YLDS Stablecoin & OPEN Blockchain Equity Tokenization

Figure Markets operates two flagship tokenization products at the intersection of regulated securities and blockchain-native infrastructure: YLDS, the world's first SEC-registered yield-bearing stablecoin, and OPEN, a blockchain-native public equity network.

Product Overview

Built on Provenance Blockchain — the institutional-grade chain with 75% market share in real-world asset tokenization — Figure Markets delivers regulated, on-chain financial primitives for both retail and institutional participants. Both products are issued and operated through SEC-registered, FINRA-member subsidiaries with SIPC protection.

Key Features

• YLDS Stablecoin — Maintains a fixed $0.01 price while accruing interest daily at SOFR minus 35 bps (~3.27% APY as of March 2026); over $570M in reserves at 100.17% coverage backed by US Treasury securities; supports peer-to-peer transfers and 24/7 liquidity natively on Provenance Blockchain
• OPEN Equity Network — Companies issue and trade blockchain-native shares on Figure's SEC-registered ATS, bypassing DTCC settlement for 24/7 atomic on-chain settlement; shares are interoperable with Nasdaq NMS securities for liquidity parity
• DeFi Composability — Both YLDS and OPEN shares are usable as collateral within Figure's Democratized Prime lending marketplace
• Live Reserve Transparency — Real-time reserve reporting with independent attestation
• Self-Custody Access — MPC-based wallets enable direct ownership without custodial brokers

Use Cases

Institutional treasuries and DeFi protocols use YLDS as a yield-bearing dollar-denominated collateral asset. Public companies and growth-stage firms use OPEN to list blockchain-native shares with 24/7 trading, cross-collateral DeFi capabilities, and direct access to a global investor base — all within a fully regulated framework.