DefiLlama lists Figure Markets Exchange at $172,674,837 of assets committed to the venue. The single largest line in that total is FGRS at $93,033,115, which is the blockchain-native common stock of Figure Technology Solutions, the company that owns the exchange.

Over the same 24 hours, CoinGecko recorded $19,786 of FGRS trading volume across every venue it tracks. At $35.98 a token, that is roughly 550 shares. The exchange is holding 2,355,531 of them.

What FGRS actually is

Figure Technology Solutions registered a second class of stock with the SEC that lives on a blockchain instead of at the DTCC. The share itself is the on-chain record, not a claim on a certificate held somewhere else. It trades as FGRS on Figure's own alternative trading system, and it converts one-for-one into the Class A shares that trade on Nasdaq under FIGR. The company priced 4,375,000 of them at $32.00 on February 18, 2026, and BitGo and Figure settled the first trades on the ATS two days later.

Figure announced the venue behind it, the On-chain Public Equity Network, on January 14, 2026. Executive chairman Mike Cagney said OPEN reinvents equity trading. The pitch is continuous trading on a limit order book, qualified custody through BitGo, and the ability to borrow against the shares in a DeFi market rather than a prime broker. Jump Trading was named as a market maker preparing to onboard.

Where the $172.7 million sits

DefiLlama's methodology note for the protocol reads: "Figure Markets TVL is the sum of tokens committed to the Figure Markets exchange, excluding USD.TRADING and collateralized pool assets." So this is a customer-balance figure, and the breakdown is worth reading line by line.

Figure Markets Exchange, assets on the venue

Token balances as reported on September 8, 2026. Source: DefiLlama per-protocol token breakdown for Figure Markets Exchange.

FGRS is 53.9% of the total. YLDS, Figure's SEC-registered yield-bearing stablecoin, is the next line at $34,551,720, or 20.0%. Two assets that Figure itself issues account for $127.6 million of the $172.7 million on its own exchange. Bitcoin is third at $22.5 million, and everything a normal crypto exchange holds — USDC, ETH, SOL, USDT, XRP — adds up to about $22.6 million between them.

Assets Figure issues, on Figure's exchange: 73.9% of reported balances. Every other token combined: 26.1%.

The $19,786 day

CoinGecko tracks exactly one market for FGRS: the FGRS/YLDS pair on Figure Markets, which is 100% of recorded volume. Figure's stock token trades against Figure's stablecoin, on Figure's trading system, settling on Provenance, the blockchain Figure built. The order book is the company's own, end to end.

Compare the two sides of the same equity. On Friday September 4, FIGR closed at $35.96 on Nasdaq with 2,754,800 shares traded, about $99 million of turnover in one session. The blockchain version did $19,786 over the most recent 24 hours. That is a ratio of roughly 5,000 to one, on share classes that convert into each other.

Thin books move. CoinGecko has FGRS printing a high of $39.50 and a low of $35.77 in the same 24-hour window, a 9.4% range on twenty thousand dollars of volume. The token's record high of $49.05 came on August 17, seventeen days after its low of $24.45 on July 31 — a stretch when Nasdaq had FIGR moving inside a far narrower band.

Why the price is still roughly right

Here is the part that keeps this from being a scandal. FGRS was last marked at $35.98 against a $35.96 Nasdaq close, four cents apart. The conversion feature is doing its job: anyone who can exchange FGRS for FIGR has a reason to close any meaningful gap, and Figure has said it intends to support that swap in both directions for every issuer on OPEN precisely so pricing stays aligned across the two venues.

So the $93 million mark is defensible. It is also illiquid. A mark that holds because of an arbitrage path is only as good as that path, and this path runs through a conversion process and a Nasdaq market that shuts at 4pm. Anyone valuing a position at the screen price is trusting the plumbing, not the order book.

The day the number halved

On September 7, DefiLlama's snapshot for Figure Markets came back at $76,290,912, down from $164,844,425 the day before. The next reading was $172,674,837, which the tracker's own change column reported as a 126% gain in 24 hours.

Nothing was deposited and nothing was withdrawn. Pull the token breakdown for those three days and FGRS is simply absent from the September 7 row, then present again on September 8 with the identical balance of 2,355,531.28 tokens. One asset dropped out of one snapshot. Because that asset is over half the venue, the reported total fell by 53.7% and bounced straight back. DefiLlama's record for this protocol also carries a misrepresentedTokens flag, its marker that the token list should not be read as a full picture of holdings.

Reading a tokenized-equity venue

  • Check what the biggest line is. A TVL figure led by the operator's own equity or stablecoin describes the operator's balance sheet more than its customer base.
  • Find the quote asset. FGRS trades only against YLDS. A pair where the issuer supplies both sides has no outside price discipline of its own.
  • Divide volume by the balance. 550 tokens moving against 2.36 million sitting on the venue is 0.023% daily turnover.
  • Ask what enforces the price. With tokenized equities it is usually a conversion right, not the order book. Read how that conversion works before you rely on the mark.

What this means if you hold tokenized shares

Tokenized equity is being sold on 24/7 access, and the access is real. FGRS kept trading through the Labor Day weekend when FIGR did not. The catch is that a market open at 3am on a Sunday is not the same thing as a market with buyers at 3am on a Sunday. Over the long US weekend just past, the token swung to $39.50 and back to $35.98 with about twenty thousand dollars changing hands, and any holder who sold into that would have moved the price themselves.

The borrowing angle deserves the same caution. Figure's design lets holders post the stock as collateral in a DeFi market and cross-collateralize it against crypto. A collateral value fed by a book this thin can be marked down hard by a single sale, and a liquidation into that same book has nowhere to go. The conversion right protects the price over hours or days, and a margin call resolves in minutes.

The number I would watch

Figure has built something the rest of the industry keeps promising and not shipping: an SEC-registered share class that is native to a blockchain, settles without the DTCC, and converts into a listed stock. That is a genuine piece of market infrastructure, and it is more interesting than the price of any token on it.

The measure of whether it works is not TVL. It is the day FGRS does seven figures of volume against something Figure did not issue, on a venue Figure does not operate. Until then, the $93 million on the exchange page is one company's stock, priced off another exchange, sitting still. Watch the volume column, not the balance.