What to know:
- Once upon a time, in a land of digital wonders, Figure Markets, led by the ever-so-brilliant Mike Cagney (yes, the former SoFi CEO!), has conjured up a magical yield-bearing stablecoin called YLDS! 🎩✨
- This splendid YLDS is backed by securities from prime money market funds, making it the very first SEC-registered public security stablecoin. How fancy! 🏦
- Tokenized money market funds are now the darlings of the blockchain world, serving as collateral and savings vehicles. Who knew finance could be so thrilling? 🚀
In a grand announcement, Figure Markets has unveiled YLDS, the first yield-bearing stablecoin that has received a shiny stamp of approval from the U.S. Securities and Exchange Commission (SEC). What a day to be alive! 🎉
This delightful YLDS stablecoin, issued through the magical Figure Certificate Corporation, dances on the Provenance Blockchain and collects interest every single day! And guess what? You get paid monthly in either U.S. dollars or YLDS tokens. It’s like finding a golden ticket in your chocolate bar! 🍫💵
But wait, there’s more! This token can be passed around like a hot potato, exchanged for dollars or other stablecoins at any hour of the day, with fiat off-ramps available during U.S. banking hours. Talk about convenience! 🥔💸
Stablecoins have exploded into a $200 billion asset class, becoming the life of the party for payments and cross-border transactions. However, the big shots like USDT and USDC are a bit stingy, not sharing the yield earned on their treasure troves of U.S. Treasuries. Enter the tokenized versions of money-market funds, like BlackRock’s BUIDL, Franklin Templeton’s BENJI, or Ethena’s USDE, ready to save the day! 🦸♂️💰
Figure Markets is the digital asset arm of Figure Technologies, co-founded by the illustrious Mike Cagney. This firm has been busy tokenizing real-world assets, processing over $41 billion in transactions and originating a whopping $11 billion in home equity lines of credit using the Provenance Blockchain. They even filed paperwork with the SEC to launch this yield-bearing stablecoin in October 2023. Talk about ambition! 🚀📈
The company is buzzing with excitement, expecting YLDS to attract developers eager to sprinkle some stable, yield-bearing magic into decentralized finance (DeFi) and payment applications. 🪄💻
“We see tremendous applications for YLDS,” proclaimed the ever-optimistic Figure Markets CEO Mike Cagney. “Exchange collateral, cross-border remittances, and payment rails are just the tip of the iceberg, but this is merely the beginning of a grand adventure from traditional finance to the blockchain realm!” 🌊🏦
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2025-02-20 19:32