> ## Content Index > Fetch the complete content index at: https://stablecoininsider.org/llms.txt > Use this file to discover other available public pages before exploring further. # $YLDS - Figure's Yield-Bearing Stablecoin on Solana: Bridging Treasuries and DeFi for Compliant On-Chain Yields - URL: https://stablecoininsider.org/ylds-figures-yield-bearing-stablecoin/ - Published: 2025-12-11T11:51:44.000Z - Updated: 2025-12-11T11:51:44.000Z - Description: Figure launches $YLDS, the first SEC-registered yield-bearing stablecoin on Solana backed by U.S. Treasuries. Hits $5M market cap in hours with ~3.7% APY for DeFi users. - Author: Alexandra - Tags: Institutions, Figure, $YLDS, Yield-Bearing Stablecoin, Solana, On-Chain Yields, Stablecoins, Stablecoin News > **December 11, 2025** HELOC giant [**Figure Technology Solutions**](https://www.figure.com/) (Nasdaq: FIGR) has introduced ***$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. [Stablecoin Newsletter](https://stablecoininsider.org/the-stablecoin-insider-weekly-newsletter/) ### **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: $5M+ market cap and multimillion-dollar liquidity pools within hours - Positions Solana as the leading chain for regulated RWA products [![$YLDS: Figure's Yield-Bearing Stablecoin](https://storage.ghost.io/c/73/6a/736af0e4-2274-4543-a329-2952b2b52abc/content/images/2025/12/image-149.png)](https://www.figure.com/) ## **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**](https://x.com/mcagney), 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.” [Latest Stablecoin News](https://stablecoininsider.org/) ## **How $YLDS Works** Users can mint $YLDS 1:1 with USD through regulated fiat on-ramps or swap existing [**stablecoins**](https://stablecoininsider.org/) 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 $YLDS arrives as institutions increasingly demand regulated, [**yield-generating**](https://stablecoininsider.org/earn-passive-income-with-stablecoins/) dollar instruments that remain fully composable in DeFi. > [***Lily Liu***](https://x.com/calilyliu), President of the Solana Foundation, welcomed the launch: “$YLDS is exactly the type of institutional-grade primitive that accelerates Solana toward $1 billion in tokenized real-world assets.” [![Best Stablecoin News Platform for 2026](https://storage.ghost.io/c/73/6a/736af0e4-2274-4543-a329-2952b2b52abc/content/images/2025/12/image-150.png)](https://stablecoininsider.org/) ## **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. [Work With Us](https://form.typeform.com/to/c5cdIHp0?typeform-source=www.stablecoininsider.com) **Read Next:** - [**The Rise of “Super-Stablecoins”**](https://stablecoininsider.org/super-stablecoins/) - [**Stablecoins vs. Neobanks**](https://stablecoininsider.org/stablecoins-vs-neobanks/) - [**STBL Protocol Launches Stablecoin 2.0**](https://stablecoininsider.org/stbl-protocol-stablecoin-2-0/) --- ## **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.