Figura Technology, a blockchain-based financial services company focused on tokenized assets and loans, has filed for a second public offering to issue indigenous capital directly on the public blockchain. The move, which follows the company’s recent Nasdaq listing, aims to expand decentralized finance (DeFi) applications on the Solana platform.

In a speech at the Solana Breakpoint conference, Figura executive chairman Mike Cagney said the company has filed with the U.S. Securities and Exchange Commission (SEC) to launch what he called “a new version of equity on the public blockchain,” specifically Solana.

Cagney said blockchain-native stocks would not be traded on established exchanges such as Nasdaq or the Novel York Stock Exchange, nor would they rely on the introduction of brokers such as Robinhood or prime brokers such as Goldman Sachs.

Instead, securities would be issued and traded natively on the network through an alternative trading system Figure characterized as “effectively a decentralized exchange.”

By issuing shares directly on Solana, investors will be able to transfer the tokenized security to DeFi protocols where it can be borrowed or borrowed, Cagney said.

He added that the company’s broader goal goes beyond tokenizing its own shares and plans to support the issuance of native shares for other companies directly in the Solana ecosystem:

“One of the points we are focusing on is not only moving this capital into the Solana ecosystem, but also enabling the issuance of native Solana shares.”

Related: Figure Technology increases IPO size, total transaction may reach USD 800 million

Tokenization on Solana is gaining momentum

Already one of the largest public blockchains in terms of activity, Solana is increasingly emerging as a hub for tokenized assets, with its share of the real-world asset (RWA) market growing steadily over the past year.

According to Matt Hougan, chief investment officer at Bitwise, while Ethereum still dominates tokenization today, Solana will likely become the financial industry’s network of choice for stablecoins and tokenized assets over time.

As Wall Street evaluates the long-term viability of tokenized assets, attention is expected to focus on blockchains that offer high speed, throughput and rapid transaction completion, areas where Solana has a competitive advantage over many rival networks, Hougan said.

RedStone’s research identified Solana as a “high-performing contender” in the RWA space, particularly in tokenized U.S. treasury bond markets.

Related: Scaramucci predicts “exponential opportunity” for cryptocurrencies at LONGITUDE