Summary
Figure Technologies Inc., a blockchain and lending startup, is seeking approval from US regulators to issue an interest-bearing stablecoin called Figure Certificate Co. If successful, this would be the first stablecoin regulated as a security in the US. Figure filed a draft registration statement with the Securities and Exchange Commission in October.
Key Points
1. Figure Technologies Inc., founded by former SoFi Technologies Inc. CEO Mike Cagney, is seeking approval from US regulators to issue an interest-bearing stablecoin.
2. This is a unique initiative aiming to create a new class of stablecoins with federal legitimacy, and if approved, Figure will become the first company to offer a stablecoin regulated as a security in the US.
3. In October, Figure filed a draft registration statement with the Securities and Exchange Commission (SEC) under the name of Figure Certificate Co., a subsidiary.