Market markets for the digital asset market site have launched ÅLS, the first dividend -bearing stablecoin registered as a public security offering with the US Securities and Exchange Commission (SEC), the company said on Thursday.
ÅLS STABRECOIN, issued through Figure Certificate Corporation, operates on provenance blockchain and accrues to interest daily, paid every month in either US dollars or Ålds tokens. It is supported by the same securities as Prime Money Market funds and pays holders a return on an annual rate for the secured accommodation financing rate (SOFR) smaller 50 basic points.
The token can be transferred peer-to-peer and exchanged for dollars or other stablecoins around the clock, with Fiat Off-Ramps available in US banking hours.
Stableecoin’s spongy to an asset class of $ 200 billion and is increasingly popular for payments and cross -border transactions. However, market -leading stablecoins such as USDT and USDC generally do not pay the dividends earned on reserve assets, predominantly US Treasury. This is where tokenized versions of money market funds or investment strategies such as Blackrocks Buidl, Franklin Templine’s Benji or Ethena’s USDe enter the market: they are increasingly used as security or to park cash on the chain to earn a dividend.
Read more: Tokenized Treasury: A game election for safety in crypto markets
Figure markets are the digital asset arm for figure technologies, a company founded by Mike Cagney, the former CEO of Sofi. The company has played a key role in blockchain -based assets in the real world (RWA) tookenization, treatment of over $ 41 billion in transactions and origin of $ 11 billion in home capital with the credit system using proceeds blockchain. Figure Filed paperwork for SEC to launch a yield of stablecoin offering in October 2023.
The company expects ÅLs to attract interest from developers who want to integrate stable, dividend -bearing digital assets in decentralized financing (DEFI) and payment applications.
“We are seeing huge applications for ÅLs,” Figure Markets CEO Mike Cagney said in a statement. “Exchange security, cross -border transfers and payment rails are immediate options, but this is just the beginning of a major shift of traditional financing to blockchain.”
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