YLDS

YLDS is a US dollar stablecoin issued by Figure Certificate Corp, a subsidiary of Figure Markets Holdings. Its distinguishing feature is regulatory: YLDS is structured as a registered security rather than as an unregistered payment token, which is what allows it to pay interest to holders openly.

That distinction matters because most dollar stablecoins do not pass yield to holders, partly because doing so raises securities law questions in the United States. By registering the instrument with the SEC, Figure created a transferable digital certificate that accrues interest by design.

Backing and structure

Each YLDS is backed by investments similar to those held by a prime money market fund, which typically means short-term government debt, high-grade commercial paper, and repurchase agreements. Holders receive interest based on those holdings while the token remains transferable, so it can move between parties rather than being locked in a single account.

The token is issued on Provenance Blockchain, a proof-of-stake network built with the Cosmos SDK that Figure uses for its wider financial products. Supply is uncapped and currently sits at around 655 million tokens, changing with issuance and redemption.

Considerations

Because YLDS is a registered security, holding and transferring it involves eligibility and compliance requirements that a plain payment stablecoin does not have. That is the trade-off: the structure permits interest but restricts who can hold it and how it can move. Anyone considering YLDS should read the registration materials on reserve composition, redemption process, and transfer restrictions, since these define the product more than the stablecoin label does.