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

Digital plus marketplace Figure Markets has launched YLDS, the archetypal yield-bearing stablecoin registered arsenic a nationalist information offering with the U.S. Securities and Exchange Commission (SEC), the company said Thursday.

The YLDS stablecoin, issued done Figure Certificate Corporation, operates connected the Provenance Blockchain and accrues involvement daily, paid retired each period successful either U.S. dollars oregon YLDS tokens. It is backed by the aforesaid securities arsenic premier wealth marketplace funds and pays holders a instrumentality astatine an yearly complaint of the Secured Overnight Financing Rate (SOFR) little 50 ground points.

The token tin beryllium transferred peer-to-peer and exchanged for dollars oregon different stablecoins astir the clock, with fiat off-ramps disposable during U.S. banking hours.

Stablecoins mushroomed to a $200 cardinal plus people and are progressively fashionable for payments and cross-border transactions. However, market-leading stablecoins similar USDT and USDC don't mostly wage retired holders the output earned connected reserve assets, predominantly U.S. Treasuries. That's wherever tokenized versions of money-market funds oregon concern strategies similar BlackRock's BUIDL, Franklin Templeton's BENJI oregon Ethena's USDE participate the market: They are progressively utilized arsenic collateral oregon to parkland on-chain currency to gain a yield.

Read more: Tokenized Treasuries: A Game-Changer for Collateral successful Crypto Markets

Figure Markets is the integer plus limb of Figure Technologies, a institution co-founded by Mike Cagney, the erstwhile CEO of SoFi. The steadfast has played a cardinal relation successful blockchain-based real-world plus (RWA) tokenization, processing implicit $41 cardinal successful transactions and originating $11 cardinal successful location equity enactment of recognition utilizing the Provenance Blockchain. Figure filed paperwork to the SEC to motorboat a yield-bearing stablecoin offering successful October 2023.

The institution expects YLDS to pull involvement from developers looking to integrate stable, yield-bearing integer assets into decentralized concern (DeFi) and outgo applications.

“We spot tremendous applications for YLDS,” Figure Markets CEO Mike Cagney said successful a statement. “Exchange collateral, cross-border remittances and outgo rails are contiguous opportunities, but this is conscionable the opening of a larger displacement of accepted concern to blockchain.”

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