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Crypto Startup Figure Seeks SEC Approval to Issue Interest-Bearing Stablecoin
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. The filing shows that Figure is seeking to register the ... (full story)