What Is YLDS?
YLDS is a US dollar-pegged digital asset issued by fintech firm Figure Markets Holdings through its subsidiary Figure Certificate Company. It is issued as a security registered with the US Securities and Exchange Commission, and is described as the first yield-bearing stablecoin to receive SEC registration.
Figure created YLDS to meet a perceived need for a dollar-pegged asset that accrues interest automatically, is fully transferable, and has the regulatory clarity of a registered security. It first launched on the Provenance Blockchain in February 2025.
How It Works
Legally, YLDS is a tokenized face-amount certificate, with each token representing the issuer's obligation to redeem one dollar plus accrued interest. Its backing is invested in short-term, highly liquid assets similar to those held by a prime money market fund.
The stated interest rate is the Secured Overnight Financing Rate (SOFR) minus 0.50 percentage points, accrued daily and paid monthly in dollars or additional YLDS. Unlike payment-focused stablecoins, it is designed so that holding the token itself generates yield.
Supply and Ecosystem
YLDS does not have a fixed supply; tokens are issued and redeemed at one dollar each based on demand. Circulating supply therefore has no hard cap and changes with actual issuance and redemption activity.
Since launch it has expanded to additional networks, arriving on Solana in November 2025 and on Stellar in May 2026. Alongside the Figure Markets exchange, it is being integrated into DeFi and payment use cases across multiple chains.
Strengths and Risks
Key strengths include SEC-mandated disclosure and regulatory clarity, automatic interest accrual, and multi-chain availability. It is also notable as an attempt to bring traditional short-term cash management onto blockchain rails.
However, YLDS is an unsecured obligation of its issuer, so holders bear issuer credit risk, and its yield moves with benchmark interest rates. As a security, access and eligibility may be restricted in some jurisdictions, and this overview is not investment advice.
