just now
Figure Markets has introduced YLDS, the first SEC-registered interest-bearing stablecoin native to a public blockchain. YLDS, offered through Figure Certificate Company (a wholly owned subsidiary of Figure Markets), is a fixed-price, daily accrual public security native to the Provenance Blockchain that can be transferred peer-to-peer and is backed by securities typically held by prime money market funds.
This development represents a significant advancement in financial applications built on public blockchain, enabling holders to earn interest, transfer securities directly between parties, and conduct transactions continuously. YLDS operates through Figure Markets's self-custody wallets, giving users direct control of their tokens without third-party involvement.
"We see tremendous applications for YLDS," said Figure Markets CEO, Mike Cagney. "Exchange collateral, cross-border remittances, and payment rails are some of the immediate opportunities. But we see this as a catalyst to a much larger migration of TradFi to blockchain."
As of today, YLDS is available for purchase by individuals and institutions through Figure Markets. The company, collaborating with Figure Technology Solutions, has established itself in the real-world asset (RWA) space on blockchain, facilitating over $41 billion in RWA transactions on the Provenance Blockchain, with more than $13 billion in RWA total locked value on-chain. YLDS is expected to increase these figures.
"We're excited to support YLDS on Provenance Blockchain," said June Ou, Interim Executive Director of the Provenance Blockchain Foundation. "We expect, and will support, significant third-party developer interest to use YLDS and its fiat rails in DeFi, payments, and other applications built on Provenance Blockchain. We will also be integral in wrapping YLDS for applications on other L1 blockchains."
YLDS offers an interest rate of SOFR minus 0.50%, with interest accruing daily and paid monthly in USD or YLDS. Users can trade YLDS using USD and other stablecoins around the clock on Figure Markets, with the option to convert to fiat currency during U.S. banking hours.
