Figure deploys its SEC-registered yield-bearing security token YLDS to the Sui blockchain
ChainCatcher news, according to The Block, Figure Technology Solutions (stock code FIGR) will launch its regulated yield-bearing security token YLDS on the Sui blockchain. This move marks the first time the token is deployed on a Layer 1 public chain outside of the Provenance blockchain.
YLDS is a debt security instrument backed by short-term US Treasury bonds and repurchase agreements, and is registered with the US SEC. The token offers yield, with interest calculated daily and paid monthly. The yield is equivalent to the Secured Overnight Financing Rate (SOFR) minus 35 basis points. The collaboration between Sui and Figure aims to provide yield for Sui ecosystem's limit order book DeepBook, while also supporting the platform's upcoming margin trading feature.
On DeepBook, stablecoins will be automatically converted into YLDS. In addition, the project team stated that minting YLDS directly on Sui "will eventually provide Sui users with a direct fiat on/off ramp, allowing them to use US dollars without relying on traditional cryptocurrency exchanges." Both parties plan to further cooperate on the integration of YLDS and SUI.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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