Figure Seeks SEC Approval to Issue Interest-Bearing Stablecoin

Figure Technologies Inc., a blockchain and lending startup founded by former SoFi Technologies Inc. Chief Executive Officer Mike Cagney, is seeking approval from US regulators to issue an interest-bearing stablecoin.

The move is a novel attempt at creating a new class of stablecoins with federal legitimacy, and if successful, Figure will be offering the first stablecoin regulated as a security in the US. Figure filed a draft registration statement with the Securities and Exchange Commission in October under the name of Figure Certificate Co., a subsidiary.

The filing shows that Figure is seeking to register the stablecoin as ...