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

ChainCatcher news, according to Fortune magazine, the U.S. Securities and Exchange Commission (SEC) has approved an interest-bearing stablecoin application for the first time.

This stablecoin, named YLDS, was developed by the digital asset company Figure Markets. It will be pegged to the U.S. dollar and offer users an approximate 3.85% yield, similar to cash in a savings account. While other major stablecoins like USDC and USDT remain 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 places YLDS in the same financial category as stocks or bonds.

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