🔖 Startup Arca seeks SEC approval for US Treasury Bond-backed stablecoin

Los Angeles startup Arca has filed a prospectus with the SEC for a U.S. Treasury Bond-backed stablecoin named Arca UST Coin. Bonds will be tokenized on the Ethereum ($ETH) blockchain with a targeted net asset valuation of $1 per coin, although Arca claims the token will have slightly more volatility than typical stablcoins. Minimum investments sit at $1,000 with plans for quarterly dividend payouts. Per the filing, Arca needs $25 million in funds to go forward with the plan, which they hope to be approved in 2019.