YLDS, issued by Figure Certificate Company, is a yield-bearing stablecoin structured as a registered face-amount investment certificate that tracks the U.S. dollar (USD) while paying interest to holders [S1][S2].

Each Figure Transferable Certificate is issued daily at a fixed face amount of 0.01 USD and accrues simple interest at overnight SOFR less 35 basis points, subject to a 0.00% floor [S1]. Interest is credited daily and paid monthly in USD, automatically reinvested into additional certificates unless the holder opts out [S1]. Holders bear an investment advisory fee of 0.10% of assets under management and an additional 0.20% per annum on bank-loan book value [S1].

Figure Certificate Company is a face-amount certificate company organized as a Delaware corporation, registered with the U.S. Securities and Exchange Commission (SEC) under the Investment Company Act of 1940 [S1]. The certificates are unsecured interest-bearing debt obligations carrying no voting rights, backed solely by FCC's assets, which it invests substantially in short-term U.S. Treasury securities and Treasury repurchase agreements held by custodians UMB Bank, N.A. and Flagstar Bank, N.A. [S1]. Eligibility requires an FCC-approved wallet and completed AML and OFAC screening [S1]. Certificates may be surrendered at any time at face amount plus accrued interest, with no minimum and no surrender charge, and mature 20 years from issue [S1].

Certificates are issued as digital asset securities recorded by the transfer agent across approved public networks, currently the Provenance Blockchain plus Solana [S1][S2][S3]. Holders purchase directly from FCC via ACH funding, with issuance daily at 0.01 USD; surrenders and peer-to-peer or registered ATS transfers settle upon onchain confirmation [S1]. SOFR rates setting interest are published on ylds.com [S1].

<Sources
  retrievedAt="2026-06-22"
  items={[
    { id: "S1", url: "https://cdn.figure.com/docs/markets/fcc-prospectus.pdf" },
    { id: "S2", url: "https://investors.figure.com/news-releases/news-release-details/ondo-invests-25-million-figures-ylds-stablecoin-power-ousg-and" },
    { id: "S3", url: "https://investors.figure.com/news-releases/news-release-details/figure-brings-ylds-solana-unlocking-real-rwa-utility-defi" },
  ]}
/>


# Circulating asset market cap methodology

## 1. Overview

Circulating asset market cap measures the total value that has been tokenized onchain for a specific asset. It is calculated by multiplying the circulating supply of the asset by its end-of-day market price. For stablecoins, this metric represents the total outstanding supply; for tokenized funds, it reflects the onchain assets under management (AUM); and for tokenized stocks, it measures the total supply of shares issued onchain.

## 2. Data sources

- **EVM chain events**: ERC-20 `Transfer` events, covering Ethereum, Arbitrum, Base, Polygon, Optimism, and others
- **Solana instructions**: SPL token `Mint` and `Burn` instructions
- **Other blockchain data**: Issuance and redemption events from Aptos, Near, Polkadot Asset Hub, and Stellar
- **Asset metadata**: Token addresses and decimal precision
- **External data**: End-of-day price feeds

## 3. Step-by-step calculation

### Component A: Identification of supply changes

- **Purpose**: Identify all onchain events that increase or decrease the total supply of an asset
- **Logic**: On EVM-compatible chains, ERC-20 `Transfer` events are parsed to identify mints (where the sender is the zero address) and burns (where the recipient is the zero address). On Solana, SPL token `Mint` and `Burn` instructions are retrieved. On other chains, such as Aptos or Polkadot Asset Hub, equivalent issuance and destruction events are identified from the respective asset programs or pallets.
- **Key fields**: `amount` (quantity of tokens), `token_address` (unique asset identifier), `timestamp` (time of the event)

### Component B: Normalization and daily supply aggregation

- **Purpose**: Convert raw event data into a continuous daily circulating supply time series
- **Logic**: Raw token amounts are normalized by decimal precision retrieved from asset metadata. The daily circulating supply is determined by calculating the cumulative sum of all identified mint and burn events for each asset. For days where no onchain activity occurs, the supply value is filled with the last known value to ensure a continuous daily record.
- **Key fields**: `amount` (normalized quantity), `timestamp` (truncated to daily grain)

### Component C: Final market cap calculation

- **Purpose**: Combine supply data with market prices to determine the total USD value
- **Logic**: The daily circulating supply is multiplied by the end-of-day market price sourced from market data providers. Data is aggregated across all supported chains to provide a comprehensive view of the asset's onchain presence. The final USD conversion is applied: `amount_usd = amount × price_usd`.
- **Key fields**: `price_usd` (end-of-day market price), `amount_usd` (final circulating market cap)

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Tokenized asset value / AUM (assets under management) — price times circulating supply.

Circulating asset market cap

Tokenized funds

Figure originates and securitizes consumer loans and provides on-chain capital-markets infrastructure. Figure Certificate Company issues YLDS — a yield-bearing stablecoin/face-amount certificate paying SOFR minus 50 bps — backed by short-duration U.S. Treasuries and repo.

Figure is a lending and capital markets fintech operating on Provenance Blockchain. Its subsidiary Figure Certificate Company issues YLDS, an SEC-registered yield-bearing stablecoin paying SOFR minus 50 bps, backed by short-duration U.S. Treasuries and repo.

Figure Technology Solutions (Nasdaq: FIGR) is a lending and capital markets fintech founded by Mike Cagney; YLDS is issued by its subsidiary Figure Certificate Company under SEC registration.

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Lending

Figure

Figure YLDS (YLDS) is a tokenized fund share issued by Figure through Figure Certificate Company and managed by Figure Investment Advisors, LLC.

Each token is a direct claim on the issuer.

The fund is open-ended, invests in U.S. money market instruments, keeps its assets in accounts segregated from the issuer's own funds, locks up subscriptions for 0 months, and charges a 0.1% annual management fee.

Its assets sit with UMB Bank N.A. and Flagstar Bank, N.A., administered by Figure Equity Solutions, Inc., with Figure Equity Solutions, Inc. as transfer agent and KPMG LLP as auditor.

Retail investors and institutions can mint and redeem directly with Figure in USD, USDC, and USDT after completing KYC, and holders have a right to redeem at net asset value with monthly settlement.

Figure Certificate Company is offered under an SEC-registered offering and is supervised by the U.S. Securities and Exchange Commission.

YLDS has been issued on public blockchains since November 2025 and is native to Solana and Stellar.

Figure YLDSYLDS