Figure Markets Offers SEC-Registered Yield-Bearing Stablecoin as Tokenized Asset Demand Soars

Figure Markets has launched YLDS, a yield-bearing stablecoin registered with the SEC. YLDS operates on the Provenance Blockchain and pays interest daily, distributed monthly in US dollars or YLDS tokens. The interest rate is based on the Secured Overnight Financing Rate (SOFR) minus 0.5%. YLDS is backed by the same securities as prime money market funds. Users can transfer YLDS peer-to-peer, exchange it for dollars or other stablecoins 24/7, and access fiat withdrawals during US banking hours. The stablecoin market is currently worth $200 billion and growing, but popular stablecoins like USDT and USDC generally don't offer yield. YLDS aims to fill this gap and cater to developers building DeFi and payment applications. Figure Markets, part of Figure Technologies, has processed over $41 billion in blockchain transactions and originated $11 billion in home equity lines of credit using the Provenance Blockchain. They filed with the SEC for this offering in October 2023.