Figure Markets Launches SEC-Registered Yield-Bearing Stablecoin YLDS
Figure Markets has launched YLDS, the first yield-bearing stablecoin registered with the U.S. SEC as a public security. Key details include:
- YLDS operates on the Provenance Blockchain and earns daily interest, disbursed monthly in USD or YLDS tokens.
- It is backed by securities similar to those of prime money market funds, offering returns based on the Secured Overnight Financing Rate (SOFR) minus 50 basis points.
- The token allows peer-to-peer transfers and can be exchanged for fiat or other stablecoins at any time, with fiat off-ramps available during U.S. banking hours.
- The stablecoin market has reached $200 billion, gaining traction for payments and cross-border transactions, though leading stablecoins typically do not offer yields on reserve assets.
- YLDS aims to attract developers integrating stable, yield-bearing assets into DeFi and payment applications.
Figure Markets is part of Figure Technologies, co-founded by Mike Cagney, which has processed over $41 billion in transactions using blockchain technology.