The U.S. Securities and Exchange Commission granted the crypto industry a victory on Tuesday, approving an application for an interest-bearing stablecoin for the first time.
The stablecoin, called YLDS and developed by the digital assets firm Figure Markets, will be pegged to the U.S. dollar and offer users a yield similar to that of cash held in a savings account, which is now 3.85% and changes based on interest rates. And while other leading stablecoins like USD Coin and Tether operate in regulatory limbo, YLDS will be officially registered with the SEC as a security, Figure CEO Mike Cagney told Fortune in an interview, putting it in the same financial category as stocks or bonds.
