Who controls it
Figure Certificate Company issues YLDS as an SEC-registered, yield-bearing security; the legal issuer, prospectus, transfer controls, and $1 redemption framework govern the claim.
- Backing
- Issuer assets described in the prospectus, including short-duration Treasury and repo exposure.
- Holder’s claim
- The holder owns a debt security issued by Figure Certificate Company. It is neither a bank deposit nor a stablecoin that runs without an issuer.
- Redemption or sale
- The prospectus governs redemption at the stated price, along with the issuer’s processing, the holder’s eligibility, and the channels open to the holder.
Dependencies
- Figure Certificate Company
- Prospectus and securities-law transfer controls
- Portfolio custody and counterparties
- Provenance token administration
Losses and incidents
- We found no control, reserve, or redemption incident in the sources we reviewed.
Advisor notes
Controlling party: Figure Certificate Company and its transfer and token administrators. Check whether the client can redeem directly with the issuer. Holding the token on chain leaves every reserve, custody, contract, and legal dependency in place.
A named organization or administrator controls issuance, transfers, reserves, redemption, or address restrictions. This grade can sit beside a sound reserve, a useful product, or a fitting role in a client account. It records who can act on the token and passes no judgment on the product.
Questions before use
- Does the exact contract and chain match the instrument reviewed here?
- Which party can mint, burn, pause, upgrade, block, or redeem?
- Does the client have direct redemption access or only secondary liquidity?
- What protocol, bridge, wallet, and custodian dependencies are added?
- Which event would force a review or a sale?
Sources
- Figure Markets: YLDS · primary
- Figure: YLDS prospectus materials · primary
- DefiLlama: Stablecoins circulation dataset · secondary
Issuers can change their documents and product terms. This page gives our reading of control as of 2026-08-19. Check the current terms before a client buys.
Legend: No freeze key: no issuer or administrator can freeze an address at this layer · Governed, no freeze: on-chain collateral and governance set the terms, but no issuer blocklist exists · Mixed control: on-chain mechanisms sit beside custodians, real-world assets, a central transaction orderer, or other parties a court or regulator can compel · Issuer can freeze: a named organization or administrator controls issuance, transfers, reserves, redemption, or address restrictions. How grading works.