YLDS

YLDS blurs the line between stablecoin and security, and does so on purpose. Issued by Figure Certificate Company, a face-amount certificate company registered under the Investment Company Act of 1940, it is billed as the first SEC-registered yield-bearing stablecoin. Each token is an unsecured debt obligation redeemable for one dollar plus accrued interest, paying a rate pegged to SOFR minus 0.50 percent, accrued daily and paid monthly in dollars or additional YLDS. Because it is a registered public offering rather than an offshore fund, holders redeem at par through Figure after clearing full KYC and opening a Figure Markets account with an approved wallet. YLDS first launched on Provenance in 2025 and has since spread to Solana, Stellar and Ethereum. It answers a question dollar stablecoins usually dodge: where does the yield on the reserves actually go.