PANews reported on February 20 that according to Fortune, Figure has obtained approval from the U.S. Securities and Exchange Commission to issue the first interest-bearing stablecoin, but a spokesperson for the agency did not immediately respond to a request for comment. It is reported that the stablecoin is called YLDS and was developed by digital asset company Figure Markets. It will be pegged to the U.S. dollar and provide users with a 3.85% yield, similar to cash in a savings account.