Block chain new creation Figure rush! The first interest-bearing Stable Coin product YLDS has been approved and registered as a 'security'

The U.S. Securities and Exchange Commission (SEC) recently approved the application of the financial technology startup Figure Markets' new product YLDS, making it the first company in the United States to be approved for the issuance of interest-bearing Stable Coin, indicating that regulatory agencies are seeking to adapt to the rapidly developing Stable Coin and digital financial markets.

Introducing the first-ever SEC-regulated, yield-bearing stablecoin: $YLDS

Yield variable at SOFR minus 50bps (current ~3.85%) No staking or lockups Buy/sell 24×7

It’s time for real assets with real value. pic.twitter.com/1RYBf4NQol

— Figure Markets (@FigureMarkets) February 21, 2025

Figure Markets approved the issuance of the first interest-bearing YLDS Stablecoin in the United States

According to the regulatory documents released by the SEC yesterday, the blockchain financial startup Figure Technologies' trading platform, Figure Markets, has been approved to launch YLDS Stablecoin pegged to the USD. The Stablecoin currently offers holders a return of 3.85% and is registered with the SEC as a 'fixed income security'.

It is reported that the product is characterized by targeting US institutions and retail investors, daily interest and monthly issuance, and 24/7 trading, and its returns will be supported by reserve assets such as government bonds, commercial paper, and loans.

Figure Markets CEO Mike Cagney stated in an interview with Fortune that the company had submitted an application to the SEC over a year ago:

If I could hold this Stable Coin, store it myself, earn interest, and use it for trading, why would I need a bank?

(was once a bidder for FTX, blockchain startup Figure applied to the SEC to launch 'interest-bearing Stable Coin')

Competitors are entering one after another, will the stablecoin craze start?

As a former bidder for the now-defunct exchange FTX, Figure Technologies' wholly-owned subsidiaries include Figure Securities Inc., Figure Payments Corporation, and Figure Markets Inc. The company has previously participated in FTX's auctions of SOL and WLD coins.

Although the company became the first in the United States to be approved for the issuance of interest-bearing Stable Coin, it is not the only enterprise intending to enter this field.

Earlier reports, Tether co-founder Reeve Collins also revealed a few days ago the plan to launch a decentralized Stable Coin project with interest in the second half of this year, 'Pi Protocol and USP'.

Pi Protocol allows users to mint Stable Coin USP by using income-bearing coins such as USI or other collateral, which is backed by bonds, structured notes, (credit, or index-linked notes, CLN/ILN), and other physical assets.

(Former Tether CEO joins the fray! Launching Pi Protocol, a yield-generating Stable Coin issuance, and Stable Coin USP)

Regulation of Stablecoin becomes a key universal

Currently, the US legislative institutions are intensifying the formulation of regulatory policies for the stablecoin industry, including reserve management, transparency, integration with traditional financial systems, and division of regulatory authority, hoping to catch up with the rapid expansion of the stablecoin market.

(The US Stable Coin Act is on the horizon, with JPMorgan questioning the insufficient reserves of Tether. Can the USDT market be abandoned?)

Currently, the United States has proposed two Stable Coin bills, namely the "STABLE Act" in the House of Representatives and the "GENIUS Act" in the Senate.

However, the former meeting with (CFTC) chairman Timothy Massad at a congressional hearing a few days ago, while the bill requires 100% reserve for Stable Coin and limits the activities of issuers, it still falls short on several key issues.

( former CFTC Chairman Massad criticized the Digital Asset Act: There are still loopholes in the regulation of Stable Coin in the United States, and Congress urgently needs to act to )

With the increasing attention of regulatory authorities to the Stable Coin market, the future direction of the development of the US regulatory framework still remains to be observed.

This article Blockchain startup Figure is ahead of the game! The first interest-bearing Stable Coin product YLDS has been approved and registered as a 'security', first appeared in Chain News ABMedia.