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December 11, 2025
HELOC giant Figure Technology Solutions (Nasdaq: FIGR) has introduced $YLDS, a yield-bearing stablecoin natively issued on Solana that combines a hard $1 peg with continuous interest from short-term U.S. Treasuries and repurchase agreements.
The token, minted by Figure Certificate Company (a registered investment company), functions as a tokenized face-amount certificate, essentially an on-chain money market fund regulated by the U.S. Securities and Exchange Commission.
Unlike traditional stablecoins, $YLDS accrues yield automatically; holders earn approximately 3.7% APY (SOFR minus 50 basis points) with no staking or lock-up periods required.
Key Takeaways
- First SEC-registered stablecoin to offer embedded Treasury yield on a public blockchain
- ~3.7% APY paid continuously, backed 1:1 by U.S. government securities
- Instant composability across Solana DeFi (lending, yield trading, payments)
- Rapid adoption: $5M+ market cap and multimillion-dollar liquidity pools within hours
- Positions Solana as the leading chain for regulated RWA products
Launch Snapshot and Immediate Traction
- Market cap surpassed $5 million within hours of going live
- Initial integrations include Exponent Finance (yield stripping), Kamino Finance (lending loops), and HastraFi (wYLDS wrapper)
- Ondo Finance committed $25 million to seed liquidity and integrate $YLDS with its OUSG tokenized Treasury product
- DeepBook on Solana recorded over $1.2 billion in 24-hour volume, with $YLDS pairs dominating trading activity
Mike Cagney, Figure CEO and former SoFi founder, described the launch as “the compliant bridge that finally brings Wall Street risk-free rate to DeFi at Solana speed.”
How $YLDS Works
Users can mint $YLDS 1:1 with USD through regulated fiat on-ramps or swap existing stablecoins on Solana DEXs.
The underlying portfolio consists primarily of short-dated U.S. Treasuries and overnight Treasury repos, custodied and audited under SEC oversight.
Interest accrues daily and compounds directly into the token balance, making the effective redemption value slightly above $1 over time.
Why Solana and Why Now
Solana’s real-world asset (RWA) sector has grown 365% year-to-date, reaching $807 million in total value locked.
Industry observers note that $YLDS arrives as institutions increasingly demand regulated, yield-generating dollar instruments that remain fully composable in DeFi.
Lily Liu, President of the Solana Foundation, welcomed the launch: “$YLDS is exactly the type of institutional-grade primitive that accelerates Solana toward $1 billion in tokenized real-world assets.”
Looking Ahead
Figure plans to expand $YLDS utility to cross-border settlements, payroll, and treasury management for Web3 protocols.
Cagney is scheduled to demonstrate live $YLDS transactions at Solana Breakpoint on December 12.
As regulatory clarity improves and interest-rate volatility persists, yield-bearing stablecoins like $YLDS are emerging as the compliant alternative institutions have waited for, delivering TradFi safety with crypto speed and programmability.
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FAQs:
1. Is $YLDS really a stablecoin if it accrues yield?
Yes. The base value remains fixed at $1; yield simply increases the amount of tokens in your wallet over time (similar to share price appreciation in a money market fund).
2. Can non-U.S. users hold $YLDS?
Currently restricted to eligible U.S. persons and accredited entities in supported jurisdictions due to SEC registration. International access is expected via wrapped versions (wYLDS) on permissionless protocols.
3. How is the yield calculated?
Daily SOFR rate minus 50 bps management fee, compounded and reflected in token balance.
4. Where can I get $YLDS today?
Available on Jupiter, Orca, Phoenix, and through Exponent Finance. Direct minting is open via Figure’s portal for KYC’d users.
