Figure urges US Treasury to follow Malaysia’s 24/7 bond platform

Figure co-founder Mike Cagney has urged the U.S. Treasury to follow Malaysia’s tokenized bond platform, which connects digital securities records with round-the-clock settlement in central bank money. Summary Cagney argues direct blockchain issuance could cut government borrowing infrastructure costs and attract more buyers. Malaysia separates tokenized ownership records from payments handled through its central bank settlement system. DTCC has processed live tokenized Treasury repo transactions involving securities held in its custody. Federal Reserve research has explored programmable monetary operations without committing to a policy change. Mike Cagney said Bank Negara Malaysia’s SSDS+ launch offered an example he wanted Washington to consider, describing the securities as native on-chain government bonds, “not wrapped IOUs.” In his post, the Figure executive argued that a similar U.S. approach could lower issuance and registration costs and bring more demand for Treasuries. He presented those benefits as his expectations, without giving a cost estimate or a forecast for new purchases. Figure executives press for tokenized Treasury issuance Cagney said he would like the U.S. Tr...