The SEC has approved YLDS, making it the first interest-bearing stablecoin registered as a security in the U.S. This move could significantly impact the stablecoin market.
Key Features of YLDS
The YLDS stablecoin, launched by Figure Markets, will be pegged to the US dollar and offer a 0.5% yield, competing with Tether and USD Coin. YLDS is fully compliant with SEC regulations, giving it a legal advantage.
Regulatory Successes and Plans of Figure Markets
After filing their application over a year ago, Figure is confidently entering the market with a regulator-approved stablecoin. Users must complete a KYC process to earn the yield. CEO Mike Cagney expects strong demand and highlights the risks of unregulated stablecoins.
SEC's New Fraud Unit
The SEC announced the creation of a new Cyber and Emerging Technologies Unit aimed at combating fraud in blockchain, AI, and social media scams, led by Laura D’Allaird.
The SEC's approval of the YLDS stablecoin and the establishment of a new fraud unit could significantly alter the blockchain industry landscape and bolster investor trust.
