Figure takes operational role at Provenance Blockchain Foundation under community-led structure

Figure Technology Solutions (Nasdaq: FIGR) is stepping into a more direct operational role supporting the Provenance Blockchain Foundation, formalizing its involvement in the Layer 1 network that underpins the firm’s growing on-chain credit and equity businesses.

Under the updated structure, Figure Technology Solutions will provide technical, operational, and administrative resources to the Provenance Blockchain Foundation, while governance authority remains with HASH token holders through onchain voting, the company told The Block on Tuesday.

The Foundation will continue to operate as an independent entity, with Figure serving at the direction of the community and abstaining from governance votes tied to foundation-controlled HASH tokens. June Ou will remain director of the foundation, supported by additional Figure resources.

“The decentralized nature of Provenance Blockchain is core to our operating model,” Figure CEO Michael Tannenbaum said in a statement. “With the community’s support, we are best positioned to augment the Foundation leadership team in not just supporting the existing protocol, but also driving incremental third-party adoption of the Provenance ecosystem beyond Figure.”

The changes are expected to introduce revised tokenomics for HASH, including the addition of network fees designed to compensate validators and delegators. Provenance has historically relied more heavily on token issuance to incentivize network participation, with the proposed shift aiming to tie incentives more directly to usage of the chain.

In a recent post, Figure co-founder and executive chairman Mike Cagney framed the update as a move away from inflation-driven token rewards toward fee-based economics. Cagney argued that transaction fees, rather than headline metrics like total value locked, are what ultimately support sustainable yield and governance for token holders, with governance and utility reinforcing that value over time.

Figure holds roughly 25% of the outstanding HASH supply but said it does not expect the new governance structure to result in any material incremental operating expenses.

Onchain push

The update comes as Figure deepens its reliance on Provenance as core infrastructure. Last week, the firm unveiled its On-Chain Public Equity Network, or OPEN, which is designed to issue and trade equities natively on Provenance rather than as tokenized representations of traditional shares.

That platform would allow companies to list equity directly onchain, with settlement and, eventually, stock lending handled through blockchain-based systems. Figure has said it plans to be the first issuer on OPEN, with blockchain-native shares exchangeable with its Nasdaq-listed stock.

Beyond equities, Provenance already underpins Figure’s onchain private credit marketplace and real-world asset tokenization efforts, which analysts have cited as the company’s primary near-term revenue driver.

In a recent note, Bernstein described tokenized equities as longer-term optionality, while pointing to strong growth in Figure’s core credit business.

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