Sachin Jaitly

Very excited to share that @ForbesCrypto and @DelRayMan covered my doctoral research on sovereign nations adopting #Bitcoin. We all know investors and publicly traded companies have started adopting, but a few know that a growing number of nations have started. #orangepilling

Want to be in on the first SEC-registered common equity issuance native on the blockchain? Want to buy @Figure equity at a discount, use that stock in DeFi and be part of the public blockchain RWA movement? Figure expects to launch its SEC-registered equity native on the blockchain through a secondary sale soon. Why buy blockchain Figure vs. Nasdaq Figure? The blockchain shares will be eligible for you to borrow against or lend out to earn yield via Figure’s Democratized Prime. You’ll be putting your weight behind the first real native blockchain challenge to the centralized equity exchanges. And blockchain Figure affords similar rights and privileges as Nasdaq Figure. And shares will be priced at a discount [size TBD] as part of this blockchain IPO. To participate, set up a Figure Markets account (if you don’t have one already) and purchase YLDS (our yielding stable coin currently paying 3.30%). With YLDS, you will be able to request an allocation in the blockchain IPO. Once you own the stock, you’ll be able to immediately trade it 24x7 in the marketplace* or use it to lend out or borrow against it via Democratized Prime. And if you ever really miss the Nasdaq, you’ll be able to exchange your stock (and vice versa) at any time. Sign up for a Figure Markets account today and help drive the RWA movement! bit.ly/figureopen —--------------------- Figure Technology Solutions, Inc. (“Figure”) has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents Figure has filed with the SEC for more complete information about Figure and this proposed offering. You may get these documents for free by visiting the SEC’s website at: sec.gov. Alternatively, Figure or any sales agent participating in this offering will arrange to send you the prospectus if you request it at Goldman Sachs & Co. LLC by telephone at 1-866-471-2526; Morgan Stanley & Co. LLC by telephone at 1-866-718-1649; or Cantor Fitzgerald & Co. by email at prospectus@cantor.com. * Trading and lending occur through the On-Chain Public Equity Network (OPEN) includes a variety of services offered by the Figure Group of companies, which include its Alternative Trading System (“Figure ATS”) operated by FINRA/SIPC member Figure Securities, Inc., and Democratized Prime, Figure’s on-chain lend-borrow marketplace. Information contained in any website in this post is not a part of this post, and the inclusion of any website address in this post is an inactive textual reference only.

We’re officially announcing OPEN (On-chain Public Equity Network), running on @provenancefdn , which will enable companies to list public equity natively on blockchain, not as tokenized DTCC securities. OPEN brings issuance, trading, and financing of public equities fully on-chain, with continuous trading via Figure’s ATS and new on-chain capital market mechanics.

1/ Vesta Equity has executed the first-ever home equity investment fully onchain, legally perfected under UCC-12, using Provenance Blockchain. The landmark milestone signals where financial infrastructure is headed, and is a meaningful step for the Provenance ecosystem 🧵

The first onchain, legally-perfected Home Equity Investment is live. A $100K HEI between a homeowner and investor, settled fully onchain on @provenancefdn using $YLDS. This is what real-world assets born onchain actually look like.

We reached a historic milestone. Vesta Equity executed the first-ever home equity investment fully on-chain and legally perfected under UCC-12. Homeowners access equity without debt. Investors gain exposure to a new on-chain real world asset that bridges TradFi and DeFi the AlphaHEI. This is an inflection point for real estate finance. @provenancefdn , @NUVALabs , and @Figure. Click here to read the press release: go.vestaequity.net/49mR9Ta #Blockchain #HomeEquity #RealEstate #RealWorldAssets #Tokenization

@DigitalCurrents @GroqInc What an incredible journey! Hats off to the @GroqInc team! 🚀🔥🚀

Morgan Creek’s portco, @GroqInc, recently entered into a strategic, non-exclusive licensing agreement with NVIDIA, highlighting the importance of specialized AI inference architectures within the global AI compute stack & marking Nvidia’s largest asset acquisition in its history.

