SEC approves launch of YLDS stablecoin from startup Figure Markets
The SEC has approved the application of the startup Figure Markets, made in January 2024, for the launch of the YLDS stablecoin that will generate interest
The startup Figure Markets received approval from the SEC in the United States for the launch of the YLDS stablecoin that will generate interest to encourage its use as a means of payment, especially cross-border.
The new stablecoin “is issued on the Provenance Blockchain platform by tokenizing certificates of nominal value, a type of fixed-income security that is not subject to change due to inflation or other market conditions.”
Figure Markets indicated through its account on X that the asset is already available to its users, including US residents and banks, and can be purchased on the startup’s platform with dollars and other stablecoins. It is also possible to exchange it for fiat currency at the country’s banks.
It differs from stablecoins on the market, such as USDT or USDC, by being “redeemable at 1 cent per certificate, rather than being pegged at 1 dollar each. This means that a payment of 1 dollar will require the transfer of 100 certificates.”
What is new about YLDS is that it will pay an SOFR (Secured Overnight Financing Rate) interest rate estimated at 3.85% per year, will be accumulated daily and distributed monthly among holders.
YLDS will be backed by reserves that include Treasury bonds, commercial paper, corporate debt and other assets.
M.Pino
Source: criptonoticias
(Reference image source: Sajad Nori on Unsplash)
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