Coin columns · Mainnet Province
YLDS: An SEC-Registered, Interest-Paying Dollar Stablecoin
Figure’s registered-security stablecoin on Provenance
YLDS is a dollar-linked, interest-paying coin issued by a subsidiary of the US fintech firm Figure, structured as a security registered with the US Securities and Exchange Commission (SEC) rather than a bank deposit. It first appeared in February 2025 on Provenance, the blockchain Figure built.
1. Who issues it and what it legally is
The issuer is Figure Certificate Company, a separate Figure subsidiary registered with the SEC as a face-amount certificate company under Section 28 of the Investment Company Act of 1940. YLDS is described as an unsecured face-amount certificate, in which the issuer promises to pay a set amount. In plain terms, it is a registered security sold with a prospectus, put into token form, not a bank deposit.
Figure was founded in 2018 by SoFi co-founder Mike Cagney and June Ou and listed on Nasdaq in September 2025. On the Crypto Nation map, YLDS stands in the Provenance Blockchain neighbourhood of Mainnet Province, because it was first issued on that chain, alongside the chain’s own coin HASH and Figure’s loan token FIGR_HELOC.
2. How the yield works
According to Figure, money raised by YLDS is held in short-term US Treasuries and Treasury repurchase agreements (short loans secured by Treasuries). Interest is paid at a floating rate set a margin below SOFR, the benchmark US short-term rate, and Figure can adjust that margin through its disclosures.
Interest accrues daily and is paid monthly in dollars or extra YLDS tokens. Legally a holder has a claim on the issuer, so the issuer’s credit stands behind the value. Provenance is a proof-of-stake chain built with the Cosmos SDK for financial records.
3. Uses and milestones
YLDS is meant for earning interest on idle dollars and as a dollar stand-in for on-chain settlement and collateral. It can be traded on Figure Markets, Figure’s own trading venue.
It launched on Provenance in February 2025, expanded to Solana in November 2025 and reached Stellar on 5 May 2026. It was promoted as the first SEC-registered, interest-paying stablecoin.
4. Things to know
YLDS is an unsecured certificate, so a holder is a creditor of the issuer and has no bank-deposit insurance. If the issuer ran into trouble, what holders get back could change, and because the rate floats, interest falls when market rates fall. The registered structure also limits who can buy it and on what terms.
An interest-paying coin is legally different from the payment stablecoins covered by the GENIUS Act, the July 2025 US law that bars interest on them. Each new chain adds technical risks such as bridges and wallets. The full terms are in the issuer’s prospectus.
Written from information public up to October 2026. It does not recommend or rate any coin and is not investment advice. If something is wrong, please tell us through the contact page.