure proved capital markets don’t need the middleman: roughly $2B a month (and growing) of real world assets now originate, finance, settle - and soon securitize - on a public blockchain. Lower transactional costs, better capital markets and better financing vs TradFi. And not mirrored on chain. Born there. Every other asset class will follow the same path: equities, funds, eventually anything with a cash flow. The horse has left the barn. The next decade of capital markets gets built by the people who already operate this way.

Blockchain - and DeFi specifically - is a fundamentally better framework for asset-based finance (ABF). No double pledging, direct security perfection, self custody/autonomous venues and liquid collateral. And ABF is showing up on chain (led by @Figure), it's just nascent. So why hasn't the $6T ABF market moved over in size? Five key reasons that are keeping TradFi away from blockchain apps. First, the UI/UX. It generally sucks. This is why superapps like Robinhood (and SoFi) are winning in retail, despite giving up self custody and transaction autonomy. Even my Bloomberg terminal is better than most blockchain native apps. Second, custody. Threading self custody with qualified custody hasn't historically been available. Making it hack-resistant and recoverable hasn't, either. Third, control. A hedge fund might have hundreds of wallets. Those wallets might have hundreds of users. Those users all might have different permissions - some can trade, some can move value, some can only view things. All activity needs an audit trail, and all data needs to be easily ported to a fund admin, fund accountant, etc. I've seen wallets and apps claim this, but have never actually seen it. Fourth is regulatory. I think this is already working itself out - and when you are dealing with securities (actual native securities) I think the regulatory precedent is clear, despite being on chain. Hopefully some combination of the CLARITY Act, regulatory guidance and time addresses this. The last is KYC. This one is more solvable than people think. We've been able to screen and sanction wallets forever, and on-chain activity is more transparent than anything moving through correspondent banking. The fair critique of list-based controls is that sophisticated actors route around them while ordinary users eat the friction. On chain you can do better than lists: programmatic screening, wallet-level permissions, complete audit trails. TradFi will come to embrace this. I'm working with Figure and other partners of @TheWallet_co to solve the first three and accelerate the fourth. Just like we dragged the funds and banks into loans on chain, we're going to do the same for the broader TradFi market - retail and institutional - into ABF.

5 securitizations. 5 weeks. $1.7 billion in HELOC-backed bonds priced. That’s 16 in 2026 totaling $5.7 billion. @Figure killing it in the ABS space. Next step: issuing bonds on blockchain and providing backleverage on DeFi.

To all the $FIGR holders... First off, I want to thank you for being a @Figure investor - we appreciate your support. One of Figure’s key initiatives in 2026 is to demonstrate the value proposition of OPEN (On-Chain Public Equity Network). Specifically, we want to show that when you migrate stock from the national market (e.g., Nasdaq or NYSE) to blockchain and force the borrow/short sales to happen on blockchain, two key things happen: - Investors get the full economic benefit of lending out stock. Today, much of that benefit is taken by the prime broker who sits in between borrower and lender. I’ve heard of situations where the borrower is paying 30% or more for stock on “special” (i.e. high short demand), while the lender is getting 3%. The prime brokers make an enormous amount of money intermediating the borrow. - Companies create a countervailing force to short selling interest. When stock is heavily shorted, the high borrow cost creates a reason to be long the stock, akin to a “free” dividend We are building a pipeline of companies to list on OPEN, and I want to be able to demonstrate this value proposition to them. This is where we need your help. I’m asking you to move at least some - if not all - of your Nasdaq shares of FIGR onto the blockchain (FGRS). Once we get a critical mass of stock on the blockchain, the borrow will flip and have to happen there. In doing this, you: - Will earn the full benefit of any shares you lend out for borrow. - Irrespective of whether you lend shares, you will demonstrate the validity of OPEN to other companies. - If you are a fund or SPV, it is much cheaper, faster and easier to distribute shares to your LPs vs brokerage distribution. - You (or your LPs) can switch shares back to Nasdaq at any time, without cost or tax consequences. I’ve heard a few reasons why people/funds are hesitant to make this switch, including: - Concern about liquidity on OPEN. Jump provides liquidity today, and will make as much market depth as is needed to support liquidity. In fact, OPEN is open 24x7 - with significant liquidity during US and Asia market hours. And - as mentioned above - if you feel you need to, you can move the stock back, usually the same day (or one business day later in the worst case). - Concern about wallets/QCs. There are a variety of ways to hold FGRS, including through a Figure Markets wallet or a BitGo qualified custodian wallet (with more options coming). - Concern about losing keys. FGRS is a security, not a bearer asset. If for whatever reason you lose your keys (or your security), Figure’s transfer agent mints you a new one. The net is, hopefully you own FIGR because you believe in our ability to bring capital markets to blockchain. And now you can directly impact how fast we do this by migrating your stock to OPEN. To make this easy for you, Jacob - @ZawadaJacob - will handhold you through the process of migrating. DM him, and if you have any questions, respond to this thread and I'll answer them. Thanks!

It looks like they copied our S1 for their "Issuer-Sponsored Tokenized Securities" section. Companies issue stock native on chain, and the blockchain security is the actual stock, not an IOU/tokenized representation. When done correctly, that stock can trade in a limit order book on our ATS (self custody) and used in Democratized Prime (DeFi).

Very excited to launch OPEN - the On-Chain Public Equity Network. @Figure will be the first to use OPEN to issue public equity native to blockchain, trading in a lit limit order book on Figure's Alternative Trading System marketplace, usable in DeFi on Figure's Democratized Prime and swappable between blockchain and the NMS security for those who want a safety blanket (and to keep comparable liquidity across markets). And while Figure is the first, there will be more listings to follow. This is a big deal. Not wrapping DTCC securities. Not building SPVs US investors can't trade. Real public equity native on blockchain available to all.

@Figure released earnings after the close. Net income for the quarter is up 227% year over year to $90 million. Adjusted net revenue for the quarter of $156 million with an EBITDA margin at 55%. Figure is killing it. But what I am most excited about is this: investors.figure.com/news-re… Figure is doing a second IPO - a non-dilutive secondary of true blockchain native public equity on @provenancefdn. Not a tokenized DTCC stock. The real deal. Can't wait to talk more about this.