Over a career spanning decades, Macrina Kgil, who has served as chief financial officer five times, has witnessed the finance function being reshaped on multiple occasions. Now, she is closely watching another transformation that could emerge this year—accounting standards for stablecoins.

Specifically, she hopes the Financial Accounting Standards Board (FASB) will decide, in a closely watched technical project approved last fall, to classifystablecoins as cash or cash equivalents, rather than treating them as intangible assets, as many companies currently do. The relevant discussion documents can be found in theFASB October 29, 2025 Board Meeting Materials。

Kgil helped drive blockchain-native consumer lending company Figure Technology Solutions toward its public listing last fall. She believes treating stablecoins as cash is a logical approach. She has long been troubled by the lack of clarity in current standards. She recalled that while working at a previous company that held the stablecoin Tether, she repeatedly questioned accountants about how these assets should be accounted for.

"We had many intense discussions about this because there was no guidance, the situation was ambiguous, and we didn't know what the correct accounting treatment should be," Kgil said in a recent interview. "I'm glad the FASB is working to clarify this issue, which will bring greater consistency to standards across the industry."

At Figure, Kgil will have a front-row seat to any changes in digital asset-related standards under U.S. Generally Accepted Accounting Principles (GAAP). Last July,Figure Technology and Figure Markets completed a merger, and the latter had previouslylaunched an interest-bearing, transferable stablecoin natively issued on a public blockchain and registered with the SEC, named $YLDS.

As of Monday's market close,Figure's market capitalization was nearly $8.7 billion. The company has been developing new products, but one of its core businesses is consumer lending, particularly home equity lines of credit (HELOCs).

Since its founding in 2018, Figure Technology has positioned itself in the consumer lending market, where loans are held on the blockchain and subsequently resold. Blockchain technology allows loan buyers to see the underlying data and evaluate loans more quickly, while also enabling borrowers to obtain loans faster.

"The improvement we've achieved is that HELOCs can close in as little as five days, with an average of ten days, compared to the industry average of 45 days," Kgil said.

Kgil holds a bachelor's degree in engineering from Seoul National University. She later transitioned to become a certified public accountant (CPA), starting her career in audit at PricewaterhouseCoopers, one of the Big Four accounting firms, where she helped multiple companies go public, including private equity giant Fortress Investment Group. In 2008, she moved to Fortress, serving in advisory roles for M&A and capital markets transactions. From 2013 to 2015, she served as CFO of Springleaf Financial Services (now OneMain Financial), and according to her LinkedIn profile, she served asBlockchain.com 's CFO from 2018 to 2022.

Looking back, Kgil acknowledged that while more accounting standards are still needed, working in blockchain-related roles has become easier than it was a few years ago, because more people in the financial sector are now familiar with the field.

"I think it's much easier now," Kgil said. "Back then, there was no guidance, no clear regulatory requirements, and the technology was very nascent."