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Former FTX bidder, blockchain startup Figure applies to SEC to launch "interest-bearing stablecoin"

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Former FTX bidder, blockchain startup Figure applies to SEC to launch "interest-bearing stablecoin"

According to Bloomberg, blockchain startup Figure Technologies' subsidiary, FigureCertificateCo., has submitted a registration application to the SEC, planning to launch an interest-bearing stablecoin in the form of fixed-income securities.

Figure Applies for Issuance of Interest-Bearing Stablecoin

A report states that while interest-bearing stablecoins exist outside the United States, many issuers have abandoned plans to issue such stablecoins domestically due to potential regulatory concerns from the SEC.

Key points about Figure's interest-bearing stablecoin:

  1. Targeted at both U.S. institutions and retail investors.

  2. The stablecoin has a minimum unit value of 1 cent and is pegged to 0.01 USD.

  3. The stablecoin accrues interest daily and distributes interest to holders monthly.

  4. Interest is generated from income sources such as government bonds, commercial paper, and loans, derived from revenue generated by reserve assets.

Last year, Matrixport's asset management platform Matrixdock also launched a similar product called "Short-term Treasury Bill Token, STBT":

  • Matrixport Introduces "U.S. Treasury Bill Token" to Institutions? Ethan Yang Discusses the Dilemma in the Crypto Market: Risk-Free Interest Rates

  • USDV: A Stablecoin Paradigm of Full Chain Transparency

Figure, Former FTX Bidder, to Raise $50 Million in Funding

Bloomberg also reported, citing anonymous sources, that Figure Technologies' digital asset division, Figure Markets, plans to raise $50 million at a valuation of $250 million, with all funds allocated to strengthen Figure Markets' business expansion.

Previously reported, Figure not only participated in the bidding for the bankrupt lending platform Celsius in 2022, but last year, when FTX narrowed its bidding to three finalists, Figure was also among them, along with venture capital firm Tribe Capital and Silicon Valley investment firm Proof Group.

FTX Bidders in the Running: Proof Group, Bullish, and Figure