YLDS ylds

YLDS is a dollar-denominated, yield-bearing fixed-income security issued by Figure Certificate Company (Figure Markets), rather than a conventional stablecoin. The issuer describes it as an SEC-registered debt security that can transfer peer-to-peer on-chain.

Each YLDS certificate has a $0.01 fixed face amount/NAV; 100 certificates represent $1.00. The instrument is designed to maintain dollar settlement while accruing a variable yield linked to the overnight rate (the YLDS site markets it as the overnight rate minus 35 basis points).

YLDS is available to eligible users subject to applicable law and compatible self-custody wallets. It initially runs on Provenance Blockchain and the issuer describes 24/7 on-chain transfer/settlement, with additional chain availability/bridging evolving over time.

Conventional stablecoins generally target a $1 price but do not pass reserve yield to holders, leaving treasury, DAO, institutional and DeFi capital idle. Traditional fixed-income products do generate yield but often have slower settlement, intermediaries, account restrictions and limited composability.

YLDS addresses this gap by combining a dollar-denominated security structure with blockchain transferability. It seeks to provide regulated access, daily NAV transparency and yield while retaining a stable unit of account for payments, collateral and settlement.

Users mint or acquire YLDS through Figure Markets/authorized channels, with the certificates represented and transferred on-chain. The underlying security is issued by Figure Certificate Company and uses a registered investment-company structure; the issuer says reserves are audited and NAV is calculated daily.

The face amount remains fixed at $0.01 per certificate, so the dollar peg is represented by certificate count rather than a floating token price (100 YLDS = $1.00 NAV). Yield accrues to holders over time at a variable rate tied to the overnight rate less the stated spread, rather than being paid as a separate governance or incentive token.

Holders can transfer, collateralize or settle YLDS peer-to-peer, subject to eligibility, jurisdiction and wallet compatibility. Redemption is offered through the issuer/authorized liquidity process, described by the site as potentially same-day and supported by credit-line-backed liquidity; availability and terms are not equivalent to an unrestricted exchange redemption.