Cryptocurrencies
Crypto Startup Figure Seeks SEC Approval to Issue Interest-Bearing Stablecoin
- Company has filed S-1 form in hope to register the stablecoin
- Figure’s digital asset arm plans to raise $50 million round
The US Securities and Exchange Commission headquarters in Washington, DC.
Photographer: Samuel Corum/BloombergThis article is for subscribers only.
Figure Technologies Inc., a blockchain and lending startup founded by former SoFi Technologies Inc. Chief Executive Officer Mike Cagney, is seeking approval from US regulators to issue an interest-bearing stablecoin.
The move is a novel attempt at creating a new class of stablecoins with federal legitimacy, and if successful, Figure will be offering the first stablecoin regulated as a security in the US. Figure filed a draft registration statement with the Securities and Exchange Commission in October under the name of Figure Certificate Co., a subsidiary.