Figure brings its SEC-registered, yield-bearing security token YLDS to Sui
Figure Technology Solutions (ticker FIGR) is launching YLDS, its regulated, yield-bearing security token, on the Sui blockchain. The move represents the first Layer 1 deployment of the token beyond the Provenance blockchain.
YLDS is a debt security instrument backed by short-term Treasurys and repurchase agreements that is registered with the U.S. Securities and Exchange Commission. The token reported yields, accrued daily, paid monthly, equivalent to the Secured Overnight Financing Rate minus 35 basis points.
According to an announcement on Tuesday, the Sui and Figure tie-up is designed to provide yield for Sui's leading limit order book, DeepBook, while also powering the platform’s upcoming margin trading. Stablecoins will automatically be swapped into YLDS on DeepBook, the largest SUI trading venue.
"Issuing YLDS on Sui represents the beginning of a broader initiative to deploy SEC-compliant, yield-bearing security tokens across multiple blockchain networks," said Figure co-founder Mike Cagney, who also co-founded SoFi. "We're proud to take this first step with Sui and remove traditional intermediaries in order to level the playing field and democratize access to institutional-grade financial products."
Further, minting YLDS directly on Sui “will ultimately provide a direct fiat on- and off-ramp for Sui users, enabling access to USD without relying on traditional crypto exchanges,” the projects wrote. The firms plan to collaborate on further integrations involving both YLDS and SUI.
Figure, a blockchain-native capital marketplace that connects origination, funding, and secondary market activity, went public in September in one of the year's blockbuster crypto company listings. Today, FIGR shares are trading for $44.20, down slightly from last week's all-time high of over $49.
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