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.

Key Figures

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

Market Reality Check

$39.75 Last Close

Volume Volume 2,418,125 is slightly below the 20-day average of 2,576,643 (sub-avg participation). normal

Technical Price at 39.75, trading marginally above the 200-day MA of 39.38, indicating a neutral-long trend zone.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 04	Crypto/RWA consortium	Positive	+11.4%	Launch of RWA consortium to expand on-chain loan yields to Solana.
Nov 24	Crypto partnership	Positive	+2.8%	Ondo’s $25M investment into $YLDS to power tokenized Treasury yield.
Nov 21	Investor conferences	Neutral	+2.8%	Announcements of CEO and CFO participation in major investor conferences.
Nov 17	Tokenized equity filing	Positive	+5.0%	Form S-1 for non-dilutive blockchain-native equity trading on Figure ATS.
Nov 13	Tokenized stock draft	Neutral	-7.3%	Confidential S-1 for tokenized stock; described as synthetic secondary.

Pattern Detected

Recent crypto/RWA and capital markets news has more often seen positive price alignment, with only one notable divergence on an offering-related update.

Recent Company History

Over the last month, Figure has repeatedly highlighted blockchain and RWA initiatives alongside capital markets developments. Crypto-tagged releases on Nov 24 and Dec 4 emphasized $YLDS adoption and RWA consortium activity tied to Solana, both followed by positive moves. Two offering-related S-1 announcements in mid-November outlined non-dilutive tokenized equity structures, with one drawing a negative reaction. Today’s Solana-native $YLDS update extends that same DeFi and RWA narrative, reinforcing the company’s focus on regulated, onchain finance after its recent IPO.

Market Pulse Summary

This announcement extends Figure’s strategy of using its SEC-registered, yield-bearing $YLDS instrument to bridge real-world assets into DeFi, now natively on Solana. It ties into prior crypto releases citing over $19B in on-chain loan originations and growing RWA activity. Investors may watch adoption by platforms like Exponent Finance, growth of Solana-based lending using SOL as collateral, and how these initiatives build on the company’s strong Q3 revenue of $156.4M and net income of $89.6M.

Key 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.

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.

AI-generated analysis. Not financial advice.

$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

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.