Sui, Figure Tech Deploy $YLDS Token
A recent SEC filing, includes a press release titled, "Sui Partners with Figure Technology Solutions to Deploy $YLDS on Sui." Subtitled, "Partnership Marks First L1 Blockchain Native Deployment Beyond Provenance Blockchain for Figure Certificate Company (FCC), a subsidiary of Figure Technology Solutions, Inc.," it says, "Figure Technology Solutions, Inc. (FIGR) ... announced a strategic partnership between Sui and Figure Certificate Company (FCC), or 'Figure', a subsidiary of Figure Technology Solutions, Inc. FCC will deploy $YLDS, its SEC-registered yield-bearing security token, natively on the Sui blockchain. The partnership is initially designed to offer yield on DeepBook, Sui's leading limit order book, with further collaboration planned around both $YLDS and SUI." It continues, "`$YLDS is a SEC-registered debt security, which is backed by short-term treasury securities and repurchase agreements involving treasury securities, yielding SOFR minus 35 basis points with daily accrual and monthly payments. The native deployment on Sui will power DeepBook's margin trading. Stablecoins will be automatically swapped into $YLDS, a yield-bearing token that enables both individuals and institutions to access yield-generating digital dollars with instant peer-to-peer transfers and 24/7 liquidity." The update adds, "The native deployment on Sui will initially allow DeepBook users access to $YLDS. $YLDS will convert stablecoin holdings into yield-bearing assets. Holding $YLDS has the secondary benefit of enabling both individuals and institutions to access robust fiat rails and yield-generating digital dollars with instant peer-to-peer transfers and 24/7 liquidity." Mike Cagney, Co-Founder and Executive Chairman of Figure, comments, "Issuing $YLDS on Sui represents the beginning of a broader initiative to deploy SEC-compliant, yield-bearing security tokens across multiple blockchain networks. We're proud to take this first step with Sui and remove traditional intermediaries in order to level the playing field and democratize access to institutional-grade financial products." Evan Cheng, Co-Founder and CEO of Mysten Labs, the original contributor to Sui, adds, "Bringing $YLDS to Sui marks a significant upgrade for regulated DeFi, where institutions can access compliant and dynamic assets with the speed and security that only Sui can provide. By combining regulated, yield-bearing security tokens with seamless composability, $YLDS further cements Sui as the premier platform for real-world asset adoption and institutional-grade financial infrastructure."
