On-Chain Equities and the Evolution of Market Infrastructure with Mike Cagney of Figure
“The key benefit of putting equity on-chain is DeFi. Being able to take my stock, use it as collateral, cross-collateralize it with things like Bitcoin, and control stock loan in a transparent way — that’s a transformative play.”
Rebank is sponsored by:
Mike Cagney is the Co-Founder of Figure and a long-time fintech entrepreneur focused on rebuilding financial infrastructure on blockchain rails. Under his leadership, Figure has evolved from a blockchain-native lending platform into a public company advancing tokenized credit, stablecoins, and now on-chain equities.
Founded in 2018, Figure was built on the conviction that blockchain could meaningfully reduce costs, improve liquidity, and unlock new forms of financing in traditional financial markets. The company has since brought billions of dollars of credit on-chain and is now pushing into tokenized public equities — including issuing a distinct blockchain-native version of its own stock designed to integrate directly with DeFi protocols.
Through Figure’s alternative trading system and decentralized finance initiatives, Mike is advancing a vision in which equities, credit, and stablecoins converge into a more efficient, self-custodied, and globally accessible financial system.
Please enjoy the following insights from Mike Cagney of Figure.
Equities On-Chain Unlock Transparent Stock Lending
Mike explains why the real benefit of putting equities on-chain isn’t 24/7 trading — it’s DeFi. By issuing equities natively on blockchain, investors can use their shares as collateral, cross-collateralize with assets like Bitcoin, and bring stock lending into a transparent, on-chain marketplace. Instead of opaque prime broker spreads, a lit limit order book allows investors to directly offer their shares for loan and capture the full economics themselves.
🎬 Watch: How DeFi Rewrites Stock Lending
youtube.com/shorts/xKprTFIDBHo
Crypto Needs Law, Not Just Favorable Interpretation
Mike argues that regulatory clarity must be codified in law, not left to political interpretation. While the current environment is more favorable to blockchain and crypto, long-term investment requires durable legal frameworks like the GENIUS and Clarity Acts. Without statutory certainty, institutions can’t confidently deploy capital or build lasting infrastructure. For crypto to mature, the rules must outlast any single administration.
🎬 Watch: Why Market Structure Law Is Critical for Crypto’s Future
youtube.com/shorts/cQSyFDwRSGQ
Stablecoins Could Reshape Bank Deposits — and DeFi Fills the Gap
Mike explains how stablecoin adoption could trigger another wave of deposit flight from traditional banks. As consumers move cash into stablecoins for payments and yield, banks may be forced to shrink balance sheets and sell assets — just as they did during recent tightening cycles. Instead of banks capturing the full lending spread, DeFi protocols could enable individuals to lend directly, splitting the economics between lender and borrower and removing the bank as intermediary.
🎬 Watch: How Stablecoins and DeFi Challenge the Banking Model
youtube.com/shorts/7BWHlNg0p18
Equities Belong on Blockchain, but Not for 24/7 Trading
Mike explains why simply tokenizing Nasdaq or NYSE stocks misses the point. While many argue that 24/7 trading is the core value of on-chain equities, extended trading hours alone don’t fundamentally change market structure. The real opportunity lies in democratized global access — expanding participation beyond regional market hours and rethinking how equity markets operate at a structural level.
🎬 Watch: Why 24/7 Trading Isn’t the Real Value of Tokenized Stocks
youtube.com/shorts/YMGGDiEcSPg
🎬 Watch the Full Episode
Enjoyed this conversation?
Upgrade to Premium for access to all our content and analysis.