Report: US Crypto Startup Seeks to Launch an Interest-Bearing Stablecoin

A U.S. blockchain and lending startup is seeking the U.S. Securities and Exchange Commission’s support to contented an interest-bearing stablecoin. The startup said the integer token volition beryllium utilized arsenic an alternate to existing stablecoins specified arsenic tether and USDC.

Figure Technologies’ Draft Registration Statement

A caller blockchain and lending startup, Figure Technologies Inc., has reportedly approached the U.S. Securities and Exchange Commission (SEC) to motorboat an interest-bearing stablecoin. If approved, the stablecoins, which volition beryllium registered arsenic “face-amount certificates,” volition beryllium disposable to some retail and organization investors successful the U.S.

According to a Bloomberg report, Figure Technologies aims to connection the archetypal stablecoin that volition beryllium regulated arsenic a information successful the United States. The company’s draught registration statement, filed nether the sanction of subsidiary Figure Certificate Co., said the stablecoin volition beryllium issued utilizing blockchain technology.

In the meantime, Figure Markets, the integer plus limb of Figure Technologies, is reportedly readying to rise $50 cardinal astatine a valuation of $250 million. The funds are expected to beryllium raised successful collaboration with Jump Crypto and volition beryllium utilized to enactment Figure Markets’ operations.

Touting the projected stablecoin, Figure Technologies, which is led by Mike Cagney, the CEO, said its integer token volition beryllium utilized arsenic an alternate to existing stablecoins specified arsenic USDT and USDC. The startup added:

Interested successful an instrumentality that provides output backed by highly liquid, investment-grade assets that tin beryllium held successful a integer format, liquidated connected abbreviated announcement and utilized successful peer-to-peer transactions.

In summation to issuing stablecoins, Figure Technologies has besides filed to registry an offering that targets investors who are funny successful earning yields with assets held successful integer format, the Bloomberg study said.

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