Odaily News The U.S. Securities and Exchange Commission (SEC) has approved an interest-bearing stablecoin for the first time.
The stablecoin, called YLDS, was developed by digital asset company Figure Markets and will be pegged to the U.S. dollar and offer users a 0.5% 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 with the SEC as a security, which Figure CEO Mike Cagney said in an interview with Fortune, putting 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 spokesman for the agency did not immediately respond to a request for comment. (Fortune)