Macrina Kgil, the Chief Financial Officer of , Figure Technology Solutions (Nasdaq: FIGR), is calling for updated accounting standards that would classify stablecoins as cash or cash equivalents rather than intangible assets.
In a recent interview, Kgil expressed optimism that the Financial Accounting Standards Board (FASB), which added a project on certain digital assets to its technical agenda last fall, will provide much-needed clarity this year. She argues the change would promote consistency across companies holding stablecoins.
Kgil, a seasoned executive who has served as CFO five times—including at Blockchain.com from 2018 to 2022—has long been frustrated by the ambiguity in current GAAP guidance. She recalled heated internal debates at a prior company over how to account for holdings in the stablecoin Tether due to the lack of clear rules. “I’m very happy the FASB is looking to clarify this because it will just make it more consistent across the board,” she said.
At Figure, which went public last fall and boasts a market value of around $8-13 billion in recent trading, Kgil has a direct stake in digital asset developments. The company merged with Figure Markets last summer and issues $YLDS, an SEC-registered, yield-bearing stablecoin native to the Provenance Blockchain (and recently expanded to Solana). $YLDS functions as a tokenized security backed by assets like U.S. Treasuries, paying interest to holders while maintaining a stable $1 value.
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Figure Technology Solutions specializes in blockchain-based consumer lending, particularly home equity lines of credit (HELOCs) and loans. By tokenizing these assets on-chain, the platform enables faster closings—averaging 10 days compared to the industry’s 45-day norm—and provides greater transparency for buyers assessing loan data. The company positions itself as a marketplace for originating, funding, and trading these on-chain loan products.
Kgil, who holds an engineering degree from Seoul National University and began her career as a CPA at PricewaterhouseCoopers, brings extensive experience in auditing, IPOs, and capital markets from roles at Fortress Investment Group and Springleaf Financial Services. Her advocacy underscores the growing intersection of traditional finance and blockchain as regulators and standard-setters address crypto’s accounting challenges.
