Figure Obtained approval from the US Securities and Exchange Commission to issue the first interest bearing stablecoin

According to Fortune, Figure has received approval from the US Securities and Exchange Commission to issue its first interest bearing stablecoin, but a spokesperson for the agency did not immediately respond to a request for comment. It is reported that the stablecoin is called YLDS, developed by digital asset company Figure Markets, and will be pegged to the US dollar, offering users a 0.5% yield similar to cash in savings accounts.