Figure Technology Solutions (Nasdaq: FIGR) announced that its subsidiary, Figure Certificate Company (FCC), plans to start minting $YLDS, a registered public debt security, natively on Solana. $YLDS is described as being a security-version of stablecoin, intended to maintain a fixed dollar price and offer a “continuous yield” that is said to be backed by U.S. Treasuries and Treasury repo agreements. Exponent Finance, a decentralized finance yield exchange platform on Solana, intends “to be the first user of $YLDS.”
The move marks the start of an initiative between Figure and Provenance Blockchain Foundation to build on Solana.
Figure intends to work with Provenance Blockchain to “allow Solana users to access yield from a variety of Figure assets, including loans.”
Over the next few weeks, Figure aims to expand this collab with additional Solana-native integrations and initiatives that “further demonstrate its leadership in bringing compliant, decentralized finance to scale.”
Builders on Solana will be able to access $YLDS for payment, cross-border remit, yield and settlement applications, including “directly settling SOL trades with $YLDS.”
As noted in the update, Figure has also started taking SOL as collateral for crypto-backed loans with the intent “to expand this to locked SOL and adopt Figure’s liquidation protection option for SOL-backed loans.”
Figure believes $YLDS will aim to deliver several advantages to the Solana ecosystem:
- Real-world utility: Unlike theoretical RWA concepts, $YLDS offers immediate, practical applications. The yield-bearing stablecoin, backed primarily by U.S. Treasuries, is already powering Figure’s live Democratized Prime product on the Provenance Blockchain and will soon integrate with Exponent Finance’s yield exchange protocol on Solana, demonstrating tangible DeFi utility.
- Developer-ready composability: Built as a foundational primitive for Solana’s DeFi ecosystem, $YLDS serves as a dependable base asset that developers can seamlessly integrate into their protocols, centered around a stable, yield-generating core.
- Institutional-grade credibility: Figure’s track record: originated over $19 Billion in loans on public blockchain with a compliance-first approach. This proven operational history, combined with the comprehensive regulatory scheme that applies to $YLDS, provides the institutional credibility and regulatory clarity that sets it apart from speculative RWA projects. With Figure’s recent IPO, $YLDS brings infrastructure to Solana’s expanding DeFi landscape.
Figure Technology Solutions, Inc. is a Provenance Blockchain-native capital marketplace that “connects origination, funding, and secondary market activity.”
Over 200 different partners now reportedly “use its loan origination system and capital marketplace.”
Figure and its partners have originated “over $19 Billion of home equity to date, among other products, making Figure’s ecosystem the largest non-bank provider of home equity financing.”
Some of the components are Figure Connect, its consumer credit marketplace, and Democratized Prime, Figure’s on-chain lend-borrow marketplace.
Figure’s ecosystem now reportedly includes DART (Digital Asset Registry Technology) for asset custody and lien perfection, and $YLDS, “an SEC-registered yield-bearing stablecoin that is issued by a tokenized face-amount certificate company, which is a type of registered investment company.”