Skip to main content

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

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 permission to issue an interest-bearing stablecoin. The startup said the digital token will be used as an alternative to existing stablecoins such as tether and USDC.

Figure Technologies’ Draft Registration Statement

A new blockchain and lending startup, Figure Technologies Inc., has reportedly approached the U.S. Securities and Exchange Commission (SEC) to launch an interest-bearing stablecoin. If approved, the stablecoins, which will be registered as “face-amount certificates,” will be available to both retail and institutional investors in the U.S.

According to a Bloomberg report, Figure Technologies aims to offer the first stablecoin that will be regulated as a security in the United States. The company’s draft registration statement, filed under the name of subsidiary Figure Certificate Co., said the stablecoin will be issued using blockchain technology.

In the meantime, Figure Markets, the digital asset arm of Figure Technologies, is reportedly planning to raise $50 million at a valuation of $250 million. The funds are expected to be raised in collaboration with Jump Crypto and will be used to support Figure Markets’ operations.

Touting the proposed stablecoin, Figure Technologies, which is led by Mike Cagney, the CEO, said its digital token will be used as an alternative to existing stablecoins such as USDT and USDC. The startup added:

Interested in an instrument that provides yield backed by highly liquid, investment-grade assets that can be held in a digital format, liquidated on short notice and used in peer-to-peer transactions.

In addition to issuing stablecoins, Figure Technologies has also filed to register an offering that targets investors who are interested in earning yields with assets held in digital format, the Bloomberg report said.

What are your thoughts on this story? Let us know what you think in the comments section below.



from Bitcoin News https://ift.tt/MDLXxz8

Comments

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli...

DefiDollar Listing on AscendEX

PRESS RELEASE. AscendEX, formerly BitMax, an industry-leading digital asset trading platform built by Wall Street quant trading veterans, has announced the listing of the DefiDollar Token (DFD) under the pair USDT/DFD on Apr 29 at 1:00 p.m. UTC. DefiDollar is a DeFi lab that aims to bring mass adoption to DeFi with a wide-ranging product suite. The first product offering to go live will be the stablecoin index – DUSD, with ibBTC and optionCoin currently in development. DefiDollar (DUSD) aspires to be a risk-insured stablecoin layer for DeFi. It is designed to provide a safe and stable way for users to hold their assets with DUSD being optimized for peg safety, yield, and diversification. DefiDollar uses DeFi primitives to stay close to the dollar mark. DUSD provides an avenue for diversifying stablecoin holdings to hedge against an event where the underlying stablecoins like Tether or DAI deviate from their peg. DUSD is collateralized by Curve Finance LP tokens. DFD is the n...