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.
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Crypto startup Figure seeks SEC approval to issue interest-bearing stablecoin
An approval is far from guaranteed, and the application process is likely to intensify debates on how stablecoins should be regulated in the US. Several attempts by US lawmakers to put forward bills on stablecoins have been unsuccessful, but oversight of the sector has been singled out as a priority by US President Joe Biden. Circle recently filed confidentially its plans to launch an initial public offering, more than a year after scrapping its attempt to go public through a blank-check deal.
