The US Securities and Exchange Commission (SEC) has given Figure Markets the green light to launch a yield-bearing stablecoin designed to provide users with interest payments on their holdings.
This approval signals the regulator's willingness to embrace the rapidly expanding stablecoin sector.
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As indicated in regulatory documents available on the SEC's website, Figure Markets has received approval to launch its stablecoin YLDS, with US dollar parity.
YLDS currently offers investors a yield of 3.85% and is officially registered with the SEC as a security.
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Mike Cagney, CEO of Figure Markets, told Fortune the SEC had been considering its application for more than a year.