Figure Submits Application, Plans to Launch Interest-Bearing Stablecoin and Bid to SEC for FTX

Bloomberg reported that Figure Certificate Co., a subsidiary of Figure Technologies, has submitted a registration application to the U.S. Securities and Exchange Commission (SEC). The company plans to launch a stablecoin in the form of a fixed-income security that will bear interest.

Figure Application to Issue Interest-Bearing Stablecoins

According to the report, although interest-bearing stablecoins exist outside the United States, many issuers have canceled their plans due to potential SEC regulatory concerns. Plans to issue such stablecoins within the United States.

Figure’s interest-bearing stablecoin has the following key points:

• It is also aimed at US institutions and retail investors.

• The minimum stablecoin unit is 1 cent (0.01 USD).

• Stablecoins generate interest every day and distribute interest to holders every month.

• Interest comes from treasury bonds, commercial paper, loans and other income from reserve assets.

Figure was a bidder for FTX and will raise US$50 million

Bloomberg also quoted anonymous sources as pointing out that Figure Technologies’ digital asset unit Figure Markets plans to raise $250 million The USD 50 million raised at a USD valuation will be fully used to strengthen Figure Markets’ business expansion.

It was previously reported that Figure not only participated in the bidding for bankrupt lending platform Celsius in 2022, but last year foreign media reported that when FTX’s restart bid had been narrowed down to three candidates, Figure was also among them, and the others were Venture capital firm Tribe Capital and Silicon Valley investment firm Proof Group.

The above is the detailed content of Figure Submits Application, Plans to Launch Interest-Bearing Stablecoin and Bid to SEC for FTX. For more information, please follow other related articles on the PHP Chinese website!