- Ondo’s $25M YLDS purchase deepens its exposure to regulated tokenized Treasuries.
- Figure expands YLDS adoption as OUSG grows past $780M in on-chain Treasury assets.
- YLDS gains a stronger institutional footing through Figure’s $19B RWA lending network.
Ondo Finance has deepened its presence in the tokenized treasury market with a $25 million purchase of Figure’s YLDS stablecoin, a move that folds another regulated yield source into its rapidly growing Ondo Short-Term US Treasuries Fund (OUSG). The timing is notable.
Ondo’s $25M Deal Lifts Figure’s $YLDS Stablecoin Adoption Up (Source: X)
OUSG has been gaining traction across several chains and recently passed $780 million in assets, positioning itself as one of the most active on-chain Treasury products. The investment also gives Figure’s yield-bearing stablecoin a larger institutional foothold at a moment when interest in regulated real-world assets is rising across the market.
YLDS Strengthens OUSG’s Treasury-Backed Yield Pool
$YLDS, issued by Figure Certificate Company, operates as an SEC-registered, interest-bearing stablecoin backed by U.S. Treasuries and Treasury repo agreements. It keeps a fixed price while distributing yield to holders, placing it in a different category from standard stablecoins that simply track the dollar without generating returns.
The $25 million allocation brings $YLDS into a lineup of assets already used by OUSG, including:
- BlackRock’s BUIDL
- Fidelity’s FDIT
- Franklin Templeton’s BENJI
- WisdomTree’s WTGXX
- ULTRA, issued by Wellington Management and FundBridge Capital
With $YLDS joining this list, OUSG gains an additional regulated yield source that fits its institutional risk framework. The expansion also comes as the fund continues to promote 24/7 subscriptions, daily interest accruals, and multi-chain support across Ethereum, Solana, Ripple, and Polygon.
Figure’s Lending Network Surpasses $19B in On-Chain Activity
The investment highlights the growing weight of Figure’s broader ecosystem. The company has originated more than $19 billion in loans through Provenance Blockchain, covering home-equity credit lines and other consumer credit products.
This activity forms the foundation for $YLDS, which also serves as key collateral in Figure’s Democratized Prime marketplace, where borrow-lend pools use Dutch auction mechanics and real-world collateral.
The company’s financial position reflects continued expansion. Recent figures show:
- Revenue: $377.84 million
- Net margin: 32.86%
- EBITDA margin: 43.7%
- Operating margin: 21.17%
- Gross margin: 92.67%
- Current ratio: 2.26
- Debt-to-equity ratio: 0.69
Figure also holds a market capitalization of $7.45 billion and an Altman Z-Score of 5.38, indicating low bankruptcy risk. Insider sales of 4.77 million shares over the past quarter remain a point for investors to monitor.
Executives Frame the Deal as an Inflection Point for RWAs
Leaders from both companies described the partnership as a signal of how tokenized financial products are scaling. Figure CEO Michael Tannenbaum said the deal strengthens the role of $YLDS in real-world asset markets, emphasizing that the stablecoin’s structure aligns with Figure’s focus on regulated on-chain finance.
“This partnership bolsters the dominance of the $YLDS stablecoin in tokenized real-world assets,” said Michael Tannenbaum, CEO of Figure Technology Solutions.
On the other hand, Ondo Finance President Ian De Bode noted that $YLDS deepens OUSG’s diversification and supports its position as a preferred on-chain vehicle for institutions seeking exposure to Treasury-backed assets. The investment follows Figure’s recent public listing and extends the two firms’ long-running collaboration.
“Our investment in $YLDS strengthens OUSG’s position as the leading on-chain vehicle for institutional clients,” said Ian De Bode, president of Ondo Finance.
Regulated Tokenized Yield Gains Momentum Among Institutions
The stablecoin sector now exceeds $280 billion, and central banks have sharpened their attention on the wider impact of tokenized assets linked to U.S. Treasuries. Against this backdrop, products like $YLDS and OUSG offer a model that merges traditional regulatory oversight with blockchain efficiency.
The partnership positions Ondo and Figure at the center of a growing shift toward regulated tokenized finance. By combining OUSG’s distribution network with Figure’s lending and settlement infrastructure, the two firms are helping shape a market where on-chain yield products operate with the transparency expected by institutional investors.
As interest in tokenized real-world assets accelerates, the integration of $YLDS into OUSG offers a clear example of how regulated digital instruments are beginning to anchor long-term institutional strategies.