Building on my earlier post about why a token has value (yield, utility and governance) - I want to talk about RWAs on public blockchains. Warning: many of you are going to hate what I have to say here. People get excited when they see TradFi players making moves toward blockchain. DTCC, Visa, Nasdaq, JPM - these names are being heralded by some as being phenomenal for blockchain and, by extension, crypto. This is where TVL gets conflated with yield. Using Visa as an example (sorry Visa - not picking and you and this is extensible to DTCC, Nasdaq, etc.) it doesn’t matter if Visa processes all of its transactions on blockchain, it matters how much they are paying the underlying L1 in fees - AND how those fees go to the token holders - to do that. And they aren’t going to pay more than what they pay off chain today. The issue is, off chain, they (primarily) own their network. Their costs are de minimis vs. the fees they generate (why they are worth $675 billion). Here’s where it gets interesting. What blockchain really does is eliminate the need for Visa. Visa exists to intermediate transactions: provide fraud/chargeback protection, standardize acceptance, etc. Public blockchain native stablecoin transactions eliminate most of the need for what Visa does. The paradox here is that the processes blockchain disintermediates ARE VISAs PRODUCTS. Again, this is extensible to DTCC, Nasdaq, etc. TradFi infrastructure makes money by intermediating. Public blockchain is the great disintermediator. We shouldn’t be thinking marginal change of TradFi but wholesale replacement on DeFi.

Crypto tokens have three primary drivers for value: yield, utility and governance. Yield – what does the token pay you to hold it? Yield is derived from gas and other fees on the blockchain. Utility – what benefits to I get holding the token? Do I pay reduced fees, get better loan rates, etc. Governance – how does the token support decentralization, the token foundation and allow for voting relating to yield and utility? There is a fourth driver – novelty – but I’m leaving that out as I don’t believe in it. So when you think about what a token should be worth, things like “ecosystem” and even “TVL” don’t really matter, other than they can indicate how many fees – and thus yield – is being paid into the system. Activity like token burns only matter when it translates to higher yield per token. Burning tokens that don't pay yield doesn't help. Inflationary token rewards benefit particular token holders (those getting the rewards) but are actually counterproductive to the overall token community, as they reduce each token’s share of yield and dilute each token’s governance role. I believe what @provenancefdn is doing with $HASH is the right token model. The blockchain has the highest RWA TVL of public chains, but it ranks around 12th in total fees across all L1s. Fees matter more than TVL. The Provenance Blockchain Foundation is working with Figure to enhance network fees while growing the overall fee-paying ecosystem. The Foundation is working with Figure to deliver utility to HASH holders through things like discounts on loan rates, higher DeFi yields and more. The Foundation is standing up easy “one $HASH, one vote” quorum for voting to make it easy to ensure clear, visible governance. $HASH can't be created, and the Foundation is actively working to burn $HASH for deflation. And while I don’t count novelty, it is pretty cool to say you just bought some $HASH.

Feeling generous to start the new year, so we loaded up a fresh wallet and decided to give it away. 🎁 $2,026 in BTC to one winner 🧡 Like this post and follow @Gemini ✅ Winner selected January 2

