Figure has taken a significant step toward bridging traditional finance and Web3—the firm submitted its second IPO application to the SEC last week, this time with an ambitious proposal to natively issue equity tokens directly on the Solana blockchain. This move signals growing momentum behind tokenized securities in the crypto space, potentially paving the way for more projects to explore blockchain-native capital raising mechanisms. The filing marks an interesting test case for how regulators might approach native token issuance on established Layer-1 networks.