The U.S. SEC approves blockchain finance company Figure to issue the first interest-bearing stablecoin

the U.S. Securities and Exchange Commission (SEC) has approved for the first time an interest-bearing stablecoin application. This stablecoin, named YLDS, was developed by the digital asset company Figure Markets and will be pegged to the U.S. dollar, similar to cash in a savings account. While other major stablecoins such as USDC and USDT are still in a regulatory gray area, YLDS will be officially registered as a security with the SEC. Figure CEO Mike Cagney stated in an interview with Fortune that this puts YLDS in the same financial category as stocks or bonds.

Documents on the SEC website show that Figure's application was approved on Tuesday. A spokesperson for the agency did not immediately respond to a request for comment.