UPDATE -- Figure brings $YLDS to Solana, unlocking real RWA utility for DeFi

Rhea-AI Summary

Figure (Nasdaq: FIGR) announced on Dec 10, 2025 that subsidiary Figure Certificate Company intends to mint $YLDS, a registered public debt security and yielding stablecoin, natively on Solana.

$YLDS is backed by U.S. Treasuries and Treasury repo and Exponent Finance intends to be the first Solana user; Figure also began accepting SOL as collateral for crypto-backed loans. Figure highlighted its history of originating over $19 billion in loans and noted Solana RWAs approaching $1B.

Positive

• $YLDS to be minted natively on Solana
• Yielding stablecoin backed by U.S. Treasuries and repo
• Exponent Finance named as first user on Solana
• Figure began accepting SOL as loan collateral
• Figure has originated over $19 billion in loans
• Solana RWAs cited near $1B tokenized assets

Negative

• None.

Argus Dec 11 session

+5.79% close to close Open Argus

Details

News Market Reaction – FIGR

On Dec 11, the first trading day after this news, FIGR closed 5.79% above the previous close.

Data tracked by StockTitan Argus for the Dec 11 session.

Key Figures

Q3 2025 net revenue: $156.4M Q3 2024 net revenue: $101.0M Q3 2025 net income: $89.6M +5 more

Q3 2025 net revenue

$156.4M

Quarter ended September 30, 2025

Q3 2024 net revenue

$101.0M

Quarter ended September 30, 2024

Q3 2025 net income

$89.6M

Quarter ended September 30, 2025

Cash & equivalents

$1,097.1M

Balance sheet as of September 30, 2025

Total assets

$2,156.8M

Balance sheet as of September 30, 2025

Stockholders’ equity

$1,176.6M

Balance sheet as of September 30, 2025

IPO net proceeds

$663.4M

Initial public offering proceeds reported in Q3 2025 10-Q

Loans originated on blockchain

Over $19B

Figure’s cumulative on-chain loan originations cited in crypto releases

Historical Context

5 past events · Latest: Dec 04

5 events

1. Dec 04

   Crypto/RWA consortium

   24h Move

   +11.4%

   Launch of RWA consortium to expand on-chain loan yields to Solana.

2. Nov 24

   Crypto partnership

   24h Move

   +2.8%

   Ondo’s $25M investment into $YLDS to power tokenized Treasury yield.

3. Nov 21

   Investor conferences

   24h Move

   +2.8%

   Announcements of CEO and CFO participation in major investor conferences.

4. Nov 17

   Tokenized equity filing

   24h Move

   +5.0%

   Form S-1 for non-dilutive blockchain-native equity trading on Figure ATS.

5. Nov 13

   Tokenized stock draft

   24h Move

   -7.3%

   Confidential S-1 for tokenized stock; described as synthetic secondary.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

stablecoin, real-world assets (RWAs), DeFi, U.S. Treasuries, +4 more

8 terms

stablecoin financial

""$YLDS is a security-version of stablecoin, designed to maintain a fixed""

A stablecoin is a type of digital currency designed to keep its value steady, often by being backed by traditional assets like money or commodities. For investors, stablecoins offer a reliable way to move money quickly across digital platforms without the value fluctuations common with other cryptocurrencies, making them useful for saving, trading, or transferring funds with less risk of sudden losses.

real-world assets (RWAs) financial

""Real-world assets (RWAs) on Solana are quickly approaching $1B""

Real-world assets (RWAs) are tangible items or properties, such as real estate, commodities, or equipment, that have intrinsic value and exist outside the digital or financial world. For investors, RWAs offer a way to diversify holdings beyond traditional financial assets like stocks and bonds, providing potential stability and income through ownership of physical or tangible resources.

DeFi financial

""real RWA utility for DeFi""

DeFi, short for decentralized finance, is a system of financial services built on blockchain technology that operates without traditional banks or intermediaries. It allows people to borrow, lend, trade, and earn interest directly with each other through digital platforms, much like using a peer-to-peer marketplace. For investors, DeFi offers the potential for greater access, transparency, and control over their financial activities.

