- Figure Technologies, led by former SoFi CEO Mike Cagney, is seeking SEC approval for an interest-bearing stablecoin.
- The proposed stablecoin deviates from the norm by offering interest, funded by a diverse reserve.
- Figure Markets, the digital asset division, plans to raise $50 million at a $250 million valuation.
Figure Technologies, led by former SoFi Technologies CEO Mike Cagney, is making waves in the digital currency realm. The fintech firm has filed a draft registration statement with the U.S. Securities and Exchange Commission (SEC) for a revolutionary stablecoin. Unlike traditional stablecoins such as USDT and USDC, Figure Technologies aims to introduce an interest-bearing stablecoin, seeking to redefine the landscape.
According to a recent report from Bloomberg, Figure Technologies filed a draft registration statement in October through its subsidiary, Figure Certificate Co. The filing outlines the company’s ambitious plan to categorize the new stablecoin as “face-amount certificates,” positioning it as a unique fixed-income security. What sets it apart is the accrual of daily interest, payable monthly, sourced from a diversified reserve including treasury securities, commercial paper, and corporate debt. The stablecoin’s redemption value of 1 cent per certificate further aligns with Figure’s vision for quick liquidation and peer-to-peer transactions.