Figure Technologies, the blockchain firm founded by former SoFI CEO Mike Cagney, plans to launch a regulated stablecoin security in the United States. It involves adopting an existing piece of investment regulation to issue ‘face amount certificates’, a type of fixed income debt security that pays interest. Bloomberg first reported the news.
Many believe that traditional finance and decentralized finance will converge. Since day one, Figure Technologies has straddled the two. While Figure has succeeded in lending and other areas, Cagney has pushed forward despite encountering numerous regulatory hurdles on the payments front.
Figure Pay attempted to get a banking license but gave up after trying for years. The startup was one of the founders of the USDF stablecoin consortium, which adapted based on regulatory pushback and morphed into a conservative tokenized deposit solution. It was unveiled two years ago and is yet to receive a green light from regulators.
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