View in glossary

U.S. Treasuries financial

""yield backed by U.S. Treasuries and Treasury repo agreements""

U.S. Treasuries are debt securities issued by the U.S. government—short-term bills, medium-term notes, and long-term bonds—that act like a nationwide IOU investors buy to lend money to the government. They matter to investors because they are viewed as the safest benchmark asset: their yields help determine borrowing costs, benchmark interest rates, and how risky other investments look, so moves in Treasury rates can sway stock prices and portfolio decisions.

Treasury repo agreements financial

""backed by U.S. Treasuries and Treasury repo agreements""

Treasury repo agreements are short-term loans where one party sells U.S. government bonds to another with a promise to buy them back at a slightly higher price the next day or soon after; think of it like pawning a bond for cash with a set buyback price. They matter to investors because they help banks and funds manage cash and set short-term interest rates, so strains or changes in repo markets can signal or cause funding stress that affects asset prices.

collateral financial

""Figure has begun accepting SOL as collateral for crypto-backed loans""

Collateral is an asset a borrower pledges to a lender as security for a loan; if the borrower fails to repay, the lender can take the asset to recover losses. For investors, collateral matters because it reduces lender risk, influences interest rates and loan terms, and determines who gets paid first if a company faces financial trouble—think of it like a pawned item that gives the lender extra protection.

View in glossary

liquidation protection financial

""adopt Figure’s liquidation protection option for SOL-backed loans""

A contractual right that limits how much an investor or creditor can lose if a company is forced to sell assets or wind down operations, by giving them priority on payments or protecting their stake from being canceled or heavily diluted. It matters to investors because it changes how much of their money they can realistically recover in a worst‑case scenario, similar to having a reserved place in line to get paid first if a small business shuts down.

public debt security financial

""$YLDS, a registered public debt security, natively on Solana""

A public debt security is a loan that investors make to a government or other public body in exchange for regular interest payments and return of the original amount at a set future date. Think of it as lending money to a municipality or country with a written promise to pay back plus interest; investors use them for steady income, lower-risk diversification, and to balance exposure to stocks because their value and income respond to changes in interest rates and credit strength.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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$YLDS will deliver fiat on/off ramp capabilities and a yielding stablecoin to the Solana ecosystem and sets the stage for Solana-native Figure RWA applications

NEW YORK, Dec. 10, 2025 (GLOBE NEWSWIRE) -- Figure Technology Solutions, Inc. (Nasdaq: FIGR) today announced that its subsidiary, Figure Certificate Company (FCC), intends to begin minting $YLDS, a registered public debt security, natively on Solana. $YLDS is a security-version of stablecoin, designed to maintain a fixed dollar price and provide a continuous yield backed by U.S. Treasuries and Treasury repo agreements. Exponent Finance, a decentralized finance yield exchange platform on Solana, intends to be the first user of $YLDS.

The move marks the beginning of a broader, long-term ambition between Figure and Provenance Blockchain Foundation to build on Solana. As part of its efforts to promote real-world asset applications in DeFi, Figure intends to work with Provenance Blockchain to allow Solana users to access yield from a variety of Figure assets, including loans. Over the coming weeks, Figure expects to expand this collaboration with additional Solana-native integrations and initiatives that further demonstrate its leadership in bringing compliant, decentralized finance to scale.

“We are thrilled to partner with Exponent Finance as a first mover in bringing $YLDS to the Solana ecosystem,” said Mike Cagney, Figure’s co-founder and executive chairman. “We see this as a way to future-proof fiat rails onto Solana while bringing an SEC-registered yielding stablecoin to the ecosystem.”

Builders on Solana will be able to access $YLDS for payment, cross-border remit, yield and settlement applications, including directly settling SOL trades with $YLDS. In the spirit of the partnership, Figure has begun accepting SOL as collateral for crypto-backed loans with the intent to expand this to locked SOL and adopt Figure’s liquidation protection option for SOL-backed loans.

