Figure Technology just filed with the SEC to issue native equity directly on Solana—we're talking actual primary shares, not wrapped tokens. What makes this wild is the dual-nature design: these shares trade as traditional NASDAQ stocks while simultaneously functioning as DeFi collateral. Holders can deposit their $FIG positions into Kamino vaults and borrow stablecoins against their equity stake. This blurs the line between traditional finance and decentralized finance in a way we haven't seen at scale before. Worth noting that JPMorgan has been testing debt mechanisms around this structure. The move signals how institutional finance is starting to experiment with blockchain-native solutions for equity issuance and collateralization.