Digital Asset Marketplace Figure Markets has launched YLDs, the first produce-as Stabelcoin, which is registered as public safety with the US Securities and Exchange Commission.
StabechoinThe Figure Certificate is issued through the Corporation, operates on the Provence blockchain and gives the holders an annual return at the overnight financing rate minus 50 basis points.
YLDS earns interest daily and distributes payment monthly in the US dollar or YLDS tokens.
It is supported by the securities organized in the Prime Money Market Fund. The token supports peer-to-peer transfer and can be exchanged for US dollars or other stabecons at any time, with a fiat off-ramps available during US banking hours.
StableCoins have developed in a $ 200 billion assets category, widely used for payment and boundary cross transactions. Leading stabelcoins such as USDT (USDT) and USDC (USDC) do not distribute yields mainly from American Treasury.
This has led to the rise of token money-market funds and investment products such as Blackrock’s Buddle, Franklin Templeton’s Benji and Ethena’s USDE (USDE). These assets are rapidly used as collateral or to earn returns on blockchain-based holdings.
Chitra market transaction
Figure markets are the digital asset division of Figure Technologies, co-established by Mike Cagni, CEO of former SOFI, a company. The firm has processed more than $ 41 billion in blockchain-based transactions and produced $ 11 billion in credits’ domestic equity lines using the Provence blockchain.
Figure markets filed with SEC in October 2023 to launch their produce-bearing stabecoin.
The company hopes that YLDs will have to adopt blockchain-based assets for adoption among developers to integrate decentralized finance and payment applications.
“We see a tremendous application for ylds,” Cagney said. “Exchange colletal, cross-border Remedies, and Payment Rails are immediate opportunities, but this is the beginning of a big innings of traditional finance for blockchain.”
