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SEC‑registered Series Coin proposes yield‑bearing, Rule 2a‑7 stablecoin for state programs
Summary
Series Coin (presented by co‑founder Charlie Uchol) told the commission its SEC‑registered, Rule 2a‑7‑backed stablecoin tokenizes shares of a U.S. government money market fund so holders earn yield; the company pitched pilots for SNAP, SUNBucks and other state programs, described audit and custody arrangements, and said it plans a Solana migration.
SERIES COIN DETAILS A STATE‑ORIENTED STABLECOIN — Charlie Uchol, co‑founder and CIO of Series Coin (presented in the agenda as Sariscoin/Series Coin), told the commission he took the product directly to the SEC and secured registration for a securities‑backed, yield‑bearing stablecoin designed for government treasury and benefit programs.
Uchol described Series Coin as a tokenized share of a Rule 2a‑7 U.S. government money market fund. “Our coin represents a share of a U.S. government money market fund,” he said, adding the yield accrues to coinholders because the instrument is structured as a security rather than a payment stablecoin whose issuer retains yield. He said the offering required extensive SEC engagement, accounting work and concessions, including issuance limits imposed by the regulator during the process.
Use cases Uchol pitched to commissioners included state benefit distribution (SNAP and SUNBucks), ABLE accounts, FEMA payments and seed‑to‑sale cannabis transactions. For SNAP‑style pilots he described a model in which federal funds would be held on state rails, tokenized derivatives would be issued for beneficiaries, transactions would be whitelisted for program‑eligible purchases, all activity would be auditable in real time, and the state could earn yield while funds were held on its platform.
Uchol said Series Coin currently runs on a permissioned Hyperledger Fabric ledger to meet SEC KYC/AML expectations and plans a migration to the Solana network in Q1 2026. He named Tate Weller as the fund auditor and Huntington National Bank as the fund custodian. When commissioners asked about liquidity risk, Uchol pointed to the Rule 2a‑7 structure and the fund’s short‑term treasury holdings as the primary mitigant and said the design aims to sustain liquidity even under stress.
Commissioners asked whether states should pursue a federal or state pathway under the 'Genius Act' and how to attract issuers; Uchol said his SEC registration meant states tend to approach Series Coin to adopt the tool for specific program needs rather than the company having to chase state law changes. Several commissioners suggested pilots and asked staff to consult the treasurer, Department of Health and Human Services and other agencies for operational fit.
The presentation closed with questions about custody, auditing and the scope for a pilot. Uchol said Series Coin can provide a bundled solution and act as the plumbing for a jurisdictional token (he mentioned Frontier Token as an example) while enabling tracking, whitelisting and yield distribution tailored to the program's goals.
Next steps: Commissioners invited follow‑up on pilot feasibility, state capacity and agency readiness.
