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Stablecoin Advocates Make Their Case to U.S. Banking Regulators

Nov. 22, 2021, 1:00 PM

Blockchain startup Figure Technologies Inc. and other firms held talks with U.S. regulators about how to issue a stablecoin that satisfies watchdogs amid deep Washington skepticism over the fast-growing corner of the cryptocurrency market.

Senior officials of the Federal Reserve, Office of the Comptroller of the Currency and Federal Deposit Insurance Corp. met last week with Figure and its partners in an emerging crypto effort known as the USDF Consortium, according to people familiar with the meetings who requested anonymity because the discussions were private. Spokespeople for the agencies declined to comment.

The meeting with regulators comes after the President’s ...