2025 reflected a year of coordinated execution. As products expanded and new markets came online, the underlying platform continued to strengthen in step. Here’s what we built in the past 365 days 👇 Launching New Products The Gemini Credit Card evolved with the release of the Bitcoin, Solana, XRP, and American Business versions of the card, allowing our US customers to earn rewards in crypto, and additional benefits for businesses.* We launched the Gemini Wallet, giving users a powerful self-custody wallet to have more control over their digital assets and manage their finances onchain. In the European Union (EU), Gemini launched Tokenized Stocks**, bringing the world’s leading equities onto the blockchain with zero trading fees. We added Gemini Perpetuals** in the EU, putting the power of crypto derivatives with up to 100x leverage in the hands of advanced traders, and have continued to expand the number of perpetual contracts available – opening up new trading opportunities in memecoins, DeFi, and beyond. In Europe, users gained the ability to stake*** their ETH and SOL, unlocking the potential to earn rewards of up to 6% APR**** on their holdings. In Singapore, we launched Index Perpetual Contracts and expanded the available cross collateral funding options. We also made funding faster for Singapore users by adding PayNow and FAST. We introduced USD rails to our UK institutional customers, giving them more flexibility in the ways they can trade. Institutional Leadership We strengthened our leadership in institutional custody, including custodying Empery Digital’s $500 million BTC placement and facilitated their bitcoin purchases and derivatives trades. We also introduced the ability to stake SOL from custody for our institutional partners. We worked with Glassnode to produce the Bitcoin Adoption, Volatility, and Market Cap report, showing that bitcoin treasuries now control nearly a third of Bitcoin’s total supply. Company Milestones & Regulation After an IPO on the Nasdaq stock exchange in September, Gemini became a publicly traded company. This year also marked a turning point for Gemini’s global ambitions. In October, Gemini launched in Australia and became AUSTRAC registered to bring industry-leading crypto tools to users down under. We also expanded further into the country by adding AUD banking rails for faster payments and deposits. We opened new offices around the world, including London, hosting an opening party with people from across the industry to celebrate. We also grew our customer service operations with a new office in Scottsdale, Arizona. In the EU, we obtained our Markets in Crypto Assets (MiCA) and Markets in Financial Instruments Directive II (MiFID II) licences, allowing us to bring our services to millions more across the region. Fostering a Global Community From DAS New York and Paris Blockchain Week, to TOKEN2049 in Singapore and the Australian Crypto Convention in Sydney, the Gemini team met local communities around the world. In March, we set a Guinness World Record for the largest aerial display of a currency symbol with a drone show at South by Southwest in Texas. In May, we teamed up with MARA Holdings to mine the Bitcoin “pizza block”, a tribute to the first real-world purchase using bitcoin. At BTC Vegas, we gave orange Tesla Cybertrucks to two lucky winners, while at BTC Amsterdam, we awarded a custom Bitcoin Apex Flare 4 Bike to a new customer. We left our mark on Amsterdam too, by biking around the city in the shape of a Bitcoin “₿” and decking out the city’s trams with our signature colors. The Gemini team also headed to Real Bedford football club to give out free pizza and merch to fans at the final match of the season, and celebrated the team’s promotion to Premier Division Central. Looking to the Future As we look to 2026, our focus has never been clearer. We plan to build on the successes of this year and continue offering secure and reliable access to digital assets, by pushing further with new product launches, deepened institutional ties, and an expanded presence in the EU and APAC. We’re proud of what we built and scaled in 2025 – and this was just the beginning. Onward and upward, Team Gemini Full recap here: gemini.com/blog/geminis-2… * Gemini-branded credit products are issued by WebBank. ** Perpetuals and Tokenized Stocks are offered by Gemini Intergalactic EU Artemis, Ltd, which is authorised and regulated by the MFSA under the Investment Services Act to offer certain services under the Markets in Financial Instruments Directive (MiFID II) to institutions and traders. Perpetuals and tokenized stocks are complex instruments that carry a high risk of loss and are not appropriate for all investors. You should consult a licensed advisor before engaging in any transaction. Tokenized stocks are manufactured by Dinari, Inc. *** Staking services are offered by Gemini Intergalactic EU, Ltd., but are not regulated activities and are not subject to regulatory oversight, conduct of business rules, or investor protection requirements established under Markets in Crypto Assets Act. **** APRs are indicative only and may change at any time. All investments involve risk, including possible loss of capital. For more information, please refer to your User Agreement with the relevant Gemini entity.

