Internet reports that the U.S. Securities and Exchange Commission (SEC) has approved an application for an interest-bearing stablecoin for the first time. The stablecoin, called YLDS, was developed by digital asset company Figure Markets and will be pegged to the U.S. dollar, similar to cash in a savings account. Although other major stablecoins such as the USDC and USDT remain in regulatory gray areas, YLDS will be officially registered with the SEC as securities, Figure CEO Mike Cagney said in an interview with Fortune that this puts YLDS in the same financial category as stocks or bonds. Documents on the SEC's website showed Figure's application was approved on Tuesday. A spokesman for the agency did not immediately respond to a request for comment.