SEC Approves Interest-Bearing Stablecoin YLDS

According to BlockBeats, the U.S. Securities and Exchange Commission (SEC) has approved an application for an interest-bearing stablecoin, as reported by Fortune magazine on February 20. The stablecoin, named YLDS, is developed by digital asset company Figure Markets and is pegged to the U.S. dollar, offering users a 0.5% yield similar to cash in a savings account. While major stablecoins like USDC and USDT remain in a regulatory gray area, YLDS is officially registered as a security with the SEC. Figure's CEO, Mike Cagney, stated in an interview with Fortune that this classification places YLDS in the same financial category as stocks or bonds. Documents on the SEC's website indicate that Figure's application was approved on Tuesday. A spokesperson for the agency did not immediately respond to requests for comment.