Figure deploys its yield-bearing security token YLDS registered with the U.S. SEC 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 deployment of the token on a Layer 1 public blockchain outside of the Provenance blockchain.

YLDS is a debt security instrument backed by short-term U.S. Treasury bills and repurchase agreements, and it is registered with the U.S. SEC. The token provides yields, accruing interest daily and paying out monthly, with a yield equivalent to the secured overnight financing rate (SOFR) minus 35 basis points. The collaboration between Sui and Figure aims to provide yields for Sui's limit order book DeepBook while supporting the platform's upcoming margin trading.

On DeepBook, stablecoins will be automatically converted to YLDS. Additionally, the project team stated that directly minting YLDS on Sui "will ultimately provide Sui users with a direct fiat on-ramp and off-ramp, allowing them to use U.S. dollars without relying on traditional cryptocurrency exchanges." The two parties plan to collaborate on further integration of YLDS and SUI.