A new SEC-registered yield-bearing token, YLDS, has officially launched on the Sui blockchain through a partnership with Figure Technology Solutions.

Key Takeaways

  • Figure’s YLDS token, registered with the SEC, is now natively deployed on Sui, offering yield from short-term treasury securities and repurchase agreements.
  • YLDS enables peer-to-peer transfers, 24/7 liquidity, and stablecoin conversion, enhancing DeFi access for both retail and institutional investors.
  • The token will power Sui’s DeepBook margin trading infrastructure, serving as a foundational yield layer for its lending ecosystem.
  • Sui’s DeFi ecosystem is growing fast, with $3.46 billion in total value locked and over $1.09 billion in stablecoins, according to DeFiLlama.

What Happened?

Sui has teamed up with Figure Certificate Company (FCC), a subsidiary of Figure Technology Solutions, to bring the SEC-registered YLDS token to its blockchain. The token is now live and integrated natively, allowing users on Sui’s decentralized trading layer, DeepBook, to convert stablecoins into yield-bearing digital assets.

DeepBook Gets a Boost with YLDS

At the core of the partnership is DeepBook, Sui’s main liquidity engine and a key piece of its DeFi stack. DeepBook will utilize YLDS in its upcoming margin trading system. The token will enable stablecoins to be swapped into yield-generating assets natively within the blockchain, increasing capital efficiency and reducing dependence on centralized platforms.

  • YLDS yield is calculated as SOFR minus 35 basis points, with daily accrual and monthly payouts.
  • Backed by short-term U.S. treasury securities and repurchase agreements, the token offers both yield and regulatory compliance.
  • DeepBook’s isolated lending pools will use YLDS to generate yield through trading activity, borrowing fees, and liquidations.

Bringing Real-World Assets to DeFi

This collaboration adds momentum to Sui’s push to be a leader in regulated decentralized finance. By launching a fully SEC-registered debt security directly on-chain, Sui strengthens its appeal to institutions seeking secure, compliant DeFi exposure.

Evan Cheng, Co-Founder and CEO of Mysten Labs, said:

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.

Seamless Fiat Access and Future Plans

One of the most promising features of YLDS on Sui is direct fiat on- and off-ramping. This setup allows users to access USD without routing through traditional crypto exchanges, offering a smoother gateway between fiat and crypto ecosystems.

Mike Cagney, Co-Founder and Executive Chairman of Figure, noted:

Issuing YLDS on Sui represents the beginning of a broader initiative to deploy SEC-compliant, yield-bearing security tokens across multiple blockchain networks.

Looking ahead, Figure and Sui are exploring deeper integrations, including using the SUI token as collateral on Figure’s lending platform.

CoinLaw’s Takeaway

I’m honestly excited about this move. In my experience covering DeFi, one of the biggest hurdles for broader adoption has been compliance and real-world utility. What Figure and Sui have done here is take a regulated, yield-generating asset and make it function like a native DeFi primitive. That’s a game-changer.

This isn’t just about another yield product. It’s about bridging traditional finance with on-chain innovation, and doing it in a way that satisfies both regulators and developers. If you’re building in crypto or exploring where to put your stablecoins to work, YLDS on Sui is a serious contender.

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Kathleen Kinder

Kathleen Kinder

Senior Editor


Kathleen Kinder brings over 11 years of experience in the research industry, with deep expertise in finance, cryptocurrency, and insurance. At CoinLaw, she writes timely, reader-focused news articles and also serves as a senior editorial reviewer. Drawing on her background in B2B research, consumer insights, and executive interviews, she ensures every piece delivers clarity, accuracy, and real-world relevance.
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