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There’s a new stablecoin on the block. 

Figure Markets is calling its new offering the first SEC-registered public security USD stablecoin native to a blockchain.

Called YLDS, it pays an interest rate of secured overnight financing rate (SOFR) minus 0.50%. Users can transfer the securities peer-to-peer via the Provenance blockchain using Figure Markets’ self-custody wallets.

It was roughly a year ago that I caught up with Figure CEO Mike Cagney at Blockworks’ Digital Asset Summit in London. He told me then — following a $60 million raise — that his company was working…

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