“Real-world assets (RWAs) on Solana are quickly approaching $1B, as everything from traditional assets to real estate and more are tokenized on onchain," said Lily Liu, President, Solana Foundation. "Figure’s integration builds on that momentum and demonstrates how regulated, yield-generating assets can enhance utility across the Solana ecosystem.”

Figure believes $YLDS will deliver three key advantages to the Solana ecosystem:

• Real-world utility: Unlike theoretical RWA concepts, $YLDS offers immediate, practical applications. The yield-bearing stablecoin, backed primarily by U.S. Treasuries, is already powering Figure's live Democratized Prime product on the Provenance Blockchain and will soon integrate with Exponent Finance's yield exchange protocol on Solana, demonstrating tangible DeFi utility from day one.
• Developer-ready composability: Built as a foundational primitive for Solana's DeFi ecosystem, $YLDS serves as a dependable base asset that developers can seamlessly integrate into their protocols, centered around a stable, yield-generating core.
• Institutional-grade credibility: Figure's track record speaks for itself, having originated over $19 billion in loans on public blockchain with a compliance-first approach. This proven operational history, combined with the comprehensive regulatory scheme that applies to $YLDS, provides the institutional credibility and regulatory clarity that sets it apart from speculative RWA projects. With Figure's recent IPO, $YLDS brings battle-tested infrastructure to Solana's expanding DeFi landscape.
  

Explore how Figure is building compliant DeFi infrastructure by visiting ylds.com and explore Democratized Prime lending pools on figuremarkets.com.

About Figure Technology Solutions, Inc.

Figure Technology Solutions, Inc. (Nasdaq: FIGR) is a Provenance Blockchain-native capital marketplace that seamlessly connects origination, funding, and secondary market activity. More than 200 partners use its loan origination system and capital marketplace. Collectively, Figure and its partners have originated over $19 Billion of home equity to date, among other products, making Figure’s ecosystem the largest non-bank provider of home equity financing. The fastest growing components are Figure Connect, its consumer credit marketplace, and Democratized Prime, Figure’s on-chain lend-borrow marketplace. Figure's ecosystem also includes DART (Digital Asset Registry Technology) for asset custody and lien perfection, and $YLDS, an SEC-registered yield-bearing stablecoin that is issued by a tokenized face-amount certificate company, which is a type of registered investment company.

Figure is the market leader in real-world asset (RWA) tokenization and its most recent securitization received a AAA rating from S&P, the first of its kind for blockchain finance. For more information, visit https://figure.com or follow Figure on LinkedIn.

Figure Certificate Company:

Investment products: Not FDIC Insured, No Bank Guarantee, May Lose Value.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy the foregoing securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would not be permitted.

$YLDS Stablecoins are unsecured face-amount certificates and solely backed by the assets of Figure Certificate Company (FCC), which is the issuer of the certificates. The registration of $YLDS and FCC with the SEC does not imply approval of either by the SEC. More information about FCC and $YLDS can be found on FCC’s website, available Here.

You should consider the investment objectives, risks, charges and expenses of certificates carefully before investing. Download a free prospectus, which contains this and other important information about our certificates. Read the prospectus carefully before you invest. Figure Certificate Company Prospectus available Here

Figure Certificate Company is a wholly owned subsidiary of Figure Technology Solutions, Inc.

Contacts
press@figure.com

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Figure (FIGR) announce on December 10, 2025 about $YLDS?

Figure announced $YLDS will be minted natively on Solana as a registered yielding stablecoin backed by U.S. Treasuries and repo.

Who will be the first user of $YLDS on Solana and what does that mean for FIGR?

Exponent Finance intends to be the first user, enabling early DeFi integrations that demonstrate $YLDS utility on Solana.

How is $YLDS backed and what stability does it aim to provide for Solana users?

$YLDS is backed primarily by U.S. Treasuries and Treasury repo and is designed to maintain a fixed dollar price while paying continuous yield.

Did Figure announce any collateral support for loans involving SOL?

Yes, Figure has begun accepting SOL as collateral for crypto-backed loans and intends to expand SOL-backed loan features.

What credibility or track record did Figure cite to support $YLDS adoption?

Figure referenced originating over $19 billion in loans on public blockchain as institutional credibility for $YLDS.