A financial services startup with a blockchain focus intends to introduce an interest-bearing stablecoin that is penny-pegged.
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A registration statement submitted to the U.S. Securities and Exchange Commission (SEC) in October states that Figure, a San Francisco-based company, intends to establish Figure Certificate Company as a subsidiary.
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“Figure Transferable Certificates,” which are transferrable digital asset securities priced at $0.01 per certificate, are what the subsidiary intends to issue. According to the figure, unless the holder chooses to opt out, the certificates will automatically be repaid with dollars each month and will accrue simple interest that is credited to the holder. Twenty years after the date of issuance, the certificates mature.
The Provenance Blockchain is an open-source platform that Figure uses for loan origination, equity management, private fund operations, and payment services. Provenance boasts of actively managed real assets worth over $9 billion on its chain.
If the SEC grants approval, the certificates will also be released on Provenance. The Figure Certificate Company’s investments in foreign securities, commercial paper, corporate debt securities, and fixed-income securities will yield interest to certificate holders.
The certificates are envisioned by Figure as stablecoin substitutes, along with a payment rail and a settlement currency.
“Certificate holders may use the Figure Transferable Certificates as an alternative to the stablecoins that are currently available in bearer form, without any yield, and not governed by the Investment Company Act.”
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