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

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

This stablecoin is named YLDS, developed by digital asset company Figure Markets. It will be pegged to the dollar and offer users a return rate of 0.5%, similar to cash in savings accounts. Although other major stablecoins such as USDC and USDT are still in regulatory gray areas, YLDS will be officially registered with the SEC as securities, said Mike Cagney, CEO of Figure during an interview with Fortune magazine. 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. The agency's spokesperson did not immediately respond to requests for comment.