Figure’s YLDS stablecoin goes live on Stellar.
Figure Markets has announced that their yield-bearing stablecoin product YLDS is launching on the Stellar network. Aiming for upcoming LATAM expansion, fintechs and local businesses can use it to increase their USD savings onchain.
In a press release, Executive Chair Mike Cagney expressed:
We built YLDS to do what banks do with your deposits: hold dollars, earn yield, move money, but onchain and regulated. Fintechs and neobanks can now access that product on the Stellar network, bringing it directly to the markets where dollar savings are genuinely hard to come by. That’s exactly where it belongs.”
Figure is taking a different approach from offering a payment stablecoin. Registered as a security with the SEC in the U.S. (Securities and Exchange Commission), YLDS is backed by short-term treasuries and is specifically designed to generate yield to holders.
With over $500M in market cap, it is more akin to a money market fund and is not a payment stablecoin. Stellar network is also positioning itself as a prime candidate for enabling both stablecoins and the tokenization of real world assets.
Prior to Stellar, YLDS was predominately on the Provenance blockchain per RWA(.)xyz.
