Jacob Zawada

Product @Figure - OPEN (Onchain Public Equity Network) 🇺🇸 Views are my own.

[Jacob Zawada @ZawadaJacob]

@HettyGreen2020 @mcagney @Figure I can provide instructions for any of these. PM if interested.

[Jacob Zawada @ZawadaJacob]

@bomcom8058 @mcagney @Figure You can open an account with Figure Markets from Japan! Happy to help you through the process. PM'd!

[Jacob Zawada @ZawadaJacob]

@HettyGreen2020 @mcagney @Figure Any specific brokerage you would like to receive instructions for? Feel free to PM me.

[Mike Cagney 🇺🇸 @mcagney]

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!

[Jacob Zawada @ZawadaJacob]

@aaronxkong @Figure This was a great research piece by @Bloomberg

[Jacob Zawada @ZawadaJacob]

@RepzdaCanes @mcagney @vladtenev @RobinhoodApp PM'd

[Jacob Zawada @ZawadaJacob]

Good insight into the state of the current tokenized equity space:

https://t.co/a6zZZd098v

[Jacob Zawada @ZawadaJacob]

@_openworld's merger and public listing will demonstrate the power of @Figure's OPEN platform. Shareholders who opt for tokenized equity will receive faster settlement times, direct ownership, and the flexibility to lend, borrow against, or cross-collateralize their shares.

[Open World @_openworld]

OpenWorld has agreed with @Figure to tokenize our equity on Figure's OPEN network - in connection with our proposed @Nasdaq listing.

Direct ownership. Yield on lent shares. Cross-collateralized crypto and equities.

We go first.
https://t.co/DCWLCJpQIw

#RealWorldAssets #Tokenization #Blockchain

[Carlos Domingo @carlosdomingo]

@banamlas It is not true that issuer cannot go directly onchain, what happen is that those tokens need to follow securities laws, those wrappers are not only inferior they are not regulatory compliant in the US

[Jacob Zawada @ZawadaJacob]

@martinkoopman Glad to hear you had a smooth experience.

[Jacob Zawada @ZawadaJacob]

@jdorman81 Growth here requires new listings and real value realization from tokenized use cases. Few will keep an account for just 1 position. Cross-collateralization, stock lend/borrow, and 24/7 markets are compelling, if liquidity and usage let users actually gain efficiency and yield.

[Figure @Figure]

History is made.🛎️

We’re proud to announce that pricing has officially closed for FGRD, the first public equity to be natively listed, traded, and settled entirely on blockchain infrastructure, leveraging Figure’s ATS for instantaneous settlement.

Thanks to the OPEN (On-chain Public Equity Network), we've eliminated the legacy intermediaries (DTCC, we hardly knew ye) and built something incredible: equities that live natively on-chain, are tradeable 24/7, and are composable from Day One.

Secondaries are coming. Be ready.

[Jacob Zawada @ZawadaJacob]

@mcagney Prediction markets are more intuitive than derivatives like options or perps. Also, creating a hedge pegged to the OPEN equities price enables NMS/OPEN decoupling and true price discovery for OPEN equities. It would solidify OPEN equities as more than a NMS proxy.

[Mike Cagney 🇺🇸 @mcagney]

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).

[Rodrigo @RSSH273]

The SEC just published a taxonomy on Tokenized Securities.

Quick thread on what this is, and what it is not.

[Jacob Zawada @ZawadaJacob]

@tdelet @mcagney @hosseeb Current workarounds don't guarantee permanence. The US gov’t has a strong incentive to ensure taxable income from yield is trackable, especially as stablecoins grow.

[Jacob Zawada @ZawadaJacob]

@WatcherGuru I wonder with who… 😉

[Mike Cagney 🇺🇸 @mcagney]

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.

[Jacob Zawada @ZawadaJacob]

@mcagney What incentive does an issuer have to use @Figure over nasdaq/nyse, particularly early on? The efficiencies seem to largely accrue to shareholders.

[Anthony Moro @anthonymoro111]

BOOM! @Figure on @provenancefdn just called out @The_DTCC, @NYSE , @NasdaqExchange , broker-dealers and custodians. The first true blockchain native public equity is here. Congrats to @mcagney and team. People throw around the term "revolutionary" all the time but this is the real deal.