I appreciate you writing about this, but it’s a shame you didn’t include Figure as pioneering equity on chain. We’re the only public company with a public S1 to offer on-public-chain equity. More importantly, you aren’t correct about the differences between the DTCC/Old approach vs. on public chain. Let’s start with netting. Saying netting only works on DTCC is a false dichotomy. DTCC aggregates trades throughout the day and nets at the end of day because they can’t net real time. On a blockchain bilateral (self custody, self clear) limit order book (LOB) like Figure’s ATS, you net real time. Traders get the exact same buying power/benefit of leverage without having to keep capital at DTCC. Because blockchain transactions are bilateral, you do have an issue with encumbrance of bids and offers. Market makers are not used to having their bid/offer ladders funded. We solved this on Figure’s ATS by integrating the DeFi protocol into the settlement process. Now let’s go to liquidity. You are saying there won’t be the same liquidity in on-chain marketplaces as the old centralized exchanges. With Figure’s offering, the blockchain security and the NMS security can be swapped 1:1 without a tax event. That means the liquidity in the Nasdaq is the same liquidity on the blockchain - the market makers will make the same market across both. What Figure is doing is a full-scale assault on the old system. No DTCC for registry (saves $50B+ in street capital), no centralized exchanges (eliminates cost, need for introducing brokers - just attach your wallet), no prime brokerage (DeFi creates lit stock loan books, better collateral value). Any institution would want to own the blockchain security over the NMS for that last point - better collateral value and direct economics on stock loan. And every company will have a fiduciary responsibility to issue on blockchain for these reasons. And Figure is open for business to list them all just as we’re doing with our own equity.

Huge milestone for RWAs: Ondo 🤝 Figure YLDS continues to gain institutional adoption, and we're proud to be providing the rails for it. The onchain credit engine that powers YLDS is originated, settled and serviced on Provenance Blockchain. This news strengthens that flywheel, bringing: > more capital > more utility > more value flowing into the $HASH ecosystem

We’re excited to announce a $25M investment in @Figure’s yield-bearing YLDS stablecoin to power OUSG, Ondo’s flagship tokenized fund. The addition of YLDS will enhance and diversify the yield source supporting OUSG, building on a portfolio invested in funds from leading asset managers including BlackRock, Fidelity, Franklin Templeton, WisdomTree, FundBridge Capital, and more. Since launch, OUSG has grown into a flagship product with more than $780m in total value locked, delivering: -> Instant, 24/7 subscriptions and redemptions -> Daily interest accruals -> Low fees -> Multi-chain support across Ethereum, Solana, Ripple, and Polygon This investment expands the ecosystem behind OUSG and reinforces the shared mission between Ondo and Figure to bring finance onchain.

RT @mcagney: Figure released earnings after the close. Net income for the quarter is up 227% year over year to $90 million. Adjusted net re…

Thanks for hosting @TheTieIO and thanks for joining me on stage @eppy314 @minhdo @pdmccaffery9 @sjaitly to discuss Exit liquidity in crypto, the state of the IPO and Token markets

Kicking off the afternoon at The Bridge with a topic every founder and investor is watching closely. Exit Liquidity in Crypto: IPOs, Tokens, or Bust? With @eppy314 (@joinrepublic), @pdmccaffery9 (@KBWfinthink), @minhdo (@animocabrands), @sjaitly (@DigitalCurrents), and moderated by @Quynh__ho (@GSR_io). The panel unpacked how exit paths are evolving beyond token unlocks and launchpads. They compared the credibility of new crypto IPO pipelines, tokenized equity, and hybrid structures that blur the line between private and public markets. The discussion also tackled institutional vs retail exit demand and how secondary token markets might redefine liquidity before listings.

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Introducing NUVA: the nu-standard for real-world asset investing brought to you by @NUBlockTech and @animocabrands. Decentralized, accessible, and transparent - NUVA opens institutional-grade financial opportunities to everyone, everywhere. 🧵