What is YLDS?

YLDS is a yield-bearing stablecoin (also described as a public security) issued by Figure Certificate Company, a subsidiary of Figure Markets, part of Figure Technology Solutions. It is designed to maintain a fixed dollar price with target $0.01 per share, while paying holders recurring interest for holding it, positioning it as an alternative to non-yielding stablecoins like USDC or USDT.

The stablecoin is backed by assets, primarily US Treasuries and similar debt securities held by prime money market funds, with reserves managed by Figure Investment Advisors, LLC. Reserves are overcollateralized (e.g., 100.15% coverage reported, with excess buffers), and transparency comes from 24/7 on-chain snapshots via decentralized oracles, monthly attestations, and quarterly audits. It is not FDIC-insured or bank-guaranteed, and carries risks like credit, interest rate, or prepayment.

Yield is calculated as SOFR minus a spread (e.g., -35 bps, resulting in around 3.3% APY in examples), accrued daily and paid monthly in USD or additional YLDS.

It enables P2P transfers without intermediaries, 24/7 buy/redeem/liquidity, and direct trading on Figure Markets. Built natively on the Provenance Blockchain with expansions to chains like Sui and Solana, it functions as an ERC-20-like token in a regulated, permissioned context. It was launched in February 2025 as the first SEC-registered yield-bearing stablecoin native to a public blockchain, targeting individuals and institutions for compliant digital dollar use in payments, savings, trading, and DeFi/RWA integrations.