Figure Markets launched YLDS – a stablecoin that pays a return and is registered at the US Securities and Exchange Commission.
A statement dated February 20 stated that the stablecoin allows users to earn interest daily while maintaining their liquidity. The stablecoin was launched by the Figure Markets subsidiary Figure Certificate Company.
It is an important development for the space of stablecoins, as it merges traditional finance with Blockchain technology.
Stablecoins with a yield
YLDS is a digital asset with a set price on the Provenance Blockchain. Unlike leading stablecoins like Tether’s USDT, which do not share reserve yields with holders, YLDS provides an interest-bearing option within a regulated framework.
YLDS generates a yield from similar assets to money market funds. Its rate of interest is equal to the Secured Overnight Funding Rate (SOFR) less 0.50%. The approach ensures a stable income while providing users with the security of a financial instrument that is regulated.
YLDS offers peer-topeer transfers, and instant redemptions of US dollars or other stablecoins. Also, users can access the fiat-off-ramps when US banks are open. This makes conversion effortless.
Figure Markets has positioned YLDS to be a bridge for traditional financial systems with blockchain solutions.
Mike Cagney, CEO of Figure Markets, emphasized YLDS’s potential in exchange collateral, cross-border transactions, and payment networks. This innovation, he believes, could help accelerate blockchain adoption in traditional finance.
This innovation may also set the stage for future developments of stablecoins in retail and institutional finance
The growing stablecoin eco-system
In the crypto world, stablecoins are essential. These assets provide price stability to protect traders from volatility, while also providing an alternative currency for emerging markets.
In the last year, institutions such as BitGo, PayPal and Ripple expanded their reach into this sector.
Stablecoin market capitalization now exceeds $230 Billion, supporting digital transactions around the world.
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